Corebridge Financial, Inc.

CRBG 10-K · FY 2025
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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Premiums Earned Net 5,864 4,526 +29.6%
Show Product Lines breakouts
Life insurance in force · Operating Segments 947,581 947,834 -0.0%
Other Longduration Insurance Product Line 2,733 2,901 -5.8%
Show Business Segments breakouts
Accident and Health · Operating Segments 46 49 -6.1%
Group Retirement · Operating Segments 10 12 -16.7%
Individual Retirement · Operating Segments 100 107 -6.5%
Institutional Markets · Operating Segments 4,260 2,894 +47.2%
Life Insurance and Annuities · Operating Segments 5,818 4,551 +27.8%
Life Insurance · Operating Segments 1,466 1,483 -1.1%
Show Consolidated Entities breakouts
Operating Segments 5,864 4,600 +27.5%
Show Consolidation Items breakouts
Material Reconciling Items 28 30 -6.7%
Total Corebridge 5,836 4,496 +29.8%
Insurance Commissions And Fees 2,733 2,901 -5.8%
Show Business Segments breakouts
Group Retirement · Operating Segments 441 442 -0.2%
Individual Retirement · Operating Segments 310 266 +16.5%
Institutional Markets · Operating Segments 206 197 +4.6%
Life Insurance · Operating Segments 1,443 1,465 -1.5%
Show Consolidation Items breakouts
Material Reconciling Items 333 531 -37.3%
Total Corebridge 2,400 2,370 +1.3%
Net Investment Income 13,124 12,228 +7.3%
Show Business Segments breakouts
Corporate And Other · Operating Segments 54 11 +390.9%
Group Retirement · Operating Segments 1,878 1,920 -2.2%
Individual Retirement · Operating Segments 6,012 5,413 +11.1%
Institutional Markets · Operating Segments 2,565 2,127 +20.6%
Life Insurance · Operating Segments 1,323 1,321 +0.2%
Show Consolidation Items breakouts
Material Reconciling Items 1,292 1,436 -10.0%
Total Corebridge 11,832 10,792 +9.6%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Excluding Fortitude Re Funds Withheld Assets 11,792 10,858 +8.6%
Fortitude [Member] 1,332 1,370 -2.8%
Show Ceded Credit Risk breakouts
Fortitude Holdings 1,332 1,370 -2.8%
Show Investment Type breakouts
Excluding Fortitude Re Funds Withheld Assets 11,792 10,858 +8.6%
Net realized losses on Fortitude Re funds withheld assets 1,332 1,370 -2.8%
Realized Investment Gains Losses -3,958 -1,883 -110.2%
Show Business Segments breakouts
Corporate And Other · Operating Segments -1 85 -101.2%
Show Equity Components breakouts
Accumulated Net Investment Gain Loss Including Portion Attributable To Noncontrolling Interest · Reclassification Out Of Accumulated Other Comprehensive Income -1,084 -1,174 +7.7%
Show Consolidation Items breakouts
Material Reconciling Items -3,957 -1,968 -101.1%
Total Corebridge -1 85 -101.2%
Show Investment Type breakouts
Excluding Fortitude Re Funds Withheld Assets -2,185 -1,117 -95.6%
Net realized losses on Fortitude Re funds withheld assets -100 -248 +59.7%
Net realized losses on Fortitude Re funds withheld embedded derivatives -1,673 -518 -223.0%
Investment Banking Advisory Brokerage And Underwriting Fees And Commissions 510 506 +0.8%
Other Income 208 429 -51.5%
Show Related Party Transactions By Related Party breakouts
Related Party 6 17 -64.7%
Revenue 18,481 18,707 -1.2%
Show Business Segments breakouts
Corporate And Other · Operating Segments 83 143 -42.0%
Group Retirement · Operating Segments 2,690 2,717 -1.0%
Individual Retirement · Operating Segments 6,422 5,787 +11.0%
Institutional Markets · Operating Segments 7,034 5,226 +34.6%
Life Insurance · Operating Segments 4,234 4,351 -2.7%
Show Geography breakouts
North America 18,481 18,596 -0.6%
Show Consolidated Entities breakouts
Parent Company 144 2,784 -94.8%
Variable Interest Entity Primary Beneficiary 112 172 -34.9%
Variable Interest Entity Primary Beneficiary · Real Estate and Investment Funds 45 104 -56.7%
Variable Interest Entity Primary Beneficiary · Securitization and Repackaging Vehicles 67 68 -1.5%
Show Consolidation Items breakouts
Material Reconciling Items -1,982 483 -510.4%
Total Corebridge 20,463 18,224 +12.3%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investee 4,515 3,400 +32.8%
Policyholder Benefits And Claims Incurred Net 8,173 6,632 +23.2%
Show Business Segments breakouts
Corporate And Other · Operating Segments 11 — —
Group Retirement · Operating Segments 13 13 0.0%
Individual Retirement · Operating Segments 129 99 +30.3%
Institutional Markets · Operating Segments 5,325 3,821 +39.4%
Life Insurance · Operating Segments 2,630 2,681 -1.9%
Show Equity Components breakouts
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts · Reclassification Out Of Accumulated Other Comprehensive Income 33 — —
Show Consolidation Items breakouts
Material Reconciling Items 65 18 +261.1%
Total Corebridge 8,108 6,614 +22.6%
Market Risk Benefit Change In Fair Value Gain Loss 484 -227 +313.2%
Show Consolidation Items breakouts
Material Reconciling Items 484 -227 +313.2%
Interest Credited To Policyholders Account Balances 5,933 5,240 +13.2%
