First Quarter 2024 Financial Supplement

First Quarter 2024

Quarterly Financial Supplement

All financial information in this document is unaudited. This supplement should be read in conjunction with Corebridge's Form 10-Q for the quarter ended March 31, 2024, which will be filed with the Securities and Exchange Commission.

Corebridge Financial, Inc.
Contact: Investor Relations
Işıl Müderrisoğlu - [email protected]
Investor Relations Mailbox: [email protected]
Table of Contents	Page(s)
Consolidated Results
Consolidated Financial Highlights	1-2
Consolidated Statement of Operations	3
Consolidated Balance Sheets	4
Assets Under Management and Administration Rollforward	5
Operating Results by Segment
Individual Retirement	6-9
Group Retirement	10-11
Variable Annuity Account Value by Type	12
Life Insurance	13-14
Institutional Markets	15
Corporate and Other	16
Investments
Total Investments	17
Total Investments, Insurance Operating Subsidiaries	18
Investments - Commercial Mortgage Loans	19-20
Net Investment Income	21
Net Realized Gains (Losses)	22
Supplemental Information	23-40

Table of Contents

Corebridge Financial, Inc.

Consolidated Financial Highlights

(in millions, except per share data)								Quarterly

		1Q24			4Q23			3Q23			2Q23		1Q23
Results of Operations Data (attributable to Corebridge common shareholders)

Net income (loss)	$	878	$	(1,309)	$	2,101	$	771	$	(459)
Net income (loss) per share:
Common stock - basic	$	1.41	$	(2.07)	$	3.29	$	1.18	$	(0.70)
Common stock - diluted	$	1.41	$	(2.07)	$	3.28	$	1.18	$	(0.70)
Weighted average shares outstanding:
Common stock - basic		624.0			633.0			639.0			650.7		650.8
Common stock - diluted		624.9			633.0			641.0			652.2		650.8
Effective tax rate		18.6 %			24.5 %			15.9 %			17.6 %		32.3 %
Adjusted after-tax operating income	$	688	$	661	$	675	$	679	$	632
Operating earnings per common share	$	1.10	$	1.04	$	1.05	$	1.04	$	0.97
Weighted average shares outstanding - operating		624.9			635.3			641.0			652.2		652.8
Adjusted effective tax rate		17.8 %			19.4 %			17.0 %			18.8 %		12.7 %
Adjusted pre-tax/after-tax operating income (loss)
Individual Retirement	$	622	$	628	$	576	$	574	$	534
Group Retirement		200			179			192			197		186
Life Insurance		54			79			136			76		82
Institutional Markets		112			93			75			126		85
Corporate and Other		(148)			(155)			(163)			(136)		(163)
Consolidation and elimination		(3)			(4)			(3)			(1)		-
Adjusted pre-tax operating income
	837			820			813			836		724
Income tax expense		149			159			138			157		92
Adjusted after-tax operating income
$	688	$	661	$	675	$	679	$	632
Sources of Income

Base spread income	$	1,016	$	987	$	918	$	924	$	890
Variable investment income		3			7			33			90		28

Spread income		1,019			994			951			1,014		918
Fee income		513			485			485			474		469
Underwriting margin		315			361			398			381		373
Total	$	1,847		$	1,840		$	1,834		$	1,869	$	1,760
Adjusted RetuOn Average Equity (ROAE)

ROAE		30.1 %			(52.0)%			88.8 %			27.9 %		(17.5)%
Adjusted ROAE		11.9 %			11.2 %			11.4 %			11.7 %		10.8 %

Consolidated Financial Highlights

Table of Contents

Corebridge Financial, Inc.

Consolidated Financial Highlights

(in millions, except per share data)								Quarterly

		1Q24			4Q23			3Q23			2Q23			1Q23

Total Premiums and Deposits	$	10,595	$	10,472	$	9,133	$	9,941	$	10,341
Corebridge Capitalization
Adjusted book value	$	23,218	$	22,892	$	24,221	$	23,175	$	23,257
Financial debt		9,368			9,368			9,371			9,373			9,371
Amounts drawn under revolving credit facility		-			-			-			-			-
Non-redeemable noncontrolling interest		810			869			890			907			910
Total capital
$	33,396		$	33,129		$	34,482		$	33,455		$	33,538

