Corebridge Financial Inc. · NYSE:CRBG
Corebridge Financial — Q3 2026 Earnings Presentation
37 slides from Corebridge Financial's earnings presentation, Nov 3, 2026
Slide 1: Third Quarter 2026 Financial Results Presentation
Third Quarter 2026 Financial Results Presentation November 3, 2026
Slide 2: Cautionary Statement Regarding Forward-Looking Information, Non-GAAP Financial Measures
Cautionary Statement Regarding Forward-Looking Information, Non-GAAP Financial Measures, Key Operating Metrics and Key Terms This presentation includes statements, which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” within the meaning o
Slide 3: Third quarter highlights
Third quarter highlights Winning with customers • Developed a new FIA rider, reinforcing commitment to product innovation and delivering differentiated solutions for customers • Continued to modernize payroll and recordkeeping platform to simplify the customer experience $1.22 • Ongoing commitment t
Slide 4: Structural trends support sustained demand for retirement solutions
Structural trends support sustained demand for retirement solutions A growing retirement population, longer lifespans and a difficult shift from saving to spending reinforce demand for planning, protection and lifetime income 4.1M+ 30+ years 28% 48% FAVORABLE BACKDROP Americans turning 65 each year
Slide 5: Third quarter results
Third quarter results Adjusted return on average equity (%) 3Q25 3Q25 -1.5 10.6 1.2 10.3 APTOI Operating +50 bps ($M) EPS ($) excluding VII & 3Q26 -1.9 11.1 2.9 notable items Annual actuarial assumption update (98) (0.14) 12.1 Notable items (98) (0.14) Alternative investments returns versus long- Op
Slide 6: Diversified sources of income
Diversified sources of income Total sources of income Spread income Fee income Underwriting margin +2% —% +7% +2% excluding VII & notable items excluding VII excluding notable items excluding VII 1,710 1,602 165 1,033 74 953 157 73 322 342 355 307 1 8 880 876 307 330 341 347 1,528 1,553 -8 3Q25 3Q26
Slide 7: Robust cash generation from diversified businesses support value creation
Robust cash generation from diversified businesses support value creation Insurance company distributions ($M) Capital return1 ($M) Holding company liquidity2 ($B) 1,320 1,364 1,290 1,224 735 925 745 277 1,250 1,105 475 475 509 2.3 2.2 412 1.8 1.7 295 1.4 585 648 381 545 475 475 300 185 128 119 114
Slide 8: Appendix
Appendix
Slide 9: Individual Retirement
Individual Retirement Sources of income ($M) Third quarter highlights • APTOI is 3% higher YoY, with sources of income up 5% YoY, partially offset by higher 766 growth-related items including DAC amortization and non-deferrable commissions 728 12 37 12 94 ◦ Base spread income down marginally YoY, pr
Slide 10: Group Retirement
Group Retirement Sources of income ($M) Third quarter highlights • APTOI is down 11% YoY as we continue to pivot from spread to fee income, as customers utilize their product benefits and shift towards wealth management ◦ Fee income, excluding notable items, increased 5% YoY and now accounts for 64%
Slide 11: Life Insurance
Life Insurance Sources of income ($M) Third quarter highlights • APTOI decreased 32% YoY due to the higher impact of annual assumption unlocking this year. Excluding VII and notables, APTOI was flat YoY 327 336 1 7 ◦ Underwriting margin increased 1% YoY reflecting more favorable mortality and higher
Slide 12: Institutional Markets
Institutional Markets Sources of income ($M) Third quarter highlights 233 • APTOI increased 48% YoY driven by a 36% YoY increase in sources of income ◦ Spread income increased 42% YoY due to increased VII; base spread income 171 91 increased 7% YoY 38 15 18 • AUMA increased 5% YoY and reserves incre
Slide 13: High-quality, well-diversified investment portfolio
High-quality, well-diversified investment portfolio 1% 3% 3% 2% • Liability driven investment strategy supported 15% by disciplined asset-liability management Government obligations process Corporate debt RMBS • Diversified across asset class, sector, CMBS 5% 1,2 geography and issuer / borrower $234