Show Business Segments breakouts
Group Retirement · Operating Segments 1,208 1,206 +0.2%
Individual Retirement · Operating Segments 3,384 2,761 +22.6%
Institutional Markets · Operating Segments 998 799 +24.9%
Life Insurance · Operating Segments 325 336 -3.3%
Show Consolidation Items breakouts
Material Reconciling Items 18 138 -87.0%
Total Corebridge 5,915 5,102 +15.9%
Deferred Policy Acquisition Costs And Present Value Of Future Profits Amortization1 1,050 1,060 -0.9%
Show Business Segments breakouts
Group Retirement · Operating Segments 91 85 +7.1%
Individual Retirement · Operating Segments 475 405 +17.3%
Institutional Markets · Operating Segments 17 13 +30.8%
Life Insurance · Operating Segments 335 344 -2.6%
Show Consolidation Items breakouts
Material Reconciling Items 132 213 -38.0%
Total Corebridge 918 847 +8.4%
Insurance Commissions 553 588 -6.0%
Show Business Segments breakouts
Corporate And Other · Operating Segments 2 2 0.0%
Group Retirement · Operating Segments 127 120 +5.8%
Individual Retirement · Operating Segments 172 132 +30.3%
Institutional Markets · Operating Segments 20 20 0.0%
Life Insurance · Operating Segments 60 58 +3.4%
Show Consolidation Items breakouts
Material Reconciling Items 172 256 -32.8%
Total Corebridge 381 332 +14.8%
Noninterest Expense Investment Advisory Fees 275 286 -3.8%
Show Business Segments breakouts
Group Retirement · Operating Segments 127 134 -5.2%
Individual Retirement · Operating Segments 22 18 +22.2%
Life Insurance · Operating Segments 2 2 0.0%
Show Consolidation Items breakouts
Material Reconciling Items 124 132 -6.1%
Total Corebridge 151 154 -1.9%
Selling, General & Administrative 2,002 2,016 -0.7%
Show Business Segments breakouts
Corporate And Other · Operating Segments 214 224 -4.5%
Group Retirement · Operating Segments 400 415 -3.6%
Individual Retirement · Operating Segments 357 332 +7.5%
Institutional Markets · Operating Segments 87 78 +11.5%
Life Insurance · Operating Segments 469 469 0.0%
Show Consolidation Items breakouts
Material Reconciling Items 475 498 -4.6%
Total Corebridge 1,527 1,518 +0.6%
Show Related Party Transaction breakouts
General Services Agreement · Related Party 7 43 -83.7%
Interest Expense Operating 552 554 -0.4%
Benefits Losses And Expenses 19,022 15,904 +19.6%
Show Business Segments breakouts
Corporate And Other · Operating Segments 748 750 -0.3%
Group Retirement · Operating Segments 1,966 1,973 -0.4%
Individual Retirement · Operating Segments 4,539 3,747 +21.1%
Institutional Markets · Operating Segments 6,447 4,731 +36.3%
Life Insurance · Operating Segments 3,821 3,890 -1.8%
Show Consolidation Items breakouts
Material Reconciling Items 1,501 813 +84.6%
Total Corebridge 17,521 15,091 +16.1%
Income Before Taxes -541 2,803 -119.3%
Show Consolidated Entities breakouts
Parent Company -480 2,235 -121.5%
Show Ceded Credit Risk breakouts
Fortitude Holdings -441 604 -173.0%
Current Income Tax Expense Benefit -488 -35 -1294.3%
Deferred Income Taxes 337 635 -46.9%
Income Tax Expense (Benefit) -151 600 -125.2%
Show Consolidated Entities breakouts
Parent Company -114 5 -2380.0%
Show Ceded Credit Risk breakouts
Fortitude Holdings -93 127 -173.2%
Net Income -390 2,203 -117.7%
Show Equity Components breakouts
Accumulated Net Investment Gain Loss Including Portion Attributable To Noncontrolling Interest · Reclassification Out Of Accumulated Other Comprehensive Income -1,084 -1,235 +12.2%
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts · Reclassification Out Of Accumulated Other Comprehensive Income 33 246 -86.6%
Show Consolidated Entities breakouts
Parent Company -366 2,230 -116.4%
Show Ceded Credit Risk breakouts
Fortitude Holdings -348 477 -173.0%
Show Reclassification Out Of Accumulated Other Comprehensive Income breakouts
Reclassification Out Of Accumulated Other Comprehensive Income -1,051 -1,076 +2.3%
Net Income Loss Attributable To Noncontrolling Interest -24 -27 +11.1%
Show Business Segments breakouts
Corporate And Other · Operating Segments -24 -34 +29.4%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary -24 -27 +11.1%
Variable Interest Entity Primary Beneficiary · Real Estate and Investment Funds -24 -27 +11.1%
Variable Interest Entity Primary Beneficiary · Related Party -17 -6 -183.3%
Show Consolidation Items breakouts
Material Reconciling Items 24 34 -29.4%
Total Corebridge -24 -34 +29.4%
Net Income -366 2,230 -116.4%
Show Consolidated Entities breakouts
Parent Company 3,863 2,045 +88.9%
Variable Interest Entity Primary Beneficiary 77 89 -13.5%
Variable Interest Entity Primary Beneficiary · Real Estate and Investment Funds 32 47 -31.9%
Variable Interest Entity Primary Beneficiary · Securitization and Repackaging Vehicles 45 42 +7.1%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investee 3,793 2,748 +38.0%
Net Income Loss Available To Common Stockholders Basic -366 2,230 -116.4%
EPS (Basic) -0.68 3.73 -118.2%
EPS (Diluted) -0.68 3.72 -118.3%