Interest Expense - Financial Debt	$	107	$	107	$	110	$	106	$	108
Leverage Ratio
Financial debt / total capital		28.1 %			28.3 %			27.2 %			28.0 %			27.9 %
Common Stock Repurchases
Aggregate repurchase of common stock (1)	$	243	$	252	$	46	$	200	$	-
Number of common shares repurchased		9.5			11.8			2.5			12.2			-
Average price paid per share of common stock (1)	$	25.71	$	21.28	$	18.67	$	16.41	$	-
Dividends (2)
Dividends declared per common share	$	0.23	$	1.39	$	0.23	$	0.85	$	0.23
Total dividends declared on common stock	$	143	$	876	$	146	$	551	$	149
Adjusted Book Value Per Common Share
Total Corebridge shareholders' equity (a)	$	11,576	$	11,766	$	8,366	$	10,561	$	11,555
Less: Accumulated other comprehensive income (loss) (AOCI)		(14,139)			(13,458)			(19,294)			(15,182)			(14,067)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets		(2,497)			(2,332)			(3,439)			(2,568)			(2,365)
Total adjusted book value (b)
$	23,218		$	22,892		$	24,221		$	23,175		$	23,257

Total common shares outstanding (c)(3)		615.4			621.7			633.5			636.0			648.1
Book value per common share (a/c)	$	18.81	$	18.93	$	13.21	$	16.61	$	17.83
Adjusted book value per common share (b/c)	$	37.73	$	36.82	$	38.23	$	36.44	$	35.88
Closing share price	$	28.73	$	21.66	$	19.75	$	17.66	$	16.02

Aggregate repurchase of common stock and average price paid per share of common stock excludes excise tax of $2 million due to the Inflation Reduction Act of 2022 for the three months ended March 31, 2024.
During the year ended December 31, 2023, we declared a special dividend of $0.62 per share on our common stock, payable during the second quarter 2023, and a special dividend of $1.16 per share on our common stock, payable during the fourth quarter 2023.
Total common shares outstanding are presented net of treasury stock.

Consolidated Financial Highlights

Table of Contents

Corebridge Financial, Inc.

Consolidated Statement of Operations

(in millions)

RevenuesPremiums (1) Policy fees

Net investment income:

Net investment income - excluding Fortitude Re funds withheld assets Net investment income - Fortitude Re funds withheld assets

Total net investment income Net realized gains (losses):

Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative Net realized gains (losses) on Fortitude Re funds withheld assets

Net realized gains (losses) on Fortitude Re funds withheld embedded derivative Total net realized gains (losses)

Advisory fee income Other income

Total revenues

Benefits and expenses

Policyholder benefits (1)

Change in the fair value of market risk benefits, net (2) Interest credited to policyholder account balances

Amortization of deferred policy acquisition costs and value of business acquired Non-deferrable insurance commissions

Advisory fee expenses General operating expenses Interest expense

Net (gain) loss on divestitures Total benefits and expenses

Income (loss) before income tax expense

Income tax expense (benefit)

Net income (loss)

Less net income (loss) attributable to noncontrolling interests

Net income (loss) attributable to Corebridge

(1) Includes PRT and SS sales activity of:

Quarterly

	1Q24			4Q23			3Q23			2Q23	1Q23

$	2,295	$	2,442	$	701	$	2,443	$	2,105
	714			703			702			694	698
	2,592			2,541			2,424			2,444	2,301
	332			471			233			270	394

	2,924			3,012			2,657			2,714	2,695
	(178)			(1,217)			368			(312)	(453)
	(164)			114			(228)			(130)	20
	22			(1,911)			1,080			122	(1,025)

	(320)			(3,014)			1,220			(320)	(1,458)
	124			118			118			115	116
	99			93			107			111	106

	5,836			3,354			5,505			5,757	4,262
	2,807			2,889			1,102			2,876	2,495
	(369)			478			(418)			(262)	196
	1,199			1,189			1,134			1,078	1,026
	267			260			268			258	256
	143			153			146			153	136
	68			67			65			64	65
	572			563			611			604	582
	138			139			135			134	172
	(5)			(621)			1			(59)	3

	4,820			5,117			3,044			4,846	4,931
	1,016			(1,763)			2,461			911	(669)
	189			(432)			392			160	(216)

	827			(1,331)			2,069			751	(453)
	(51)			(22)			(32)			(20)	6

$	878	$	(1,309)	$	2,101	$	771	$	(459)
$	1,805	$	1,929	$	209	$	1,921	$	1,583

(2) Represents changes in fair value of market risk benefits compared to prior periods, except for our own credit risk changes (non-performance adjustments) which are recognized in other comprehensive income.