Slide 14: Expansive multi-manager strategy provides proactive oversight with scale
Expansive multi-manager strategy provides proactive oversight with scale Corebridge investment strategy and asset allocation • Oversight by experienced portfolio management, credit and manager-of-managers teams • All credit decisioning and approval of active portfolio management activity • Sets inve
Slide 15: Our process embeds robust underwriting, execution and ongoing portfolio management
Our process embeds robust underwriting, execution and ongoing portfolio management Deep Credit Rigorous, Iterative Portfolio Focus on Long-Term, Expertise Process Management & Resiliency Monitoring • Private asset origination • Fundamentals-based, bottoms up • Ongoing portfolio management • Process
Slide 16: High-quality, diversified investment portfolio
High-quality, diversified investment portfolio 3Q'26 Investment Portfolio1 Private Debt (Statutory basis2) Mortgage Loans Direct Middle Mkt. Lending 144A Bonds 19.8% 17.1% 6.2% Private ABS 15.0% $286B 18.1% Private Debt $52B 53.2% Private Corporate Debt 29.9% 25.6% Infrastructure Debt Public Bonds 8
Slide 17: Corebridge Financial total investments – statutory basis
Corebridge Financial total investments – statutory basis (in billions) September 30, 2026 December 31, 2025 Public Bonds 85.7 29.9 % 84.8 29.9 % 144A Bonds 56.7 19.8 % 61.0 21.5 % Mortgage Loans 49.0 17.1 % 48.7 17.2 % Alternatives and Equities1 9.1 3.2 % 9.2 3.2 % Cash and Other 9.0 3.2 % 9.4 3.3 %
Slide 18: High-quality digital infrastructure portfolio
High-quality digital infrastructure portfolio 98% rated investment grade Hyperscaler Hyperscaler Non-Hyperscaler Semiconductors Data Centers & Data Centers & Direct Obligations Chip Leases Chip Leases Direct Obligations $1.8B1 $3.5B $2.5B $1.2B 0.7% of Portfolio 1.3% of Portfolio 1.0% of Portfolio 0
Slide 19: Meaningful progress on our merger
Meaningful progress on our merger 1H26 2H26 1H27 Transaction announced First three layers of leadership announced Day 1 of "New Equitable" Integration Office established Shareholders approved the merger on July 30th Q2 Investor Day Level one of New Equitable leadership established Selected new Board
Slide 20: Notable items
Notable items ($ in millions, except per share data) 3Q26 Notable items Alternative investments returns Business segment versus long-term return Total adjustments Annual unlocking All other expectations Individual Retirement — — (5) (5) Group Retirement — (8) 8 — Life Insurance (99) — (2) (101) Inst
Slide 21: Modeling assumptions for 2026
Modeling assumptions for 2026 Total company Alternative investments returns 4Q26 returns expected to be 1-2% which is below our long-term return assumption of 8 - 9% ~1 bps increase / decrease on average assets, or $20 - 25M, expected for every 25 bps increase / decrease in SOFR; impact of each Base
Slide 22: Explanation of footnotes
Explanation of footnotes 1 Reflects average GIC issuances since 1Q24 Page 3 2 Percentage of adjusted after-tax operating income returned to shareholders, excluding the proceeds from the individual Variable Annuities reinsurance transaction; includes common stockholder dividends and share repurchases
Slide 23: Explanation of footnotes
Explanation of footnotes (continued from prior page) GAAP carrying value as of 9/30/2026. Insurance operating businesses. Excludes funds withheld assets, allowance for credit loss on mortgage loans, policy loans, consolidated 1 investment entities as well as eliminations primarily between the consol
Slide 24: Important factors that could cause actual results to differ
Important factors that could cause actual results to differ, possibly materially, from expectations or estimates Any forward-looking statements included herein are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actu
Slide 25: Important factors that could cause actual results to differ
Important factors that could cause actual results to differ, possibly materially, from expectations or estimates (continued from prior page) • our ability to protect our intellectual property; • our ability to operate efficiently and compete effectively in a heavily regulated industry in light of ne