Wtd Avg Shares (Basic) 539.3 598 -9.8%
Wtd Avg Shares (Diluted) 539.3 599.2 -10.0%
Total Costs & Expenses (FY) — — —
Show Consolidated Entities breakouts
Parent Company 624 549 +13.7%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investee 722 652 +10.7%
Interest Income (FY) — — —
Show Consolidated Entities breakouts
Parent Company 64 76 -15.8%
Comprehensive Income 3,863 2,045 +88.9%
Interest Expense 552 554 -0.4%
Show Business Segments breakouts
Corporate And Other · Operating Segments 521 524 -0.6%
Show Consolidated Entities breakouts
Parent Company 437 409 +6.8%
Show Consolidation Items breakouts
Material Reconciling Items 31 30 +3.3%
Total Corebridge 521 524 -0.6%
Foreign Currency Transaction Gain Loss Before Tax (FY) — — —
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Excluding Fortitude Re Funds Withheld Assets · Excluding Modified Coinsurance And Funds Withheld Embedded Derivative -145 134 -208.2%
Fortitude [Member] · Excluding Modified Coinsurance And Funds Withheld Embedded Derivative 9 7 +28.6%
Show Investment Type breakouts
Excluding Modified Coinsurance And Funds Withheld Embedded Derivative -136 141 -196.5%
Gain Loss On Investments -3,958 -1,883 -110.2%
Show Derivative Risk breakouts
Embedded Derivative Financial Instruments · Fortitude Holdings -1,673 -518 -223.0%
Show Consolidated Entities breakouts
Parent Company -6 18 -133.3%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Excluding Fortitude Re Funds Withheld Assets -2,185 -1,117 -95.6%
Excluding Fortitude Re Funds Withheld Assets · Excluding Modified Coinsurance And Funds Withheld Embedded Derivative -2,185 -1,117 -95.6%
Fortitude [Member] -1,773 -766 -131.5%
Fortitude [Member] · Excluding Modified Coinsurance And Funds Withheld Embedded Derivative -100 -248 +59.7%
Fortitude [Member] · Net realized losses on Fortitude Re funds withheld embedded derivatives -1,673 -518 -223.0%
Show Ceded Credit Risk breakouts
Fortitude Holdings -1,773 -766 -131.5%
Fortitude Holdings · Net realized losses on Fortitude Re funds withheld assets -100 -248 +59.7%
Show Investment Type breakouts
Excluding Modified Coinsurance And Funds Withheld Embedded Derivative -2,285 -1,365 -67.4%
Net realized losses on Fortitude Re funds withheld embedded derivatives -1,673 -518 -223.0%
Income Loss From Equity Method Investments (FY) — — —
Show Consolidated Entities breakouts
Parent Company -3,724 530 -802.6%
Other Expenses (FY) — — —
Show Consolidated Entities breakouts
Parent Company 187 385 -51.4%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Non-Current Assets
Equity Securities Fv Ni Current And Noncurrent 79 56 +41.1%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 10 15 -33.3%
Fair Value Inputs Level3 · Fair Value Measurements Recurring 69 41 +68.3%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 79 56 +41.1%
Show Investment Type breakouts
Equity Securities 79 56 +41.1%
Total Assets 413,547 389,397 +6.2%
Show Financial Instrument breakouts
Real Estate and Investment Funds · Variable Interest Entity Primary Beneficiary 3,318 3,728 -11.0%
Securitization and Repackaging Vehicles · Variable Interest Entity Primary Beneficiary 1,755 1,925 -8.8%
Show Consolidated Entities breakouts
Parent Company 22,696 22,199 +2.2%
Variable Interest Entity Not Primary Beneficiary 6,249 5,837 +7.1%
Variable Interest Entity Not Primary Beneficiary · Real Estate and Investment Funds 6,249 5,837 +7.1%
Variable Interest Entity Not Primary Beneficiary · RMBS, CMBS, Oher ABS, And CLOs 2.5 2.6 -3.8%
Variable Interest Entity Primary Beneficiary 5,073 5,653 -10.3%
Show Ceded Credit Risk breakouts
Fortitude Holdings · Carrying Reported Amount Fair Value Disclosure 23,752 24,463 -2.9%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investee 30,717 26,231 +17.1%
Operating Lease Right-of-Use Assets 79 75 +5.3%
Deferred Tax Assets (Q) — — —
Show Consolidated Entities breakouts
Parent Company 236 140 +68.6%
Other Assets
Other Investments 10,235 9,851 +3.9%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 · Fair Value Measurements Nonrecurring 164 117 +40.2%
Fair Value Inputs Level3 · Portion At Other Than Fair Value Fair Value Disclosure 306 — —
Show Financial Instrument breakouts
Real Estate and Investment Funds · Variable Interest Entity Primary Beneficiary 2,575 2,433 +5.8%
Real Estate and Investment Funds · Variable Interest Entity Primary Beneficiary 492 926 -46.9%
Show Consolidated Entities breakouts
Parent Company 157 197 -20.3%
Variable Interest Entity Not Primary Beneficiary 6.2 5.8 +6.9%
Variable Interest Entity Primary Beneficiary · Alternative investments 2,575 2,433 +5.8%
Variable Interest Entity Primary Beneficiary · Investment real estate 492 926 -46.9%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 306 279 +9.7%
Portion At Other Than Fair Value Fair Value Disclosure 306 279 +9.7%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Nonrecurring 164 117 +40.2%
Fair Value Measurements Recurring 8,106 7,791 +4.0%