Consolidated Statement of Operations

Table of Contents

Corebridge Financial, Inc.

Consolidated Balance Sheets

(in millions)

Assets

Investments:

Fixed maturity securities

Bonds available-for-sale, at fair value Other bond securities, at fair value

Equity securities, at fair value

Mortgage and other loans receivable, net of allowance Other invested assets

Short-term investments Total Investments Cash

Accrued investment income

Premiums and other receivables, net of allowance Reinsurance assets - Fortitude Re, net of allowance Reinsurance assets - other, net of allowance Deferred income taxes

Deferred policy acquisition costs and value of business acquired Market risk benefit assets, at fair value

Other assets, including restricted cash Separate account assets

Assets held-for-sale Total assets

Liabilities

Future policy benefits for life and accident and health insurance contracts Policyholder contract deposits

Market risk benefit liabilities, at fair value Other policyholder funds

Fortitude Re funds withheld payable Other liabilities

Short-term debt Long-term debt

Debt of consolidated investment entities Separate account liabilities

Liabilities held-for-sale Total liabilities

Corebridge shareholders' equity

Common stock

Treasury stock

Additional paid-in capital

Retained earnings

Accumulated other comprehensive income (loss)

Total Corebridge shareholders' equity

Non-redeemable noncontrolling interests

Total equity

Total liabilities and equity

	March 31, 2024		December 31, 2023		September 30, 2023			June 30, 2023			March 31, 2023

$	168,826	$	166,527	$	151,378	$	156,908	$	159,061
	4,646			4,578			4,186			4,240			4,103
	76			63			126			194			191
	47,830			46,867			46,054			46,497			45,869
	10,036			10,257			10,436			10,530			10,496
	4,144			4,336			4,730			4,066			4,006
	235,558			232,628			216,910			222,435			223,726
	410			612			569			751			465
	2,132			2,008			2,010			1,943			1,923
	586			594			717			739			745
	26,078			26,772			25,239			26,733			27,238
	1,592			1,620			1,633			2,578			2,643
	8,347			8,577			8,785			8,224			8,435
	10,049			10,011			9,973			10,715			10,641
	1,172			912			978			954			830
	2,142			2,294			1,814			2,680			2,688
	95,173			91,005			84,724			89,718			87,357
	2,349			2,237			2,240			-			-
$	385,588		$	379,270		$	355,592		$	367,470		$	366,691

$	57,587	$	57,108	$	50,355	$	54,288	$	53,406
	163,783			162,050			159,858			159,644			158,025
	5,167			5,705			4,519			4,977			5,144
	2,864			2,862			2,850			2,891			2,897
	25,323			25,957			24,335			26,012			26,633
	9,634			8,330			6,071			6,445			8,705
	250			250			1,000			1,500			1,500
	9,118			9,118			8,371			7,873			7,871
	2,530			2,504			2,596			2,654			2,688
	95,173			91,005			84,724			89,718			87,357
	1,773			1,746			1,657			-			-
$	373,202		$	366,635		$	346,336		$	356,002		$	354,226

$	7	$	6	$	6	$	6	$	6
	(717)			(503)			(249)			(202)			-
	8,115			8,149			8,138			8,128			8,024
	18,310			17,572			19,765			17,811			17,592
	(14,139)			(13,458)			(19,294)			(15,182)			(14,067)
	11,576			11,766			8,366			10,561			11,555
	810			869			890			907			910
	12,386			12,635			9,256			11,468			12,465
$	385,588		$	379,270		$	355,592		$	367,470		$	366,691

Consolidated Balance Sheet

Table of Contents

Corebridge Financial, Inc.

