Fourth Quarter 2024 Earnings Release

FOR IMMEDIATE RELEASE

Corebridge Financial Announces Fourth Quarter and Full Year 2024 Results

Fourth quarter

• Net income of $2.2 billion, or $3.80 per share
• Adjusted after-tax operating income1 of $701 million and operating EPS1 of $1.23 per share
• Premiums and deposits1 of $9.9 billion
• Aggregate core sources of income2,3 increased 4% over the prior year quarter
• Holding company liquidity of $2.2 billion
• Returned $527 million to shareholders, including $398 million of share repurchases

Full year

• Net income of $2.2 billion, or $3.72 per share
• Adjusted after-tax operating income of $2.9 billion and operating EPS of $4.83 per share
• Premiums and deposits of $41.7 billion
• Aggregate core sources of income3 increased 4% over the prior year
• Returned $2.3 billion to shareholders, an 81% payout ratio, including $1.8 billion of share repurchases

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HOUSTON - February 12, 2025 - Corebridge Financial, Inc. ("Corebridge" or the "Company") (NYSE: CRBG) today reported financial results for the fourth quarter and full year ended December 31, 2024.

Kevin Hogan, President and Chief Executive Officer, said, "I am pleased to report strong performance for Corebridge, as we generated full year top-line and earnings growth with premiums and deposits of $41.7 billion and operating earnings per share of $4.83, an 18% increase year over year. Additionally, our U.S. insurance subsidiaries increased full year dividends by 10%, distributing $2.2 billion to the holding company. Organic growth, balance sheet optimization, expense efficiencies and active capital management were fundamental to this success, and we will continue to build on these strategic pillars to drive further growth and shareholder value.

"This week, the Board of Directors increased our existing share repurchase authorization by $2 billion and increased our quarterly dividend to $0.24 per share, reflecting their confidence in our value proposition and financial strength. Looking forward, we see ongoing opportunities to extend our positive momentum, powered by our strategic differentiators and supported by favorable market dynamics. Our diversified business model, strong balance sheet and disciplined execution will continue to be key drivers, and the fundamentals of Corebridge remain compelling."

• 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
  3 Excludes notable items and international life businesses

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Consolidated results

($ in millions, except per share data)

Fourth quarter

Net income was $2.2 billion compared to a loss of $1.3 billion in the prior year quarter. The variance largely was a result of favorable changes in net realized gains (losses), including the Fortitude Re funds

• Includes consolidations and eliminations

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withheld embedded derivative, and fair value of market risk benefits. Additionally, the Company recognized a gain on the sale of Laya Healthcare in the prior year.

Adjusted pre-tax operating income ("APTOI") was $878 million, a 7% increase over the prior year quarter. Excluding variable investment income ("VII"), notable items and the international businesses, APTOI increased 3% over the same period largely due to growth in aggregate core sources of income.

Aggregate core sources of income was $1.8 billion, a 2% decrease from the prior year quarter largely due to the sale of our international businesses and favorable notable items in 2023. Excluding notable items and the international businesses, core sources of income increased 4% over the same period as a result of higher fee income and underwriting margin.

Premiums and deposits were $9.9 billion, a 6% decrease from an exceptional prior year quarter. Excluding transactional activity (i.e., pension risk transfer, guaranteed investment contracts and Group Retirement plan acquisitions) and the sale of the international businesses, premiums and deposits decreased 8% from the same period primarily driven by lower fixed annuity deposits partially offset by higher fixed index annuity deposits in line with broader market trends.

Full year

Net income was $2.2 billion compared to $1.1 billion in the prior year. The variance largely was a result of favorable changes in net realized gains (losses) including the Fortitude Re funds withheld embedded derivative. The Company completed its annual actuarial assumption review during the third quarter which decreased pre-tax income by $79 million in the current year compared to a $22 million increase in the prior year.