Show Investment Type breakouts
Hedge Funds Equity 121 210 -42.4%
Private Equity Funds 8 7.6 +5.3%
Other Short Term Investments 5,675 4,981 +13.9%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 661 351 +88.3%
Fair Value Inputs Level2 · Fair Value Measurements Recurring 963 1,088 -11.5%
Fair Value Inputs Level2 · Portion At Other Than Fair Value Fair Value Disclosure 4,051 3,542 +14.4%
Show Financial Instrument breakouts
Real Estate and Investment Funds · Variable Interest Entity Primary Beneficiary 93 131 -29.0%
Show Consolidated Entities breakouts
Parent Company 2,333 2,224 +4.9%
Variable Interest Entity Primary Beneficiary 93 132 -29.5%
Show Ceded Credit Risk breakouts
Fortitude Holdings · Carrying Reported Amount Fair Value Disclosure 399 274 +45.6%
Fortitude Holdings · Estimate Of Fair Value Fair Value Disclosure 399 274 +45.6%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 4,051 3,542 +14.4%
Portion At Other Than Fair Value Fair Value Disclosure 4,051 3,542 +14.4%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 1,624 1,439 +12.9%
Investments 265,258 243,758 +8.8%
Show Consolidated Entities breakouts
Parent Company 2,490 2,421 +2.9%
Cash 447 806 -44.5%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Portion At Other Than Fair Value Fair Value Disclosure 447 806 -44.5%
Show Financial Instrument breakouts
Real Estate and Investment Funds · Variable Interest Entity Primary Beneficiary 38 75 -49.3%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 38 75 -49.3%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 447 806 -44.5%
Portion At Other Than Fair Value Fair Value Disclosure 447 806 -44.5%
Accrued Investment Income Receivable 2,379 2,169 +9.7%
Show Financial Instrument breakouts
Securitization and Repackaging Vehicles · Variable Interest Entity Primary Beneficiary 5 5 0.0%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 5 7 -28.6%
Premiums And Other Receivables Net 648 713 -9.1%
Reinsurance Assets Net Of Allowance (Q) — — —
Show Ceded Credit Risk breakouts
Excluding Fortitude 1,912 1,560 +22.6%
Fortitude RE 24,139 24,933 -3.2%
Deferred And Current Income Taxes Net 7,467 7,903 -5.5%
Deferred Policy Acquisition Costs And Value Of Business Acquired 8,885 10,293 -13.7%
Show Business Acquisition breakouts
Deferred Sale Inducements 4,435 2,042 +117.2%
Market Risk Benefit Asset Amount 2,392 1,332 +79.6%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 2.4 1.3 +84.6%
Fair Value Inputs Level3 · Fair Value Measurements Recurring 2,392 1,332 +79.6%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 2,392 1,332 +79.6%
Other Assets 4,435 2,042 +117.2%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Portion At Other Than Fair Value Fair Value Disclosure 1 1 0.0%
Fair Value Inputs Level3 · Portion At Other Than Fair Value Fair Value Disclosure 2,189 — —
Show Financial Instrument breakouts
Real Estate and Investment Funds · Variable Interest Entity Primary Beneficiary 50 77 -35.1%
Show Consolidated Entities breakouts
Parent Company 163 204 -20.1%
Variable Interest Entity Primary Beneficiary 50 77 -35.1%
Show Ceded Credit Risk breakouts
Fortitude Holdings · Carrying Reported Amount Fair Value Disclosure 667 429 +55.5%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 2,470 14 +17542.9%
Portion At Other Than Fair Value Fair Value Disclosure 2,190 14 +15542.9%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 441 193 +128.5%
Separate Account Assets 95,585 93,888 +1.8%
Show Business Segments breakouts
Corporate And Other 48,778 48,818 -0.1%
Corporate And Other · Balanced funds 17,903 17,230 +3.9%
Corporate And Other · Money market funds 637 674 -5.5%
Corporate And Other · Separate Account Debt Security 4,165 4,092 +1.8%
Corporate And Other · Separate Account Equity Security 26,073 26,822 -2.8%
Group Retirement 40,701 39,672 +2.6%
Group Retirement · Balanced funds 6,055 5,666 +6.9%
Group Retirement · Money market funds 803 839 -4.3%
Group Retirement · Separate Account Debt Security 3,160 3,070 +2.9%
Group Retirement · Separate Account Equity Security 30,683 30,097 +1.9%
Institutional Markets 4,957 4,339 +14.2%
Institutional Markets · Balanced funds 2,660 2,207 +20.5%
Institutional Markets · Money market funds 178 154 +15.6%
Institutional Markets · Separate Account Debt Security 1,398 1,302 +7.4%
Institutional Markets · Separate Account Equity Security 721 676 +6.7%
Life Insurance 1,149 1,059 +8.5%
Life Insurance · Balanced funds 59 53 +11.3%
Life Insurance · Money market funds 15 15 0.0%
Life Insurance · Separate Account Debt Security 48 46 +4.3%
Life Insurance · Separate Account Equity Security 1,027 945 +8.7%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 91,582 90,400 +1.3%
Fair Value Inputs Level2 · Fair Value Measurements Recurring 4,003 3,488 +14.8%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 95,585 93,888 +1.8%
Show Separate Account Asset Category breakouts