Assets Under Management and Administration (AUMA)

(in millions)

Individual Retirement

Beginning AUMA balance

Premiums and deposits

Surrenders and other withdrawals

Death benefits/other

Interest credited and investment performance

Ending AUMA balance

Group Retirement

Beginning AUMA balance

Premiums and deposits

Surrenders and other withdrawals

Death benefits/other

Interest credited and investment performance/other (1)

Ending AUMA balance

Life Insurance

Beginning AUMA balance

Premiums and deposits

Surrenders and other withdrawals

Death benefits/other

Interest credited and investment performance/other (2)

Ending AUMA balance

Institutional Markets

Beginning AUMA balance

Premiums and deposits

Surrenders and other withdrawals

Death benefit/other (3)

Interest credited and investment performance/other (4)

Ending AUMA balance

Total Corebridge AUMA

Other represents the total change in off-balance sheet advisory and brokerage assets.
Other represents assets reclassified to held-for-sale in the third quarter of 2023.
Includes guaranteed investment contract maturities.
Other represents the change in notional value of the stable value wrap products.

Quarterly

	1Q24			4Q23			3Q23			2Q23		1Q23

$	149,691	$	139,090	$	143,420	$	140,316	$	136,696
	4,861			5,282			3,961			4,045		4,883
	(4,770)			(3,966)			(3,866)			(3,689)		(3,450)
	(605)			(544)			(838)			(714)		(771)
	3,888			9,829			(3,587)			3,462		2,958
$	153,065		$	149,691		$	139,090		$	143,420	$	140,316
$	122,181	$	113,994	$	118,601	$	117,868	$	114,932
	2,054			2,083			1,831			1,923		2,246
	(3,710)			(3,453)			(3,790)			(3,452)		(2,848)
	(235)			(179)			(229)			(217)		(217)
	5,925			9,736			(2,419)			2,479		3,755
$	126,215		$	122,181		$	113,994		$	118,601	$	117,868
$	26,691	$	24,811	$	27,208	$	28,284	$	27,760
	1,094			1,103			1,085			1,063		1,049
	(103)			(80)			(105)			(66)		(111)
	(922)			(963)			(1,011)			(939)		(980)
	229			1,820			(2,366)			(1,134)		566
$	26,989		$	26,691		$	24,811		$	27,208	$	28,284
$	85,285	$	82,409	$	82,534	$	81,384	$	77,764
	2,586			2,004			2,256			2,910		2,163
	(62)			(53)			(99)			(19)		(403)
	(469)			(1,334)			(1,364)			(413)		(395)
	(896)			2,259			(918)			(1,328)		2,255
$	86,444		$	85,285		$	82,409		$	82,534	$	81,384

$	392,713		$	383,848		$	360,304		$	371,763	$	367,852

Assets Under Management and Administration (AUMA)

Table of Contents

Corebridge Financial, Inc.

Individual Retirement Sources of Earnings and Operating Statistics

(in millions)

Sources of Earnings

Spread income (1)

Fee income

Policyholder benefits, net of premiums

Non deferrable insurance commissions

Amortization of DAC and DSI

General operating expense

Other (2)

Adjusted pre-tax operating income

Market risk benefit liabilities, net of reinsurance

Surrender rates by product

Fixed annuities

Fixed index annuities

Variable annuities

Spread income

Base portfolio income

Interest credited to policyholder account balances (1)

Base spread income

Variable investment income

Total spread income

Net flows

Fixed annuities

Fixed index annuities

Variable annuities

Total net flows

Excludes amortization of Deferred Sales Inducement (DSI) of:
Other represents interest expense and advisory fee expenses.

Quarterly

	1Q24			4Q23			3Q23			2Q23		1Q23

$	713	$	715	$	672	$	684	$	623
	307			288			289			280		277
	5			1			-			(5)		13
	(90)			(85)			(90)			(94)		(86)
	(162)			(161)			(164)			(151)		(151)
	(116)			(94)			(96)			(104)		(108)
	(35)			(36)			(35)			(36)		(34)

$	622		$	628		$	576		$	574	$	534

$	3,746	$	4,485	$	3,325	$	3,747	$	3,995
	20.6%			16.9%			17.7%			15.9%		15.1%
	8.0%			7.1%			6.4%			6.8%		6.7%
	9.4%			8.5%			7.9%			7.7%		7.1%
$	1,335	$	1,305	$	1,230	$	1,194	$	1,123
	(626)			(601)			(568)			(540)		(505)

	709			704			662			654		618
	4			11			10			30		5

$	713		$	715		$	672		$	684	$	623

$	(211)	$	691	$	(1,356)	$	(1,115)	$	(90)
	925			1,113			1,519			1,612		1,388
	(1,228)			(1,032)			(906)			(855)		(636)

$	(514)		$	772		$	(743)		$	(358)	$	662
$	13	$	14	$	14	$	13	$	14

Individual Retirement

Table of Contents

Corebridge Financial, Inc.