APTOI was $3.6 billion, a 13% increase over the prior year. Excluding VII, notable items and the international businesses, APTOI increased 7% over the prior year largely due to growth in aggregate core sources of income coupled with lower expenses. The annual actuarial assumption review decreased APTOI by $3 million in the current year compared to a $22 million increase in the prior year.

Aggregate core sources of income was $7.3 billion, a 3% increase over the prior year. Excluding notable items and the international businesses, core sources of income increased 4% over the same period as a result of higher base spread income, fee income and underwriting margin.

Premiums and deposits were $41.7 billion, a 5% increase over the prior year. Excluding transactional activity (i.e., pension risk transfer, guaranteed investment contracts and Group Retirement plan acquisitions) and the sale of the international businesses, premiums and deposits increased 14% over the same period primarily driven by higher fixed annuity deposits.

Capital and liquidity highlights

• Life Fleet RBC ratio of 420-430%, remained above target
• Holding company liquidity of $2.2 billion as of December 31, 2024, reflecting proceeds from the September and November debt issuances to pre-fund upcoming maturities in 2025
• Financial leverage ratio2 of 31.1% reflects the impact of pre-funding debt maturing in 2025. Excluding this pre-funding, the financial leverage ratio was 28.7%

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• Returned $527 million to shareholders in the fourth quarter through $398 million of share repurchases and $129 million of dividends
• Returned $2.3 billion to shareholders in 2024 through $1.8 billion of share repurchases and $544 million of dividends
• Board of Directors increased the existing share repurchase authorization by $2 billion
• Increased quarterly dividend to $0.24 per share of common stock payable on March 31, 2025, to shareholders of record at the close of business on March 17, 2025

Business results ($ in millions)

Individual Retirement

Three Months Ended

December 31,

• Premiums and deposits decreased $282 million, or 5%, from the prior year quarter primarily driven by lower fixed annuity deposits, partially offset by higher fixed index annuity deposits
• Core sources of income decreased 1% from the prior year quarter largely due to significant notable items in the prior year period. Excluding notable items, core sources of income increased 2% over the prior year quarter largely as a result of favorable market performance driving higher account values
• APTOI decreased $50 million, or 8%, from the prior year quarter. Excluding VII and notable items, APTOI decreased 7% from the prior year quarter mainly due to the impact of changes in short-term interest rates and related hedging activity on floating rate asset exposure

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Group Retirement

Three Months Ended

December 31,

• Premiums and deposits decreased $467 million, or 22%, from the prior year quarter driven by lower out-of-plan annuity deposits, in line with broader market trends
• Core sources of income decreased 6% from the prior year quarter and, excluding notable items, it decreased 5% from the same period largely as a result of net outflows from older age cohorts, partially offset by higher account values and growing advisory and brokerage assets under administration
• APTOI decreased $18 million, or 10%, from the prior year quarter. Excluding VII and notable items, APTOI decreased 10% from the prior year quarter primarily due to lower base spread income partially offset by higher fee income

Life Insurance

Three Months Ended

December 31,

• Premiums and deposits decreased $224 million, or 20%, from the prior year quarter. Excluding the sale of the international life business, premiums and deposits increased 1% over the same period primarily driven by higher traditional life premiums
• Underwriting margin excluding VII increased 6% over the prior year quarter, and excluding notable items and the sale of the international businesses, it increased 25% over the same period

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largely driven by more favorable mortality experience

• APTOI increased $77 million, or 97%, over the prior year quarter. Excluding VII, notable items and the sale of the international businesses, APTOI increased 101% over the prior year quarter primarily as a result of higher underwriting margin

Institutional Markets

Three Months Ended

December 31,

• Premiums and deposits increased $361 million, or 18%, over the prior year quarter largely driven by higher deposits from guaranteed investment contracts, partially offset by lower premiums from pension risk transfer transactions
• Core sources of income decreased 9% from the prior year quarter and, excluding notable items, it decreased 6% from the same period largely as a result of slightly lower base spread income and underwriting margin
• APTOI increased $40 million, or 43%, over the prior year quarter primarily due to higher variable investment income. Excluding VII and notable items, APTOI decreased 5% from the prior year quarter primarily as a result of slightly lower base spread income and underwriting margin