Balanced funds 26,677 25,156 +6.0%
Money market funds 1,633 1,682 -2.9%
Separate Account Debt Security 8,771 8,510 +3.1%
Separate Account Equity Security 58,504 58,540 -0.1%
Current Liabilities
Accounts Payable (Q) — — —
Show Related Party Transaction breakouts
General Services Agreement · Related Party 1 6 -83.3%
Show Related Party Transactions By Related Party breakouts
Trust For Benefit Of Employees 1 1 0.0%
Non-Current Liabilities
Long-Term Debt (Q) — — —
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Variable Interest Entity Primary Beneficiary 27 29 -6.9%
Fair Value Inputs Level3 · Variable Interest Entity Primary Beneficiary 1,367 1,772 -22.9%
Show Consolidated Entities breakouts
Debt of consolidated investment entities 1,547 1,938 -20.2%
Variable Interest Entity Primary Beneficiary · Carrying Reported Amount Fair Value Disclosure 1,547 1,938 -20.2%
Variable Interest Entity Primary Beneficiary · Portion At Other Than Fair Value Fair Value Disclosure 1,394 1,801 -22.6%
Variable Interest Entity Primary Beneficiary · Related Party 24 23 +4.3%
Total Liabilities 399,587 377,071 +6.0%
Show Financial Instrument breakouts
Real Estate and Investment Funds · Variable Interest Entity Primary Beneficiary 448 736 -39.1%
Securitization and Repackaging Vehicles · Variable Interest Entity Primary Beneficiary 883 977 -9.6%
Show Consolidated Entities breakouts
Parent Company 9,495 10,737 -11.6%
Variable Interest Entity Primary Beneficiary 1,331 1,713 -22.3%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investee 2,245 1,338 +67.8%
Other Liabilities
Debt Securities Available For Sale Excluding Accrued Interest 189,381 170,840 +10.9%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 10 9 +11.1%
Fair Value Inputs Level1 · US Treasury And Government 10 9 +11.1%
Fair Value Inputs Level2 · Asset Backed Securities 1,814 1,384 +31.1%
Fair Value Inputs Level2 · Collateralized Loan Obligations 7,037 7,956 -11.6%
Fair Value Inputs Level2 · Commercial Mortgage Backed Securities 8,563 8,956 -4.4%
Fair Value Inputs Level2 · Corporate Debt Securities 121,390 104,644 +16.0%
Fair Value Inputs Level2 · Fair Value Measurements Recurring 158,838 141,858 +12.0%
Fair Value Inputs Level2 · Foreign Government Debt Securities 4,487 3,904 +14.9%
Fair Value Inputs Level2 · Residential Mortgage Backed Securities 10,495 9,739 +7.8%
Fair Value Inputs Level2 · US States And Political Subdivisions 3,725 3,916 -4.9%
Fair Value Inputs Level2 · US Treasury And Government 1,327 1,359 -2.4%
Fair Value Inputs Level3 · Asset Backed Securities 20,437 17,566 +16.3%
Fair Value Inputs Level3 · Asset Backed Securities Securitized Loans And Receivables 18,129 15,888 +14.1%
Fair Value Inputs Level3 · CLO 1,939 2,104 -7.8%
Fair Value Inputs Level3 · Collateralized Loan Obligations 2,055 2,162 -4.9%
Fair Value Inputs Level3 · Commercial Mortgage Backed Securities 744 621 +19.8%
Fair Value Inputs Level3 · Commercial Mortgage Backed Securities 696 607 +14.7%
Fair Value Inputs Level3 · Corporate Debt Securities 681 1,834 -62.9%
Fair Value Inputs Level3 · Corporate Debt Securities 701 1,822 -61.5%
Fair Value Inputs Level3 · Fair Value Measurements Recurring 30,533 28,973 +5.4%
Fair Value Inputs Level3 · Residential Mortgage Backed Securities 5,855 6,045 -3.1%
Fair Value Inputs Level3 · Residential Mortgage Backed Securities 2,847 2,892 -1.6%
Fair Value Inputs Level3 · US States And Political Subdivisions 761 745 +2.1%
Fair Value Inputs Level3 · US States And Political Subdivisions 723 746 -3.1%
Show Financial Instrument breakouts
Asset Backed Securities 22,251 18,950 +17.4%
Asset Backed Securities · Fair Value Measurements Recurring 22,251 18,950 +17.4%
Collateralized Loan Obligations 9,092 10,118 -10.1%
Collateralized Loan Obligations · Fair Value Measurements Recurring 9,092 10,118 -10.1%
Commercial Mortgage Backed Securities 9,307 9,577 -2.8%
Commercial Mortgage Backed Securities · Fair Value Measurements Recurring 9,307 9,577 -2.8%
Corporate Debt Securities 122,071 106,478 +14.6%
Corporate Debt Securities · Fair Value Measurements Recurring 122,071 106,478 +14.6%
Foreign Government Debt Securities 4,487 3,904 +14.9%
Foreign Government Debt Securities · Fair Value Measurements Recurring 4,487 3,904 +14.9%
Mortgage Backed Securities 57,000 54,429 +4.7%
Real Estate and Investment Funds · Variable Interest Entity Primary Beneficiary 33 38 -13.2%
Residential Mortgage Backed Securities 16,350 15,784 +3.6%
Residential Mortgage Backed Securities · Fair Value Measurements Recurring 16,350 15,784 +3.6%
US States And Political Subdivisions 4,486 4,661 -3.8%
US States And Political Subdivisions · Fair Value Measurements Recurring 4,486 4,661 -3.8%
US Treasury And Government 1,337 1,368 -2.3%
US Treasury And Government · Fair Value Measurements Recurring 1,337 1,368 -2.3%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 33 38 -13.2%
Show Ceded Credit Risk breakouts
