FOR IMMEDIATE RELEASE

•

Premiums and deposits1 grew 45% compared to the prior year quarter

•

Base portfolio income2 for our insurance operating businesses grew 23% while base yield2 expanded 60 basis points compared to the prior year quarter

•

Net loss of $459 million, or $0.70 per share, largely the result of realized losses recorded for the Fortitude Re funds withheld embedded derivative

•

Adjusted after-tax operating income1 of $632 million and operating EPS1 of $0.97 per share reflect strong base spread income2

•

Holding company liquidity of $1.8 billion as of March 31, 2023

•

Continue to maintain Life Fleet RBC Ratio2 in excess of 400% target

•

Declared quarterly cash dividend $0.23 per share of common stock on May 8, 2023

•

Adopted long-duration targeted improvements, retroactive to January 1, 2021

•

Board of Directors authorized $1 billion share repurchase program

		Three Months Ended March 31,
($ in millions, except per share data)		2023				2022
Net income (loss) attributable to common shareholders		$	(459	)		$	3,366
Income (loss) per common share attributable to common shareholders		$	(0.70	)		$	5.22
Adjusted after-tax operating income		$	632			$	743
Operating EPS		$	0.97			$	1.15
Book value per common share		$	17.83			$	31.05
Adjusted book value per common share1		$	35.88			$	34.59
Pre-tax income (loss)		$	(669	)		$	4,300
Adjusted pre-tax operating income1		$	724			$	909
Premiums and deposits		$	10,341			$	7,153
Net investment income		$	2,695			$	2,581
Net investment income (APTOI basis)1		$	2,335			$	2,311
Base portfolio income - insurance operating businesses		$	2,249			$	1,830
Variable investment income2 - insurance operating businesses		$	28			$	300
Corporate and other3		$	58			$	181
Return on average equity			(17.5	%)			57.0	%
Adjusted return on average equity1			10.8	%			13.5	%

Individual Retirement		Three Months Ended March 31,
($ in millions)		2023				2022
Premiums and deposits		$	4,883			$	3,881
Spread income		$	623			$	542
Base spread income		$	618			$	416
Variable investment income		$	5			$	126
Fee income		$	277			$	308
Adjusted pre-tax operating income		$	534			$	468

•

Premiums and deposits increased $1.0 billion, or 26%, as compared to the prior year quarter largely driven by growth of fixed and fixed index annuity deposits, partially offset by lower variable annuity deposits.  General account net flows decreased 2% compared to the first quarter of 2022 but increased 71% on a sequential quarter basis due to higher premiums and deposits, partially offset by elevated surrenders

•

Base net investment spread1 of 2.31% for the quarter expanded 71 basis points and 17 basis points on a prior year and sequential quarter basis, respectively

•

APTOI increased $66 million, or 14%, year-over-year primarily due to higher base spread income and lower expenses, partially offset by lower variable investment income and lower fee income

Group Retirement		Three Months Ended March 31,
($ in millions)		2023				2022
Premiums and deposits		$	2,246			$	1,888
Spread income		$	213			$	247
Base spread income		$	204			$	170
Variable investment income		$	9			$	77
Fee income		$	176			$	199
Adjusted pre-tax operating income		$	186			$	242

•

Premiums and deposits increased $358 million, or 19%, as compared to the prior year quarter due to higher plan acquisitions and out-of-plan fixed annuity deposits, partially offset by lower out-of-plan variable annuity deposits.  Net flows were flat compared to the first quarter of 2022 but increased 14% on a sequential quarter basis due to lower surrenders and withdrawals

•

Base net investment spread of 1.52% for the quarter expanded 24 basis points on a prior year quarter basis but declined 7 basis points on a sequential quarter basis

•

APTOI decreased $56 million, or 23%, year-over-year primarily due to lower variable investment income and lower fee income, partially offset by higher base spread income

Life Insurance		Three Months Ended March 31,
($ in millions)		2023				2022
Premiums and deposits		$	1,049			$	1,057
Underwriting margin2		$	356			$	372
Underwriting margin excluding variable investment income		$	356			$	321
Variable investment income		$	—			$	51
Adjusted pre-tax operating income		$	82			$	84

