Fourth Quarter 2023 Earnings Release

FOR IMMEDIATE RELEASE

Corebridge Financial Announces Fourth Quarter and

Full Year 2023 Results

Fourth Quarter

• Premiums and deposits1 of $10.5 billion, a 20% increase over the prior year quarter
• Base spread income2 of $987 million, a 21% increase over the prior year quarter
• Base yield2 rose 45 basis points over the prior year quarter
• Net loss of $1.3 billion, or $2.07 per share
• Adjusted after-tax operating income1 of $661 million and operating EPS1 of $1.04 per share
• Returned $1.1 billion to shareholders, including $252 million of share repurchases and $876 million of quarterly and special dividends

Full Year

• Premiums and deposits of $39.9 billion, a 26% increase over the prior year
• Base spread income of $3.7 billion, a 30% increase over the prior year
• Base yield improved 61 basis points over the prior year
• Net income of $1.1 billion, or $1.71 per share
• Adjusted after-tax operating income of $2.6 billion and operating EPS of $4.10 per share
• Insurance companies distributed $2.0 billion in 2023 while maintaining Life Fleet RBC Ratio2 above 400%
• Returned $2.2 billion to shareholders resulting in an 84% payout ratio

HOUSTON - February 15, 2024 - Corebridge Financial, Inc. ("Corebridge" or the "Company") (NYSE: CRBG) today reported financial results for the fourth quarter and full year ended December 31, 2023.

Kevin Hogan, President and Chief Executive Officer of Corebridge, said, "Corebridge reported full year adjusted after-tax operating income of $2.6 billion, a 12% increase, executing on our strategic and operational priorities while capitalizing on market opportunities. We increased annual sales across our diversified portfolio of spread- based products by 60% and total company premiums and deposits by 26% year over year. We also grew general account assets by 5% to $220 billion, and improved base spread income by 30% in 2023, contributing to healthy margins across our high-quality businesses.

"Corebridge maintains a robust financial position and continues to generate consistent cash flows, supporting a strong balance sheet and meaningful capital return. Over the last five years, our insurance companies have distributed over $2 billion per year while maintaining a Life Fleet RBC Ratio over 400%, demonstrating the resilience of our business franchise through market cycles. Additionally, we returned $2.2 billion of capital to shareholders in 2023 with $1.1 billion in the fourth quarter alone.

"Corebridge is positioned for continued success in 2024, supported by our diversified business model, broad distribution platform, disciplined risk management, strategic investment partnerships and financial flexibility. We

• This release refers to financial measures not calculated in accordance with generally accepted accounting principles (non- GAAP); definitions of non-GAAP measures and reconciliations to their most directly comparable GAAP measures can be found in "Non-GAAP Financial Measures" below
  2 This release refers to key operating metrics and key terms. Information about these metrics and terms can be found in "Key Operating Metrics and Key Terms" below

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remain focused on creating long-term value for shareholders, evidenced by the announced sales of our international operations, and are confident in our ability to deliver attractive levels of capital return. We will continue to look across our portfolio to allocate resources where the available risk-adjusted returns are highest and where customer needs are greatest."

Fourth Quarter

Net loss was $1.3 billion, compared to $207 million in the prior year quarter. The change largely was driven by realized losses recorded for the Fortitude Re funds withheld embedded derivative, partially offset by higher net investment income.

Adjusted pre-tax operating income ("APTOI") was $820 million, a 16% increase over the prior year quarter due to higher net investment income, partially offset by lower variable investment income. Excluding variable investment

• Includes consolidations and eliminations

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income, APTOI grew 20% over the same period, primarily the result of higher base spread income and expense efficiencies, partially offset by lower underwriting margin.

Premiums and deposits were $10.5 billion, a 20% increase over the prior year quarter. Excluding transactional activity (i.e., pension risk transfer, guaranteed investment contracts and Group Retirement plan acquisitions), premiums and deposits grew 21% over the same period. These results mainly reflect higher fixed annuity and fixed index annuity deposits, partially offset by lower variable annuity deposits in Individual Retirement and Group Retirement.

Net investment income was $3.0 billion, an 18% increase over the prior year quarter, and net investment income on an APTOI basis was $2.6 billion, an 11% increase over the same period. This improvement was due in large part to higher base portfolio income, which grew $364 million, or 17%, over the prior year quarter. This increase in net investment income was partially offset by variable investment income which declined $19 million, or 83%, over the same period.

