Corebridge Financial, Inc.
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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FY2025 · Filed Feb 11, 2026
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SCHEDULE II
Condensed Financial Information of Registrant
Balance Sheets - Parent Company Only
| Schedule II | ||
|---|---|---|
| December 31, | ||
| (in millions, except per common share data) | 2025 | 2024 |
| Assets: | ||
| Short-term investments | $2,333 | $2,224 |
| Other investments | 157 | 197 |
| Total investments | 2,490 | 2,421 |
| Cash | — | — |
| Due from affiliates* | 30 | 33 |
| Current tax receivable | 54 | 28 |
| Deferred income taxes | 236 | 140 |
| Investment in consolidated subsidiaries* | 19,723 | 19,373 |
| Other assets | 163 | 204 |
| Total assets | $22,696 | $22,199 |
| Liabilities: | ||
| Due to affiliate* | $279 | $503 |
| Current tax payable | — | 12 |
| Short-term and long-term debt | 9,033 | 10,027 |
| Other liabilities | 183 | 195 |
| Total liabilities | 9,495 | 10,737 |
| Corebridge Shareholders’ equity: | ||
| Preferred stock and additional paid-in capital | 493 | — |
| Common stock | 7 | 7 |
| Treasury stock | (4,382) | (2,282) |
| Additional paid-in capital | 8,162 | 8,161 |
| Retained earnings | 18,373 | 19,257 |
| Accumulated other comprehensive income | (9,452) | (13,681) |
| Total Corebridge Shareholders’ equity | 13,201 | 11,462 |
| Total liabilities and equity | $22,696 | $22,199 |
- Eliminated for the consolidated Corebridge financial statements.
Corebridge | 2025 Form 10-K 246
Condensed Financial Information of Registrant (Continued)
Statements of Income (Loss) and Comprehensive Income (Loss) - Parent Company Only
| Schedule II | |||
|---|---|---|---|
| Years Ended December 31, | |||
| (in millions) | 2025 | 2024 | 2023 |
| Revenues: | |||
| Equity in undistributed net income (loss) of consolidated subsidiaries* | $(3,724) | $530 | $(743) |
| Dividend income from consolidated subsidiaries* | 3,810 | 2,160 | 2,017 |
| Interest income | 64 | 76 | 67 |
| Net realized gains (losses) | (6) | 18 | (3) |
| Total revenues | 144 | 2,784 | 1,338 |
| Expenses: | |||
| Interest expense | 437 | 409 | 398 |
| Net (gain) loss on sale of divested businesses | — | (245) | (620) |
| Other expenses | 187 | 385 | 507 |
| Total expenses | 624 | 549 | 285 |
| Income from continuing operations before income tax expense (benefit) | (480) | 2,235 | 1,053 |
| Income tax expense (benefit) | (114) | 5 | (51) |
| Net income (loss) attributable to Corebridge Parent | (366) | 2,230 | 1,104 |
| Less: Preferred stock dividends | — | — | — |
| Net income (loss) available to Corebridge Parent Common Shareholders | (366) | 2,230 | 1,104 |
| Other comprehensive income (loss) | 4,229 | (185) | 3,405 |
| Total comprehensive income (loss) | $3,863 | $2,045 | $4,509 |
- Eliminated for the consolidated Corebridge financial statements.
Corebridge | 2025 Form 10-K 247
Condensed Financial Information of Registrant (Continued)
Statements of Cash Flows - Parent Company Only
| Schedule II | |||
|---|---|---|---|
| Years Ended December 31, | |||
| (in millions) | 2025 | 2024 | 2023 |
| Net cash provided by (used in) operating activities | $3,106 | $1,548 | $1,532 |
| Cash flows from investing activities: | |||
| Contributions to subsidiaries | — | (200) | — |
| Return of capital from subsidiaries | 175 | — | — |
| Sales of divested businesses | — | 577 | 752 |
| Net change in short-term investments | (109) | (630) | (95) |
| Net change in derivative assets and liabilities | — | — | (3) |
| Net cash provided by (used in) investing activities | 66 | (253) | 654 |
| Cash flows from financing activities: | |||
| Dividends paid on common stock | (511) | (544) | (1,722) |
| Issuance of long-term debt | — | 1,329 | 1,240 |
| Issuance of short-term debt | — | 30 | — |
| Repayments of short-term debt | (1,000) | (280) | (1,250) |
| Issuance of common stock | — | 1 | — |
| Repurchase of common stock | (2,118) | (1,792) | (498) |
| Issuance of preferred stock | 493 | — | — |
| Other financing | (36) | (39) | 35 |
| Net cash used in financing activities | (3,172) | (1,295) | (2,195) |
| Net increase (decrease) in cash and restricted cash | — | — | (9) |
| Cash and restricted cash at beginning of year | — | — | 9 |
| Cash and restricted cash at end of year | $— | $— | $— |
| Supplementary disclosure of cash flow information: | |||
| Years Ended December 31, | |||
| (in millions) | 2025 | 2024 | 2023 |
| Cash | $— | $— | $— |
| Total cash and restricted cash shown in Statements of Cash Flows – | |||
| Corebridge Parent Company Only | $— | $— | $— |
| Cash (paid) received during the period for: | |||
| Taxes: | |||
| Income tax | $8 | $(32) | $259 |
Corebridge | 2025 Form 10-K 248
NOTES TO CONDENSED FINANCIAL INFORMATION OF REGISTRANT
- Basis of Presentation
Corebridge’s investments in consolidated subsidiaries are stated at cost plus equity in undistributed income of consolidated subsidiaries. The condensed financial statements of Corebridge Parent (the “Registrant”) should be read in conjunction with the consolidated financial statements of Corebridge and the notes thereto (the “Consolidated Financial Statements”). The accounting policies of the Registrant are consistent with the accounting policies disclosed on the consolidated financial statements as applicable.