Fortitude Holdings · Carrying Reported Amount Fair Value Disclosure 12,739 13,254 -3.9%
Fortitude Holdings · Estimate Of Fair Value Fair Value Disclosure 12,739 13,254 -3.9%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 189,381 170,840 +10.9%
Trading Securities Debt 5,407 5,262 +2.8%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Asset Backed Securities 65 68 -4.4%
Fair Value Inputs Level2 · Collateralized Loan Obligations 542 419 +29.4%
Fair Value Inputs Level2 · Commercial Mortgage Backed Securities 201 206 -2.4%
Fair Value Inputs Level2 · Corporate Debt Securities 2,709 2,727 -0.7%
Fair Value Inputs Level2 · Fair Value Measurements Recurring 3,867 3,721 +3.9%
Fair Value Inputs Level2 · Foreign Government Debt Securities 75 27 +177.8%
Fair Value Inputs Level2 · Residential Mortgage Backed Securities 50 53 -5.7%
Fair Value Inputs Level2 · US States And Political Subdivisions 33 33 0.0%
Fair Value Inputs Level2 · US Treasury And Government 192 188 +2.1%
Fair Value Inputs Level3 · Asset Backed Securities 1,188 1,160 +2.4%
Fair Value Inputs Level3 · Collateralized Loan Obligations 43 59 -27.1%
Fair Value Inputs Level3 · Commercial Mortgage Backed Securities 16 14 +14.3%
Fair Value Inputs Level3 · Corporate Debt Securities 205 209 -1.9%
Fair Value Inputs Level3 · Fair Value Measurements Recurring 1,540 1,541 -0.1%
Fair Value Inputs Level3 · Residential Mortgage Backed Securities 87 98 -11.2%
Fair Value Inputs Level3 · US States And Political Subdivisions 1 1 0.0%
Show Financial Instrument breakouts
Asset Backed Securities · Fair Value Measurements Recurring 1,253 1,228 +2.0%
Asset Backed Securities · Fixed Maturities 1,253 1,228 +2.0%
Collateralized Loan Obligations · Fair Value Measurements Recurring 585 478 +22.4%
Collateralized Loan Obligations · Fixed Maturities 585 478 +22.4%
Commercial Mortgage Backed Securities · Fair Value Measurements Recurring 217 220 -1.4%
Commercial Mortgage Backed Securities · Fixed Maturities 217 220 -1.4%
Corporate Debt Securities · Fair Value Measurements Recurring 2,914 2,936 -0.7%
Corporate Debt Securities · Fixed Maturities 2,914 2,936 -0.7%
Foreign Government Debt Securities · Fair Value Measurements Recurring 75 27 +177.8%
Foreign Government Debt Securities · Fixed Maturities 75 27 +177.8%
Mortgage Backed Securities · Fixed Maturities 2,192 2,077 +5.5%
Real Estate and Investment Funds · Variable Interest Entity Primary Beneficiary 37 44 -15.9%
Residential Mortgage Backed Securities · Fair Value Measurements Recurring 137 151 -9.3%
Residential Mortgage Backed Securities · Fixed Maturities 137 151 -9.3%
US Government Corporations And Agencies Securities · Fixed Maturities 192 188 +2.1%
US States And Political Subdivisions · Fair Value Measurements Recurring 34 34 0.0%
US States And Political Subdivisions · Fixed Maturities 34 34 0.0%
US Treasury And Government · Fair Value Measurements Recurring 192 188 +2.1%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 37 44 -15.9%
Show Ceded Credit Risk breakouts
Fortitude Holdings · Carrying Reported Amount Fair Value Disclosure 4,982 4,914 +1.4%
Fortitude Holdings · Estimate Of Fair Value Fair Value Disclosure 4,982 4,914 +1.4%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 5,407 5,262 +2.8%
Show Investment Type breakouts
Fixed Maturities 5,407 5,262 +2.8%
Financing Receivable Excluding Accrued Interest After Allowance For Credit Loss 54,481 52,768 +3.2%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Portion At Other Than Fair Value Fair Value Disclosure 26 21 +23.8%
Fair Value Inputs Level3 · Portion At Other Than Fair Value Fair Value Disclosure 52,705 49,560 +6.3%
Show Financial Instrument breakouts
Securitization and Repackaging Vehicles · Variable Interest Entity Primary Beneficiary 1,750 1,919 -8.8%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 1,750 1,919 -8.8%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 54,481 52,768 +3.2%
Portion At Other Than Fair Value Fair Value Disclosure 52,731 49,581 +6.4%
Liability For Future Policy Benefits 60,971 56,272 +8.4%
Show Product Lines breakouts
Universal Life 4,295 4,088 +5.1%
Universal Life · Corporate And Other 54 54 0.0%
Universal Life · Life Insurance 4,241 4,034 +5.1%
Show Business Segments breakouts
Corporate And Other 20,097 20,632 -2.6%
Group Retirement 311 213 +46.0%
Individual Retirement 1,219 1,183 +3.0%
Institutional Markets 25,831 21,074 +22.6%
Life Insurance 13,513 13,170 +2.6%
Policyholder Contract Deposits 188,876 173,695 +8.7%
Show Product Lines breakouts
Guaranteed Investment Contract 48 47 +2.1%
Show Business Segments breakouts
Corporate And Other 7,728 8,375 -7.7%
Group Retirement 38,137 38,939 -2.1%
Individual Retirement 109,593 97,972 +11.9%
Institutional Markets 22,883 18,015 +27.0%
Life Insurance 10,535 10,394 +1.4%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Fair Value Measurements Recurring 134 120 +11.7%
Fair Value Inputs Level3 · Fair Value Measurements Recurring 12,022 9,415 +27.7%
