Corebridge Financial, Inc.
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 2. |Management’s Discussion and Analysis of Financial
Condition and Results of Operations
Glossary and Acronyms of Selected Insurance Terms and References
Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), we use certain
terms and abbreviations, which are summarized in the Glossary and Acronyms in the 2025 Form 10-K.
Corebridge has incorporated into this discussion a number of cross-references to additional information included throughout this
Quarterly Report to assist readers seeking additional information related to a particular subject.
In this Quarterly Report, unless otherwise mentioned or unless the context indicates otherwise, we use the terms “Corebridge,” “we,”
“us” and “our” to refer to Corebridge Financial, Inc., a Delaware corporation, and its consolidated subsidiaries. We use the term
“Corebridge Parent” to refer solely to Corebridge Financial, Inc., and not to any of its consolidated subsidiaries.
This MD&A addresses the consolidated financial condition of Corebridge as of June 30, 2026, compared with December 31, 2025,
and its consolidated results of operations for thethree and six months ended June 30, 2026 and 2025. In addition to historical data,
this discussion contains forward-looking statements about our business operations and financial performance based on current
expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the
forward-looking statements as a result of various factors. You should read the following analysis of our consolidated financial condition
and results of operations in conjunction with the (unaudited)Condensed Consolidated Financial Statements and the statements under
“Cautionary Statements Regarding Forward-Looking Information,” included elsewhere in this Quarterly Report and the“Management’s
Discussion and Analysis of Results of Operations and Financial Condition,” andthe“Risk Factors” section in the 2025 Form 10-K.
Corebridge |Second Quarter 2026 Form 10-Q 78
Index to Item 2
| Page | |
|---|---|
| Executive Summary | 79 |
| Overview | 79 |
| Revenues | 79 |
| Benefits and Expenses | 79 |
| Significant Factors Impacting our Results | 80 |
| Corebridge’s Outlook - Macroeconomic, Industry and Regulatory Trends | 82 |
| Use of Non-GAAP Measures | 85 |
| Key Operating Metrics | 91 |
| Consolidated Results of Operations | 94 |
| Business Segment Operations | 97 |
| Individual Retirement | 98 |
| Group Retirement | 101 |
| Life Insurance | 105 |
| Institutional Markets | 107 |
| Corporate and Other | 109 |
| Investments | 111 |
| Overview | 111 |
| Key Investment Strategies | 111 |
| Credit Ratings | 115 |
| Liquidity and Capital Resources | 130 |
| Overview | 130 |
| Liquidity and Capital Resources of Corebridge Parent and Intermediate Holding Companies | 130 |
| Liquidity and Capital Resources of Corebridge Insurance Subsidiaries | 131 |
| Short-Term and Long-Term Debt | 133 |
| Credit Ratings | 134 |
| Off-Balance Sheet Arrangements and Commercial Commitments | 134 |
| Accounting Policies and Pronouncements | 135 |
| Critical Accounting Estimates | 135 |
| Adoption of Accounting Pronouncements | 135 |
| Glossary | 135 |
| Certain Important Terms | 135 |
| Acronyms | 135 |
Corebridge |Second Quarter 2026 Form 10-Q 79
Executive Summary
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.