Individual Retirement Results - Fixed Annuities Operating Statistics

(in millions)

Assets under management and administration

General account

Separate accounts

Total assets under management and administration

Fee income as a % of average AUMA (annualized)

Spread income

Base portfolio income

Interest credited to policyholder account balances (1)

Base spread income

Variable investment income (loss)

Total spread income

Net investment spread (annualized) (2)

Total yield

Less: Variable investment income (3)

Base yield (4)

Cost of funds (1)

Base net investment spread (5)

Total net investment spread

DAC/VOBA rollforward

Balance at beginning of period

Capitalization

Amortization expense

Other

Balance at end of period

Quarterly

	1Q24			4Q23			3Q23			2Q23		1Q23

$	53,088	$	53,422	$	49,897	$	52,340	$	52,346
	156			148			137			140		134
$	53,244		$	53,570		$	50,034		$	52,480	$	52,480

	0.11 %			0.10 %			0.11 %			0.10 %		0.10 %
$	725	$	714	$	681	$	691	$	664
	(375)			(366)			(352)			(345)		(335)

	350			348			329			346		329
	(1)			8			5			14		1
$	349		$	356		$	334		$	360	$	330

	5.17 %			5.16 %			4.97 %			4.92 %		4.65 %
	0.16 %			0.12 %			0.13 %			0.08 %		0.18 %

	5.33 %			5.28 %			5.10 %			5.00 %		4.83 %
	3.18 %			3.11 %			2.97 %			2.89 %		2.82 %

	2.15 %			2.17 %			2.13 %			2.11 %		2.01 %

	1.99 %			2.05 %			2.00 %			2.03 %		1.83 %

$	1,027	$	1,001	$	1,008	$	1,007	$	992
	63			71			38			37		57
	(45)			(45)			(45)			(38)		(40)
	-			-			-			2		(2)
$	1,045		$	1,027		$	1,001		$	1,008	$	1,007

Excludes the amortization of DSI.
Excludes immediate annuities.
Includes incremental effect on base yield of variable investment income.
Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments.
Excludes the impact of variable investment income.

Individual Retirement

Table of Contents

Corebridge Financial, Inc.

Individual Retirement Results - Fixed Index Annuities Operating Statistics

(in millions)

Assets under management and administration

General account

Separate accounts

Total assets under management and administration

Fee income as a % of average AUMA (annualized)

Spread income

Base portfolio income

Interest credited to policyholder account balances (1)

Base spread income

Variable investment income

Total spread income

Net investment spread (annualized)

Total yield

Less: Variable investment income (2)

Base yield (3)

Cost of funds (1)

Base net investment spread (4)

Total net investment spread

DAC/VOBA rollforward

Balance at beginning of period

Capitalization

Amortization expense

Balance at end of period

Quarterly

	1Q24			4Q23			3Q23			2Q23		1Q23

$	43,004	$	40,661	$	37,262	$	35,874	$	33,257
	-			-			-			-		-
$	43,004		$	40,661		$	37,262		$	35,874	$	33,257

	0.45 %			0.45 %			0.44 %			0.45 %		0.45 %
$	552	$	525	$	482	$	437	$	386
	(230)			(214)			(194)			(173)		(148)

	322			311			288			264		238
	1			5			3			13		3
$	323		$	316		$	291		$	277	$	241

	4.94 %			4.96 %			4.77 %			4.69 %		4.30 %
	0.16 %			0.13 %			0.14 %			0.07 %		0.16 %

	5.10 %			5.09 %			4.91 %			4.76 %		4.46 %
	2.30 %			2.19 %			2.06 %			1.95 %		1.79 %

	2.80 %			2.90 %			2.85 %			2.81 %		2.67 %

	2.64 %			2.77 %			2.71 %			2.74 %		2.51 %

$	1,634	$	1,594	$	1,543	$	1,481	$	1,424
	89			89			101			108		100
	(51)			(49)			(50)			(46)		(43)
$	1,672		$	1,634		$	1,594		$	1,543	$	1,481

Excludes the amortization of DSI.
Includes incremental effect on base yield of variable investment income.
Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments.
Excludes the impact of variable investment income.

Individual Retirement

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Corebridge Financial Inc. published this content on 02 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2024 13:53:58 UTC.

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