Full Year

Net income was $1.1 billion, compared to $8.2 billion in the prior year. The change largely was driven by realized losses recorded for the Fortitude Re funds withheld embedded derivative, partially offset by higher net investment income and changes in the fair value of market risk benefits.

APTOI was $3.2 billion, a 12% increase over the prior year due to higher net investment income, partially offset by lower variable investment income. Excluding variable investment income, APTOI grew 26% over the same period, the result of higher base spread income and expense efficiencies, partially offset by lower fee income and higher interest expense on financial debt arising from the Company's new capital structure.

Premiums and deposits were $39.9 billion, a 26% increase over the prior year. Excluding transactional activity, premiums and deposits grew 14% over the same period. These results mainly reflect higher fixed annuity and fixed index annuity deposits, partially offset by lower variable annuity deposits in Individual Retirement and Group Retirement.

Net investment income was $11.1 billion, a 16% increase over the prior year, and net investment income on an APTOI basis was $9.8 billion, a 12% increase over the same period. This improvement was due in large part to higher base portfolio income, which grew $1.7 billion, or 22%, over the prior year. This increase in net investment income was partially offset by variable investment income which declined $277 million, or 63%, over the same period.

CAPITAL AND LIQUIDITY HIGHLIGHTS

• Holding company liquidity of $1.6 billion as of December 31, 2023, exceeding the next 12-month needs
• Financial leverage ratio of 28.3%
• Life Fleet RBC Ratio remains above 400%
• Returned $1.1 billion to shareholders in the fourth quarter comprised of $252 million of share repurchases, $145 million of dividends and a $731 million special dividend
• Returned $2.2 billion to shareholders in 2023 comprised of $498 million of share repurchases, $589 million of dividends and $1.1 billion in special dividends
• Declared quarterly dividend of $0.23 per share of common stock on February 14, 2024, payable on March 29, 2024, to shareholders of record at the close of business on March 15, 2024

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• Premiums and deposits increased $1.5 billion, or 38%, over the prior year quarter driven by growth of fixed annuity and fixed index annuity deposits, partially offset by lower variable annuity deposits. Net flows increased $562 million, or 268%, over the fourth quarter of 2022 primarily from strong fixed annuity flows
• Base net investment spread2 of 2.51% for the fourth quarter of 2023 expanded 37 basis points over the prior year quarter and 4 basis points over the sequential quarter
• APTOI increased $163 million, or 35%, over the prior year quarter primarily due to higher base spread income and reduced expenses

• Premiums and deposits decreased $160 million, or 7%, from the prior year quarter due to lower plan acquisitions and out-of-plan variable annuity deposits, partially offset by higher out-of-plan fixed annuity and fixed index annuity deposits
• Base net investment spread of 1.44% for the fourth quarter of 2023 compressed 15 basis points from the prior year quarter and 8 basis points from the sequential quarter
• APTOI increased $7 million, or 4%, over the prior year quarter primarily due to higher fee income and reduced expenses, partially offset by lower base spread income

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• APTOI decreased $63 million, or 44%, primarily due to unfavorable Universal Life mortality arising from a higher frequency of smaller claims as well as net non-recurring items which favorably impacted results in the prior year quarter
• Universal Life full year mortality experience was in line with expectations
• Sale of Laya Healthcare closed on October 31, 2023 for gross proceeds of $731 million

• Premiums and deposits increased $453 million, or 29%, over the prior year quarter driven by higher pension risk transfer transactions, which were $1.9 billion for the fourth quarter of 2023 compared to $1.3 billion for the fourth quarter of 2022
• APTOI increased $33 million, or 55%, over the prior year quarter primarily due to higher base spread income

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• APTOI decreased $24 million from the prior year quarter primarily due to non-recurring gains on the sale of legacy investments which favorably impacted results in 4Q22, partially offset by lower expenses in 4Q23

CONFERENCE CALL

Corebridge will host a conference call on Thursday, February 15, 2024, at 8:30 a.m. EST to review these results. The call is open to the public and can be accessed via a live listen-only webcast in the Investors section of corebridgefinancial.com. A replay will be available after the call at the same location.

Supplemental financial data and our investor presentation are available in the Investors section of corebridgefinancial.com.

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About Corebridge Financial

Corebridge Financial, Inc. makes it possible for more people to take action in their financial lives. With more than $380 billion in assets under management and administration as of December 31, 2023, Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the United States. We proudly partner with financial professionals and institutions to help individuals plan, save for and achieve secure financial futures. For more information, visit corebridgefinancial.comand follow us on LinkedInand YouTube. These references with additional information about Corebridge have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

Contacts

Işıl Müderrisoğlu (Investors): [email protected]

Matt Ward (Media): [email protected]

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In the discussion below, "we," "us" and "our" refer to Corebridge and its consolidated subsidiaries, unless the context refers solely to Corebridge as a corporate entity.