The Registrant includes in its Statement of Income dividends from its subsidiaries and equity in undistributed income (loss) of consolidated subsidiaries, which represents the net income (loss) of each of its wholly-owned subsidiaries.
- Debt
Short-term and long-term debt is carried at the principal amount borrowed, including unamortized discounts, and fair value adjustments, when applicable.
The following table lists our total debt outstanding at December 31, 2025 and December 31, 2024. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2025, including fixed and variable rates:
| (in millions) | Range ofInterest Rate(s) | MaturityDate(s) | December 31, 2025 | December 31, 2024 |
|---|---|---|---|---|
| Current portion of long-term debt: | ||||
| Senior unsecured notes | 3.50% | 2025 | $— | $1,000 |
| Total short-term debt | — | 1,000 | ||
| Long-term debt issued by Corebridge: | ||||
| Senior unsecured notes* | 3.65% - 6.05% | 2027 - 2052 | $6,750 | $6,750 |
| Hybrid junior subordinated notes | 6.375% - 6.875% | 2052 - 2064 | 2,350 | 2,350 |
| Total long-term debt | 9,100 | 9,100 | ||
| Debt issuance costs | (67) | (73) | ||
| Total short-term and long-term debt, net of debt issuance costs | $9,033 | $10,027 | ||
- Interest rates reflect contractual amounts and do not reflect the effective borrowing rate after giving effect to the cash flow hedges.
SENIOR UNSECURED NOTES AND DELAYED DRAW TERM LOAN
For further details regarding the Senior unsecured notes and Three-Year DDTL Facility, see Note 15 to the Consolidated Financial Statements.
HYBRID JUNIOR SUBORDINATED NOTES
For further details regarding the Hybrid junior subordinated notes, see Note 15 to the Consolidated Financial Statements.
INTERCOMPANY LENDING FACILITIES
Corebridge Parent hastwo revolving loan facilities where our participating subsidiaries can, on a several basis, borrow monies from Corebridge Parent subject to the terms and conditions stated therein. Principal amounts borrowed under each of these facilities could be repaid and re-borrowed, in whole or in part, from time to time, without penalty. As of December 31, 2025, there wereno amounts owed under these facilities.
On May 12, 2022, Corebridge Parent entered into the Revolving Credit Agreement (the“2022 Revolving Credit Agreement”). On March 26, 2025 the 2022 Revolving Credit Agreement was terminated without penalty.
On March 26, 2025, Corebridge Parent entered into the Revolving Credit Agreement (the “2025 Revolving Credit Agreement”). The 2025 Revolving Credit Agreement replaced the 2022 Revolving Credit Agreement. Loans under the 2025 Revolving Credit Agreement will mature on March 26, 2030.
For further details regarding the revolving credit agreements, see Note 15 to the Consolidated Financial Statements.
Corebridge | 2025 Form 10-K 249
LETTERS OF CREDIT
As of December 31, 2025, Corebridge Parent and certain of our subsidiaries were parties to several letter of credit agreements with various financial institutions which issue letters of credit from time to time in support of our subsidiaries (primarily, insurance companies) totaled $276 million.
For further details regarding the letters of credits, see Note 15 to the Consolidated Financial Statements.
- Guarantees
Corebridge Parent is the guarantor of a promissory note between AGL and SAFG Capital LLC to fund warehousing the origination of group real estate (“GRE”) transactions.
Corebridge Parent is the guarantor of promissory notes issued by CRBGLH to AGL.
Corebridge Parent entered into a general guarantee in favor of each holder of any monetary obligation or liability of Corebridge Markets, LLC, which transacts in various capital markets instruments.
Corebridge Parent entered into a Capital and Liquidity Support Agreement with VALIC Trust Company Inc. and CRBG Bermuda for regulatory reasons.
Corebridge Parent guarantees to reimburse banks for any drawdowns on letters of credit where it is the applicant and the beneficiary is one of its subsidiaries.
For further details regarding guarantees, see Note 16 to the Consolidated Financial Statements.
- Subsequent Event
On January 5, 2026, Corebridge Parent made a capital contribution of $75 million to CRBGLH.
Corebridge | 2025 Form 10-K 250
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