Slide 26: Use of non-GAAP financial measures
Use of non-GAAP financial measures Throughout this presentation, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are ‘‘Non-GAAP financial measures’’ under SEC rules
Slide 27: Use of non-GAAP financial measures
Use of non-GAAP financial measures (continued from prior page) BUSINESSES EXITED THROUGH REINSURANCE: Represents the results of businesses that have been or will be economically exited through reinsurance. This includes MRBs, along with changes in the fair value of derivatives used to hedge MRBs whi
Slide 28: Use of non-GAAP financial measures
Use of non-GAAP financial measures (continued from prior page) Adjusted Return on Average Equity Available to Common Shareholders (“Adjusted ROAE”) is derived by dividing AATOI by average Adjusted Book Value available to Common Shareholders and is used by management to evaluate our recurring profita
Slide 29: Key operating metrics and key terms
Key operating metrics and key terms Assets Under Management and Administration • Assets Under Management (“AUM”) include assets in the general and separate accounts of our subsidiaries that support liabilities and surplus related to our life and annuity insurance products. • Assets Under Administrat
Slide 30: Key operating metrics and key terms
Key operating metrics and key terms (continued from prior page) Life Fleet RBC ratio • Life Fleet means American General Life Insurance Company (“AGL”), The United States Life Insurance Company in the City of New York (“USL”) and The Variable Annuity Life Insurance Company (“VALIC”). • Life Fleet RB
Slide 31: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Pre-tax income to adjusted pre-tax operating income & after-tax income to adjusted after-tax operating income Three Months Ended September 30, 2026 2025 Non- Non- Total Tax controlling Total Tax controlling Pre-tax (Benefit) Interests/ After T
Slide 32: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Adjusted pre-tax operating income by segment (in millions) Individual Retirement Group Retirement Life Insurance Institutional Markets Corporate & Other Total Corebridge Premiums $ 22 $ 2 $ 358 $ 156 $ — $ 538 Policy fees 94 99 350 52 — 595 Th
Slide 33: Non-GAAP reconciliations: sources of income
Non-GAAP reconciliations and other financial disclosures Sources of income Three Months Ended September 30, (in millions) 2026 2025 Individual Retirement Spread income $ 672 $ 648 Fee income 94 80 Total Individual Retirement 766 728 Group Retirement Spread income 163 166 Fee income 212 210 Total Gro
Slide 34: Non-GAAP reconciliations: sources of income by segment
Non-GAAP reconciliations and other financial disclosures Sources of income Three Months Ended September 30, (in millions) 2026 2025 Premiums $ 358 $ 366 Policy fees 350 357 Net investment income 338 323 Life Insurance Other income 1 1 Policyholder benefits (730) (726) Interest credited to policyhold
Slide 35: Non-GAAP reconciliations: operating earnings per share
Non-GAAP reconciliations and other financial disclosures Operating earnings per share Three Months Ended September 30, (in millions, except per common share data) 2026 2025 GAAP Basis Numerator for EPS Net income (loss) $ 1,444 $ 137 Less: Net income (loss) attributable to noncontrolling interests 4
Slide 36: Non-GAAP reconciliations: adjusted return on average equity
Non-GAAP reconciliations and other financial disclosures Adjusted return on average equity Three Months Ended September 30, (in millions, unless otherwise noted) 2026 2025 Actual or annualized net income (loss) available to Corebridge common shareholders (a) $ 5,760 $ 576 Actual or annualized adjust
Slide 37: Non-GAAP reconciliations: premiums and deposits
Non-GAAP reconciliations and other financial disclosures Premiums and deposits Three Months Ended September 30, (in millions) 2026 2025 Individual Retirement Premiums $ 22 $ 23 Deposits 4,445 5,501 Other(1) — (2) Premiums and deposits $ 4,467 $ 5,522 Group Retirement Premiums $ 2 $ 3 Deposits 1,778