•

APTOI was relatively unchanged due to improved mortality experience and higher base portfolio income partially offset by lower variable investment income

Institutional Markets		Three Months Ended March 31,
($ in millions)		2023				2022
Premiums and deposits		$	2,163			$	327
Spread income		$	82			$	101
Base spread income		$	68			$	61
Variable investment income		$	14			$	40
Fee income		$	16			$	15
Underwriting margin		$	17			$	22
Underwriting margin excluding variable investment income		$	17			$	18
Variable investment income		$	—			$	4
Adjusted pre-tax operating income		$	85			$	115

•

Premiums and deposits increased $1.8 billion, or 561%, as compared to the prior year quarter driven by higher volume of pension risk transfer, guaranteed investment contracts and structured settlement annuities.  Pension risk transfer sales were $1.5 billion for the first quarter of 2023 compared to $215 million for the first quarter of 2022

•

APTOI decreased $30 million, or 26%, year-over-year primarily due to lower variable investment income

Corporate and Other3		Three Months Ended March 31,
($ in millions)		2023				2022
Corporate expenses		$	(48	)		$	(32	)
Interest on financial debt		$	(108	)		$	(38	)
Asset management		$	—			$	3
Consolidated investment entities		$	—			$	21
Other		$	(7	)		$	46
Adjusted pre-tax operating income (loss)		$	(163	)		$	—

•

APTOI decreased $163 million year-over-year primarily due to higher interest expense on financial debt driven by the Company’s recapitalization in connection with the IPO, as well as a non-recurring item included in “Other” which favorably impacted results in the prior year quarter

•

Holding company liquidity of $1.8 billion as of March 31, 2023

•

Financial leverage ratio of 27.9%

•

Life Fleet RBC Ratio estimated to remain above our 400% target, and exceed our reported year-end RBC ratio

•

Adjusted book value1 declined $180 million, or 1%, sequentially reflective of strong earnings while also paying $149 million in dividends ($445 million since the IPO)

•

Declared quarterly dividend of $0.23 per share of common stock on May 8, 2023, payable on June 30, 2023, to shareholders of record at the close of business on June 16, 2023

•

Board of Directors authorized share repurchase program of up to $1 billion on May 4, 2023

•

market conditions, including risks related to rapidly increasing interest rates, declining or negative interest rates, deterioration of market conditions, geopolitical tensions, equity market declines or volatility and the COVID-19 pandemic;

•

insurance risk and related exposures, including risks related to insurance liability claims exceeding reserves and reinsurance becoming unavailable;

•

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 access to funds from our subsidiaries being restricted, the possible incurrence of additional debt, the ability to refinance existing debt, the illiquidity of some of our investments, a downgrade in our insurer financial strength ratings and non-performance by counterparties;

•

our business and operations, including risks related to pricing for our products, guarantees within certain of our products, our use of derivatives instruments, marketing and distribution of our products through third parties, our reliance on third parties to provide business and administrative services, maintaining the availability of our critical technology systems, our risk management policies becoming ineffective, significant legal or regulatory proceedings, our business strategy becoming ineffective, intense competition, catastrophes, changes in our accounting principles and financial reporting requirements, our foreign operations, business or asset acquisitions and dispositions and our ability to protect our intellectual property;

•

the intense regulation of our business;

•

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;

•

competition and employees, including risks related to our ability to attract and retain key employees and employee error and misconduct;

•

our investment managers, including our reliance on agreements with Blackstone ISG-1 Advisors L.L.C. which we have a limited ability to terminate or amend and increased regulation or scrutiny of investment advisers and investment activities;

•

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 US consolidated income federal income tax return for a five-year period, and limitations on our ability to use deferred tax assets to offset future taxable income;

•

our agreements with Fortitude Reinsurance Company Ltd.; and

•

other factors discussed in “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended.

•

restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization;

•

non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles;

•

separation costs;

•

non-operating litigation 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.

•

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.

•

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 SVW contracts.

•

Assets Under Management and Administration (“AUMA”) is the cumulative amount of AUM and AUA.

•

Base portfolio income includes interest, dividends and foreclosed real estate income, net of investment expenses and non-qualifying (economic) hedges.