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Corporate and Other

Three Months Ended

December 31,

• APTOI increased $9 million over the prior year quarter primarily due to lower corporate expenses. Results also include higher interest expense on financial debt due, in part, to the pre- funding of debt maturing in 2025

Conference call

Corebridge will host a conference call on Thursday, February 13, 2025, at 10:00 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 $400 billion in assets under management and administration as of December 31, 2024, 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 LinkedIn, YouTubeand Instagram. 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.

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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.

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," "is optimistic," "targets," "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 commercial real estate market, and geopolitical tensions, including the ongoing armed conflicts between Ukraine and Russia and in the Middle East;
• the unpredictability of the amount and timing of insurance liability claims;
• unavailable, uneconomical or inadequate reinsurance or recaptures of reinsured liabilities;
• uncertainty and unpredictability related to our reinsurance agreements with Fortitude Reinsurance Company Ltd. and its performance of its obligations under these agreements;
• our limited ability to access funds from our subsidiaries;
• our ability to incur indebtedness, our potential inability to refinance all or a portion of our indebtedness or our ability to obtain additional financing on favorable terms or at all;
• our ability to maintain sufficient eligible collateral to support business and funding strategies requiring collateralization;
• our inability to generate cash to meet our needs due to the illiquidity of some of our investments;
• the inaccuracy of the methodologies, estimations and assumptions underlying our valuation of investments and derivatives;
• a downgrade in our Insurer Financial Strength ratings or credit ratings;
• exposure to credit risk due to non-performance or defaults by our counterparties or our use of derivative instruments to hedge market risks associated with our liabilities;
• our ability to adequately assess risks and estimate losses related to the pricing of our products;
• 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 impact of risks associated with our arrangement with Blackstone ISG-I Advisors LLC ("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 inability to maintain the availability of critical technology systems and the confidentiality of our data, including challenges associated with a variety of privacy and information security laws;
• the ineffectiveness of our risk management policies and procedures;
• significant legal, governmental or regulatory proceedings;
• 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;
• catastrophes, including those associated with climate change and pandemics;
• business or asset acquisitions and dispositions that may expose us to certain risks;
• our ability to protect our intellectual property;
• our ability to operate efficiently and 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;
• impact on sales of our products and taxation of our operations due to changes in U.S. federal income or other tax laws or the interpretation of tax laws;
• the ineffectiveness of our productivity improvement initiatives in yielding our expected expense reductions and improvements in operational and organizational efficiency;
• differences between actual experience and the estimates used in the preparation of financial statements and modeled results used in various areas of our business;
• our inability to attract and retain key employees and highly skilled people needed to support our business;
• the significant influence that AIG and Nippon have over us and conflicts of interests arising due to such relationships;
• the indemnification obligations we have to AIG;
• potentially higher U.S. federal income taxes due to our inability to file a single U.S. consolidated federal income tax retufor five years following our initial public offering and our separation from AIG causing an "ownership change" for U.S. federal income tax purposes caused by our separation from AIG;
• risks associated with the Tax Matters Agreement with AIG and our potential liability for U.S. income taxes of the entire AIG Consolidated Tax Group for all taxable years or portions thereof in which we (or our subsidiaries) were members of such group;
• the risk that anti-takeover provisions could discourage, delay, or prevent our change in control, even if the change in control would be beneficial to our shareholders;
• challenges related to compliance with applicable laws incident to being a public company, which is expensive and time-consuming; 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, 2024, 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 Securities and Exchange Commission ("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,

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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 (loss) before income tax expense (benefit). 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 modified coinsurance ("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 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 those 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.

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