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Certain statements in this press release and other publicly available documents may include statements of historical or present fact, which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "expects," "believes," "anticipates," "intends," "seeks," "aims," "plans," "assumes," "estimates," "projects," "should," "would," "could," "may," "will," "shall" or variations of such words are generally part of forward-looking statements. Also, forward-looking statements include, without limitation, all matters that are not historical facts. Forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon Corebridge. There can be no assurance that future developments affecting Corebridge will be those anticipated by management.

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 actual results to differ, possibly materially, from expectations or estimates reflected or implied in such forward-looking statements, including, among others, risks related to:

• changes in interest rates and changes to credit spreads, the deterioration of economic conditions, an economic slowdown or recession, changes in market conditions, weakening in capital markets, volatility in equity markets, inflationary pressures, pressures on the real estate market, uncertainty regarding a potential U.S. federal government shutdown, and geopolitical tensions, including the ongoing armed conflicts between Ukraine and Russia and in the Middle East;
• unpredictability of the amount and timing of insurance liability claims;
• uncertainty and unpredictability related to our reinsurance agreements with Fortitude Reinsurance Company Ltd and its performance of its obligations under these agreements;
• our investment portfolio and concentration of investments, including risks related to realization of gross unrealized losses on fixed maturity securities and changes in investment valuations;
• liquidity, capital and credit, including risks related to our ability to access funds from our subsidiaries, our ability to obtain financing on favorable terms or at all, our ability to incur indebtedness, our potential inability to refinance all or a portion of our existing indebtedness, the illiquidity of some of our investments, a downgrade in the insurer financial strength ratings of our insurance company subsidiaries or our credit ratings, and non-performance by counterparties;
• the failure of third parties that we rely upon to provide and adequately perform certain business, operations, investment advisory, functional support and administrative services on our behalf, the availability of our critical technology systems, our risk management policies becoming ineffective, significant legal, governmental or regulatory proceedings, or our business strategy becoming ineffective;
• our ability to compete effectively in a heavily regulated industry, in light of new domestic or international laws and regulations or new interpretations of current laws and regulations;
• estimates and assumptions, including risks related to estimates or assumptions used in the preparation of our financial statements differing materially from actual experience, the effectiveness of our productivity improvement initiatives and impairments of goodwill;
• the intense competition we face in each of our business lines and the technological changes, including the use of artificial intelligence, that may present new and intensified challenges to our business;
• our inability to attract and retain key employees and highly skilled people needed to support our business;
• our arrangements with Blackstone ISG-1 Advisors L.L.C ("Blackstone IM"), BlackRock Financial Management, Inc. or any other asset manager we retain, including their historical performance not being indicative of the future results of our investment portfolio and the exclusivity of certain arrangements with Blackstone IM;

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• our separation from AIG, including risks related to the replacement or replication of functions and the loss of benefits from AIG's global contracts, our inability to file a single U.S. consolidated income federal income tax retufor a five-year period, challenges related to being a public company and limitations on our ability to use deferred tax assets to offset future taxable income; and
• other factors discussed in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2023 (which will be filed with the Securities and Exchange Commission ("SEC")) as well as our Quarterly Reports on Form 10-Q.

Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law. You are advised, however, to consult any further disclosures we make on related subjects in our filings with the SEC.

NON-GAAP FINANCIAL MEASURES

Throughout this release, 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 and regulations. We believe presentation of these non-GAAP financial measures allows for a deeper understanding of the profitability drivers of our business, results of operations, financial condition and liquidity. These measures should be considered supplementary to our results of operations and financial condition that are presented in accordance with GAAP and should not be viewed as a substitute for GAAP measures. The non-GAAP financial measures we present may not be comparable to similarly named measures reported by other companies.

Adjustedpre-taxoperating income ("APTOI") is derived by excluding the items set forth below from income from operations before income tax. These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and recording adjustments to APTOI that we believe to be common in our industry. We believe the adjustments to pre-tax income are useful for gaining an understanding of our overall results of operations.

