Corebridge Financial Announces Third Quarter 2026 Results

• Net income available to Corebridge common shareholders of $1.4 billion, or $3.22 per common share
• Adjusted after-tax operating income¹ available to Corebridge common shareholders of $545 million and operating earnings per common share of $1.22
• Premiums and deposits¹ of $8.8 billion
• Holding company liquidity of $2.2 billion
• Returned $295 million to shareholders, including $185 million of share repurchases

HOUSTON--(BUSINESS WIRE)--Corebridge Financial, Inc. ("Corebridge" or the "Company") (NYSE: CRBG) today reported financial results for the third quarter ended September 30, 2026.

“Our third quarter results highlight the strength of our diversified business model, resilient earnings profile and disciplined approach to capital allocation," said Marc Costantini, President and Chief Executive Officer. "We delivered the strongest annuity sales of the year, continued to build momentum in advisory and brokerage, and increased operating earnings per share by 27%. These results reflect growing demand for retirement solutions, supported by our disciplined approach to risk, pricing and capital management, as well as our ongoing commitment to putting customers at the center of everything we do.”

“We made significant progress toward completing the merger with Equitable, advancing the regulatory approval process, continuing Day 1 readiness efforts and selecting the members of our future Board. Combined with more than $100 million of expense synergies we have already identified, the transaction will create a company with greater scale, a lower unit cost structure, a formidable distribution network and one of the industry's broadest product portfolios. Together, these advantages will strengthen our ability to serve customers, accelerate growth and generate attractive long-term returns for shareholders.”

CONSOLIDATED RESULTS
($ in millions, except per share data)

Net income available to common shareholders was $1.4 billion, compared to $144 million in the prior year quarter. The variance largely was a result of favorable changes in net realized gains, including Fortitude Re funds withheld embedded derivatives and fair value market risk benefits. The company completed its annual actuarial assumption update during the quarter which increased pre-tax income by $2 million in the current year compared to a $167 million decrease in the prior year.

Adjusted pre-tax operating income ("APTOI") was $677 million, a 4% increase from the prior year quarter. Excluding variable investment income ("VII") and notable items, APTOI decreased 9% from the same period, driven by lower base spread income and higher expenses, partially offset by increased fee income. The annual actuarial assumption update decreased APTOI by $99 million in the current year quarter, primarily due to updated life assumptions, compared to a $98 million decrease in the prior year quarter.

Core sources of income was $1.5 billion, a 2% increase from the prior year quarter, largely due to higher fee income and underwriting margin, partially offset by lower base spread income.

Premiums and deposits were $8.8 billion, a 29% decrease from the prior year quarter. Excluding transactional activity (i.e., pension risk transfer, guaranteed investment contracts and Group Retirement plan acquisitions), premiums and deposits declined 19% from the same period, primarily driven by lower fixed index annuity sales, partially offset by higher RILA deposits and higher out-of-plan fixed annuity sales.

CAPITAL AND LIQUIDITY HIGHLIGHTS

• Life Fleet RBC ratio² remains above target
• Holding company liquidity of $2.2 billion as of September 30, 2026, which includes $750 million of pre-funded debt maturing in April 2027
• Financial leverage ratio² of 34.2%, which includes approximately 1.7% of pre-funded debt
• Returned $295 million to shareholders through $185 million of share repurchases and $110 million of dividends to common shareholders
• Declared dividend of $0.25 per share of common stock on November 2, 2026, payable on December 31, 2026, to shareholders of record at the close of business on December 17, 2026

BUSINESS RESULTS

• Premiums and deposits decreased $1.1 billion, or 19%, from the prior year quarter, primarily driven by lower fixed index annuity deposits, partially offset by higher RILA deposits
• Core sources of income increased 2% from the prior year quarter due to higher fee income
• APTOI increased $15 million, or 3%, over the prior year quarter. Excluding VII and the annual assumption update, APTOI fell 4% from the prior year quarter, driven by higher amortization of DAC and non-deferrable insurance commissions, partially offset by higher fee income

• Premiums and deposits increased $18 million, or 1%, over the prior year quarter, primarily driven by higher out-of-plan fixed annuity deposits, partially offset by lower in-plan annuity deposits
• Core sources of income decreased $8 million, or 2%, from the prior year quarter, primarily driven by lower base spread income and an $8 million one-time notable item, partially offset by higher fee income
• APTOI decreased $21 million, or 11%, from the prior year quarter. Excluding VII and notable item, APTOI decreased 12% from the prior year quarter, primarily driven by lower base spread income and higher expenses, partially offset by higher fee income

• Premiums and deposits were flat from the prior year quarter
• Underwriting margin excluding VII increased 1% over the prior year quarter, primarily driven by favorable mortality
• APTOI decreased $8 million, or 32%, from the prior year quarter. Excluding VII and the annual assumption update, APTOI was flat from prior year quarter driven by higher underwriting margin offset by higher general operating expenses

• Premiums and deposits decreased $2.5 billion, or 59%, from the prior year quarter, primarily driven by lower premiums on new PRT business and lower deposits in new GIC issuances
• Total sources of income increased 36% over the prior year quarter due to higher VII. Core sources of income increased 7% over the prior year quarter, primarily driven by higher base spread income and higher underwriting margin
• APTOI increased $64 million, or 48%, over the prior year quarter, primarily due to higher VII. Excluding VII and annual actuarial assumption updates, APTOI increased 5% over the prior year quarter, primarily due to higher base spread income, reflecting growth in the underlying business and higher underwriting margin

• APTOI loss increased $27 million from the prior year quarter, primarily due to higher other expenses from other sources of earnings and corporate expenses, partially offset by higher asset management income

CONFERENCE CALL

Corebridge will host a conference call on Tuesday, November 3, 2026, at 9:00 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.