Show Financial Instrument breakouts
Index credits on fixed index annuities 2 1.8 +11.1%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 12,156 9,535 +27.5%
Market Risk Benefit Liability Amount 7,309 5,616 +30.1%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 7.3 5.6 +30.4%
Fair Value Inputs Level3 · Fair Value Measurements Recurring 7,309 5,616 +30.1%
Fair Value Inputs Level3 · Fixed annuities guaranteed benefits 1,817 1,359 +33.7%
Fair Value Inputs Level3 · Fixed index annuities guaranteed benefits 3,841 2,833 +35.6%
Fair Value Inputs Level3 · Guaranteed Minimum Withdrawal Benefit 1,651 1,424 +15.9%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 7,309 5,616 +30.1%
Other Policyholder Funds 2,959 2,873 +3.0%
Funds Held Under Reinsurance Agreements Liability (Q) — — —
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 · Fair Value Measurements Recurring 3,795 2,223 +70.7%
Fair Value Inputs Level3 · Portion At Other Than Fair Value Fair Value Disclosure 19,853 22,068 -10.0%
Show Ceded Credit Risk breakouts
Fortitude RE 23,648 24,291 -2.6%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 19,853 22,068 -10.0%
Portion At Other Than Fair Value Fair Value Disclosure 19,853 22,068 -10.0%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 3,795 2,223 +70.7%
Other Liabilities (Q) — — —
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Portion At Other Than Fair Value Fair Value Disclosure 4,493 3,027 +48.4%
Fair Value Inputs Level3 · Portion At Other Than Fair Value Fair Value Disclosure 2 — —
Show Financial Instrument breakouts
Real Estate and Investment Funds · Variable Interest Entity Primary Beneficiary 39 78 -50.0%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 39 78 -50.0%
Show Ceded Credit Risk breakouts
Excluding Fortitude 9,333 8,044 +16.0%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 4,493 3,027 +48.4%
Portion At Other Than Fair Value Fair Value Disclosure 4,495 3,027 +48.5%
Debt Longterm And Shortterm Combined Amount 10,906 12,392 -12.0%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Portion At Other Than Fair Value Fair Value Disclosure 9,119 10,083 -9.6%
Show Debt Instrument breakouts
Corebridge Debt 9,426 — —
CRBGLH junior subordinated debentures · Junior Subordinated Debt 227 — —
CRBGLH notes · Notes Payable Other Payables 99 — —
Hybrid junior subordinated notes · Notes Payable Other Payables 2,350 — —
Senior unsecured notes · Line Of Credit 6,750 — —
Show Financial Instrument breakouts
Real Estate and Investment Funds · Variable Interest Entity Primary Beneficiary 409 658 -37.8%
Securitization and Repackaging Vehicles · Variable Interest Entity Primary Beneficiary 883 977 -9.6%
Show Consolidated Entities breakouts
Consolidated Entities, Excluding Consolidated Investments 9,359 10,454 -10.5%
Debt of consolidated investment entities 1,547 1,938 -20.2%
Parent Company 9,033 10,027 -9.9%
Variable Interest Entity Primary Beneficiary 1,292 1,635 -21.0%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 9,359 10,454 -10.5%
Portion At Other Than Fair Value Fair Value Disclosure 9,119 10,083 -9.6%
Separate Accounts Liability 95,585 93,888 +1.8%
Show Business Segments breakouts
Corporate And Other 48,778 48,818 -0.1%
Group Retirement 40,701 39,672 +2.6%
Institutional Markets 4,957 4,339 +14.2%
Life Insurance 1,149 1,059 +8.5%
Stockholders' Equity
Preferred Stock And Additional Paid In Capital Value Issued 493 — —
Common Stock Value Outstanding 7 7 0.0%
Treasury Stock Common Value -4,382 -2,282 -92.0%
Show Consolidated Entities breakouts
Parent Company -4,382 -2,282 -92.0%
Additional Paid In Capital Common Stock 8,162 8,161 0.0%
Show Consolidated Entities breakouts
Parent Company 8,162 8,161 0.0%
Retained Earnings 18,373 19,257 -4.6%
Show Consolidated Entities breakouts
Parent Company 18,373 19,257 -4.6%
Accumulated Other Comprehensive Income -9,452 -13,681 +30.9%
Show Consolidated Entities breakouts
Parent Company -9,452 -13,681 +30.9%
Total Stockholders' Equity 13,201 11,462 +15.2%
Show Consolidated Entities breakouts
Parent Company 13,201 11,462 +15.2%
Minority Interest 759 864 -12.2%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 13,960 12,326 +13.3%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment 2 2 0.0%
Accumulated Gain Loss Net Cash Flow Hedge Parent 66 -46 +243.5%
Accumulated Net Unrealized Investment Gain Loss -11,656 -16,229 +28.2%
Accumulated Other Comprehensive Income -9,452 -13,681 +30.9%
Accumulated Translation Adjustment 31 -17 +282.4%
Additional Paid In Capital 8,162 8,161 0.0%
Aoci Gain Loss Debt Securities Available For Sale With Allowance For Credit Loss Parent -29 -43 +32.6%
Aoci Market Risk Benefit Instrument Specific Credit Risk Parent -1,116 -690 -61.7%
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts 3,250 3,342 -2.8%
Common Stock 7 7 0.0%
Noncontrolling Interest 759 864 -12.2%
Parent 13,201 11,462 +15.2%
Preferred Stock and Additional Paid-In Capital 493 — —