APTOI excludes the impact of the following items:

FORTITUDE RE RELATED ADJUSTMENTS:

The modco reinsurance agreements with Fortitude Re transfer the economics of the invested assets supporting the reinsurance agreements to Fortitude Re. Accordingly, the net investment income on Fortitude Re funds withheld assets and the net realized gains (losses) on Fortitude Re funds withheld assets are excluded from APTOI. Similarly, changes in the Fortitude Re funds withheld embedded derivative are also excluded from

APTOI.

The ongoing results associated with the reinsurance agreement with Fortitude Re have been excluded from APTOI as these are not indicative of our ongoing business operations.

INVESTMENT RELATED ADJUSTMENTS:

APTOI excludes "Net realized gains (losses)", except for gains (losses) related to the disposition of real estate investments. Net realized gains (losses), except for gains (losses) related to the disposition of real estate

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investments, are excluded as the timing of sales on invested assets or changes in allowances depend largely on market credit cycles and can vary considerably across periods. In addition, changes in interest rates may create opportunistic scenarios to buy or sell invested assets. Our derivative results, including those used to economically hedge insurance liabilities or are recognized as embedded derivatives at fair value are also included in Net realized gains (losses) and are similarly excluded from APTOI except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedges or for asset replication. Earned income on such economic hedges is reclassified from Net realized gains and losses to specific APTOI line items based on the economic risk being hedged (e.g., Net investment income and Interest credited to policyholder account balances).

MARKET RISK BENEFIT ADJUSTMENTS ("MRBs"):

Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain guaranteed minimum withdrawal benefits ("GMWBs") and/or guaranteed minimum death benefits ("GMDBs") which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs, along with changes in the fair value of derivatives used to hedge MRBs are recorded through "Change in the fair value of MRBs, net" and are excluded from APTOI.

Changes in the fair value of securities used to economically hedge MRBs are excluded from APTOI.

OTHER ADJUSTMENTS:

Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income (losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable:

• restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization;
• non-recurringcosts associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles;
• separation costs;
• non-operatinglitigation reserves and settlements;
• loss (gain) on extinguishment of debt, if any;
• losses from the impairment of goodwill, if any; and
• income and loss from divested or run-off business, if any.

Adjusted after-tax operating income attributable to our common shareholders ("Adjusted After-tax Operating Income" or "AATOI") is derived by excluding the tax effected APTOI adjustments described above, as well as the following tax items from net income attributable to us:

• reclassifications of disproportionate tax effects from AOCI, changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance; and
• deferred income tax valuation allowance releases and charges.

Adjusted Book Value is derived by excluding AOCI, adjusted for the cumulative unrealized gains and losses related to Fortitude Re's funds withheld assets. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-

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performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re's funds withheld assets since these fair value movements are economically transferred to Fortitude Re.

Adjusted Book Value per Common Share is computed as adjusted book value divided by total common shares outstanding.

Adjusted Retuon Average Equity ("Adjusted ROAE") is derived by dividing AATOI by average Adjusted Book Value and is used by management to evaluate our recurring profitability and evaluate trends in our business. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re's funds withheld assets since these fair value movements are economically transferred to Fortitude Re.

Adjusted revenues exclude Net realized gains (losses) except for gains (losses) related to the disposition of real estate investments, income from non-operating litigation settlements (included in Other income for GAAP purposes) and changes in fair value of securities used to hedge guaranteed living benefits (included in Net investment income for GAAP purposes).

Net investment income (APTOI basis) is the sum of base portfolio income and variable investment income.

Normalized distributions are defined as dividends paid by the Life Fleet subsidiaries as well as the international insurance subsidiaries, less non-recurring dividends, plus dividend capacity that would have been available to Corebridge absent strategies that resulted in utilization of tax attributes. We believe that presenting normalized distributions is useful in understanding a significant component of our liquidity as a stand-alone company.

Operating Earnings per Common Share ("Operating EPS") is derived by dividing AATOI by weighted average diluted shares.

Premiums and deposits is a non-GAAP financial measure that includes direct and assumed premiums received and earned on traditional life insurance policies and life-contingent payout annuities, as well as deposits received on universal life insurance, investment-type annuity contracts and GICs. We believe the measure of premiums and deposits is useful in understanding customer demand for our products, evolving product trends and our sales performance period over period.

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 Administration ("AUA") include Group Retirement mutual fund assets and other third-party assets that we sell or administer and the notional value of Stable Value Wrap ("SVW") contracts.
• Assets Under Management and Administration ("AUMA")is the cumulative amount of AUM and AUA.

KEY OPERATING METRICS AND KEY TERMS

Base net investment spread means base yield less cost of funds, excluding the amortization of deferred sales inducement assets.

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