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 September 30, 2026, 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.com and follow us on LinkedIn. 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.

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

This press release includes statements, 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, and any related oral statements, can be identified by the use of terms such as “believes,” “expects,” “may,” “will,” “shall,” “should,” “would,” “could,” “seeks,” “aims,” “projects,” “forecasts,” “intends,” “targets,” “plans,” “assumes,” “enable,” “estimates,” “anticipates,” “goals,” “guidance,” “formidable,” “preliminary,” “objective,” “continue,” “drive,” “improve,” “superior,” “robust,” “positioned,” “resilient,” “vision,” “potential,” “immediate,” “on track,” “progress”, “is optimistic,” and similar expressions or the negative of those expressions or verbs. We caution you that forward-looking statements are not guarantees of future performance or outcomes. Forward-looking statements are not historical facts but instead represent only our beliefs regarding future events, which may by their nature be inherently uncertain, and some of which may be outside our control. These statements include, but are not limited to, statements about the potential repurchases of shares of common stock, statements about the expected timing and completion of the proposed transaction between the Company and Equitable Holdings, Inc. (“Equitable”) (the “Proposed Transaction”), the anticipated benefits of the Proposed Transaction, including estimated synergies and projected cost savings, and plans and expectations for the Company, Equitable or their new parent company after completion of the Proposed Transaction.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Key factors include, among others, the ability to repurchase shares (if the Company decides to do so) within the expected timing or at all; the ability to complete the Proposed Transaction on the timeframe or on the terms currently anticipated or at all, including due to a failure to obtain requisite stock exchange, regulatory, governmental or other approvals; risks related to difficulties, inabilities or delays in integrating the parties’ businesses; the ability to realize the anticipated benefits of the Proposed Transaction, including estimated run-rate expense synergies and projected cost savings at the times, and to the extent, anticipated, as well as expected operating earnings and cashflow generation; the occurrence of any event, change or other circumstance that could give rise to the right of either or both parties to terminate the merger agreement; the potential impact of the announcement or consummation of the Proposed Transaction on the Company or Equitable's stock price and on their respective business, contractual and operational relationships (including with regulatory bodies, employees, suppliers, clients and competitors); risks related to business disruptions from the Proposed Transaction that may harm the business or current plans and operations of either or both parties, including diversion of management time from ongoing business operations; the risk that the Proposed Transaction and its announcement could have an adverse effect on the ability of either or both parties to hire and retain key personnel; the parties’ ability to raise debt on favorable terms or at all; the outcome of any legal proceedings that may be instituted against the Company, Equitable, their new parent company or their respective directors; restrictions on the conduct of the Company and Equitable's respective businesses prior to the closing of the Proposed Transaction and on each of their ability to pursue alternatives to the Proposed Transaction; the possibility that the Proposed Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, or unforeseen or unknown liabilities; the deterioration of economic conditions; geopolitical tensions; the potential impact of a downgrade in the Company or Equitable's Insurer Financial Strength ratings or credit ratings or of the new parent company of the Company and Equitable following completion of the Proposed Transaction; other factors that may affect future results of the Company and Equitable; and management’s response to any of the aforementioned factors.

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, the rise of pressures on the commercial real estate market, and geopolitical tensions;
• 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 and the reinsurers' performance of their 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 (“IFS”) 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 or any affiliates thereof (“Blackstone”), BlackRock Financial Management, Inc. (“BlackRock”) 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;
• our inability to maintain the availability of critical technology systems and the confidentiality, integrity and availability of our data, including challenges associated with a variety of privacy and information security laws;
• scrutiny and evolving expectations from investors, regulators, customers and other stakeholders regarding environmental, social and governance matters;
• the ineffectiveness of our risk management policies and procedures;
• significant legal, governmental or regulatory proceedings;
• 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;
• 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;
• our relationships with Nippon Life Insurance Company, a mutual company organized under the laws of Japan (“Nippon”) and Blackstone and conflicts of interests arising due to such relationships;
• the indemnification obligations we have to American International Group, Inc. ("AIG");
• potentially higher U.S. federal income taxes due to our inability to file a single U.S. consolidated federal income tax return for five years following our initial public offering (“IPO”) 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; 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, 2025, as well as our Quarterly Reports on Form 10-Q.

The foregoing list of factors is not exhaustive. You should carefully consider these factors and the other risks and uncertainties described in the “Risk Factors” section of the new parent company’s Registration Statement on Form S-4 and other documents filed or furnished by the Company and Equitable from time to time with the Securities and Exchange Commission (the “SEC”), including their Annual Reports on Form 10-K for the year ended December 31, 2025 and Quarterly Reports on Form 10-Q. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. If any of these risks materialize or our assumptions prove incorrect, actual events and results could differ materially from those contained in the forward-looking statements. There may be additional risks that neither the Company nor Equitable presently know or that the Company and Equitable currently believe are immaterial that could also cause actual events and results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company and Equitable’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company and Equitable anticipate that subsequent events and developments will cause the Company and Equitable's assessments to change. While the Company and Equitable may elect to update these forward-looking statements at some point in the future, the Company and Equitable specifically disclaim any obligation to do so, unless required by applicable law. Neither the Company nor Equitable gives any assurance that the Company, Equitable or their new parent company will achieve the results or other matters set forth in the forward-looking statements.

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.

Investor Relations
Işıl Müderrisoğlu
investorrelations@corebridgefinancial.com

Media Relations
Paul Miles
media.contact@corebridgefinancial.com