Retained Earnings 18,373 19,257 -4.6%
Treasury Stock Common -4,382 -2,282 -92.0%
Total Liabilities & Equity 413,547 389,397 +6.2%
Show Consolidated Entities breakouts
Parent Company 22,696 22,199 +2.2%
Common Stock (Q) — — —
Show Consolidated Entities breakouts
Parent Company 7 7 0.0%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Gain Loss On Sale Of Debt Securities Available For Sale And Other Assets Net 1,051 1,049 +0.2%
Unrealized Gain Loss On Investments 1,169 870 +34.4%
Proceeds Payments For Market Risk Benefit 636 -831 +176.5%
Income Loss From Equity Method Investments Net Of Dividends Or Distributions 10 65 -84.6%
Depreciation Amortization And Accretion Net 556 193 +188.1%
Asset Impairment Charges 52 69 -24.6%
Show Fair Value By Asset Class breakouts
Other Investments · Fair Value Measurements Nonrecurring 61 66 -7.6%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Nonrecurring 61 66 -7.6%
Increase Decrease In Liability For Claims And Claims Adjustment Expense Reserve 630 980 -35.7%
Increase Decrease In Premiums And Insurance Balances Receivable And Payable Net 174 -167 +204.2%
Increase Decrease In Funds Held Under Reinsurance Agreements -644 -1,420 +54.6%
Increase Decrease In Reinsurance Assets Net 1,024 825 +24.1%
Increase Decrease In Deferred Policy Acquisition Costs -1,381 -1,377 -0.3%
Increase Decrease In Current And Deferred Income Taxes -343 349 -198.3%
Increase Decrease In Other Operating Capital Net -523 -412 -26.9%
Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities 2,411 -52 +4736.5%
Net Cash from Operations 2,021 2,151 -6.0%
Show Consolidated Entities breakouts
Parent Company 3,106 1,548 +100.6%
Investing Activities
Proceeds From Sale Of Available For Sale Securities Debt 13,690 8,080 +69.4%
Proceeds From Sale Of Trading Securities Heldforinvestment 3,888 1,113 +249.3%
Proceeds From Sale And Maturity Of Other Investments 1,764 1,733 +1.8%
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities 19,312 16,164 +19.5%
Proceeds From Sale And Collection Of Mortgage Notes Receivable 9,021 5,509 +63.8%
Purchases of Investments -44,452 -29,644 -50.0%
Payments To Acquire Trading Securities Heldforinvestment -3,867 -1,669 -131.7%
Payments To Acquire Other Investments -1,496 -924 -61.9%
Payments To Acquire Mortgage Notes Receivable -9,985 -11,878 +15.9%
Payments For Proceeds From Short Term Investments -404 -560 +27.9%
Payments For Proceeds From Derivative Instrument Investing Activities -820 119 -789.1%
Other Investing Activities 17 -156 +110.9%
Net Cash from Investing -13,332 -11,536 -15.6%
Show Consolidated Entities breakouts
Parent Company 66 -253 +126.1%
Fixed Maturity Securities Available For Sale Received In Connection With Pension Risk Transfer Transactions -2,782 -1,316 -111.4%
Noncash Or Part Noncash Available For Sale Securities Transferred In Connection With Reinsurance Transaction 1,312 210 +524.8%
Financing Activities
Additions To Contract Holders Funds 40,455 39,552 +2.3%
Withdrawal From Contract Holders Funds -26,652 -28,136 +5.3%
Proceeds From Issuance Of Long Term Debt (FY) — — —
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 153 231 -33.8%
Repayments Of Short Term Debt -1,101 -250 -340.4%
Show Consolidated Entities breakouts
Parent Company -1,000 -280 -257.1%
Repayments Of Long Term Debt (FY) — — —
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary -566 -982 +42.4%
Payments Of Dividends Common Stock -511 -544 +6.1%
Show Consolidated Entities breakouts
Parent Company -511 -544 +6.1%
Payments To Minority Shareholders -132 -199 +33.7%
Proceeds From Minority Shareholders 51 70 -27.1%
Show Consolidated Entities breakouts
Parent Company -2,118 -1,792 -18.2%
Proceeds From Payments For In Securities Sold Under Agreements To Repurchase 1,466 567 +158.6%
Proceeds From Issuance Of Preferred Stock And Preference Stock 493 — —
Share Repurchases -2,118 -1,792 -18.2%
Proceeds From Payments For Other Financing Activities -599 -267 -124.3%
Show Consolidated Entities breakouts
Parent Company -36 -39 +7.7%
Net Cash from Financing 10,939 9,580 +14.2%
Show Consolidated Entities breakouts
Parent Company -3,172 -1,295 -144.9%
Interest Credited To Policyholder Accounts Included In Financing Activities 6,156 5,141 +19.7%
Fee Income Debited To Policyholder Contract Deposits Included In Financing Activities -2,987 -2,879 -3.8%
Noncash Contribution Expense 2 18 -88.9%
Supplemental
Interest Paid 584 538 +8.6%
Income Taxes Paid 192 252 -23.8%
Show Consolidated Entities breakouts
Parent Company 8 -32 +125.0%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 1 1 0.0%
Net Change in Cash -371 196 -289.3%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 453 824 -45.0%
Restricted Cash And Cash Equivalents At Carrying Value 4 4 0.0%
Restricted Cash And Cash Equivalents Noncurrent 2 14 -85.7%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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