•

Variable investment income includes call and tender income, commercial mortgage loan prepayments, changes in market value of investments accounted for under the fair value option, interest received on defaulted investments (other than foreclosed real estate), income from alternative investments, affordable housing investments and other miscellaneous investment income, including income of certain partnership entities that are required to be consolidated. Alternative investments include private equity funds which are generally reported on a one-quarter lag.

•

Fee income is defined as policy fees plus advisory fees plus other fee income. For our Institutional Markets segment, its SVW products utilize fee income.

•

Spread income is defined as net investment income less interest credited to policyholder account balances, exclusive of amortization of deferred sales inducement assets. Spread income is comprised of both base spread income and variable investment income. For our Institutional Markets segment, its structured settlements, PRT and GIC products utilize spread income, which includes premiums, net investment income, less interest credited and policyholder benefits and excludes the annual assumption update.

•

Underwriting margin for our Life Insurance segment includes premiums, policy fees, other income, net investment income, less interest credited to policyholder account balances and policyholder benefits and excludes the annual assumption update. For our Institutional Markets segment, its Corporate Markets products utilize underwriting margin, which includes premiums, net investment income, policy and advisory fee income, less interest credited and policyholder benefits and excludes the annual assumption update.

•

Life Fleet includes our three primary risk-bearing entities, American General Life Insurance Company (“AGL”), The United States Life Insurance Company in the City of New York (“USL”) and The Variable Annuity Life Insurance Company (“VALIC”).  AGL, USL and VALIC are domestic insurance entities with a statutory surplus greater than $500 million on an individual basis.  The Life Fleet does not include AGC Life Insurance Company, as it has no operations outside of internal reinsurance.

•

Life Fleet RBC Ratio is the risk-based capital (“RBC”) ratio for the Life Fleet. RBC ratios are quoted using the Company Action Level.

Three Months Ended March 31,		2023																2022
(in millions)		Pre-tax				Total Tax (Benefit) Charge				Non- controlling Interests				After Tax				Pre-tax				Total Tax (Benefit) Charge				Non- controlling Interests				After Tax
Pre-tax income/net income, including noncontrolling interests		$	(669	)		$	(216	)		$	—			$	(453	)		$	4,300			$	859			$	—			$	3,441
Noncontrolling interests			—				—				(6	)			(6	)			—				—				(75	)			(75	)
Pre-tax income/net income attributable to Corebridge			(669	)			(216	)			(6	)			(459	)			4,300				859				(75	)			3,366
Fortitude Re related items
Net investment income on Fortitude Re funds withheld assets			(394	)			(87	)			—				(307	)			(278	)			(58	)			—				(220	)
Net realized (gains) losses on Fortitude Re funds withheld assets			(20	)			(4	)			—				(16	)			123				26				—				97
Net realized losses on Fortitude Re funds withheld embedded derivative			1,025				227				—				798				(2,837	)			(610	)			—				(2,227	)
Subtotal Fortitude Re related items			611				136				—				475				(2,992	)			(642	)			—				(2,350	)
Other reconciling Items:
Changes in uncertain tax positions and other tax adjustments			—				21				—				(21	)			—				42				—				(42	)
Deferred income tax valuation allowance (releases) charges			—				(16	)			—				16				—				(24	)			—				24
Change in fair value of market risk benefits, net			196				41				—				155				(233	)			(50	)			—				(183	)
Changes in fair value of securities used to hedge guaranteed living benefits			3				1				—				2				(13	)			(3	)			—				(10	)
Changes in benefit reserves related to net realized (gains) losses			(5	)			(1	)			—				(4	)			(2	)			—				—				(2	)
Net realized (gains) losses(a)			508				107				—				401				(120	)			(25	)			—				(95	)
Non-operating litigation reserves and settlements			—				—				—				—				(20	)			(4	)			—				(16	)
Separation costs			52				11				—				41				44				9				—				35
Restructuring and other costs			27				6				—				21				14				3				—				11
Non-recurring costs related to regulatory or accounting changes			4				1				—				3				3				1				—				2
Net (gain) loss on divestiture			3				1				—				2				2				—				—				2
Pension expense - non operating			—				—				—				—				1				—				—				1
Noncontrolling interests			(6	)			—				6				—				(75	)			—				75				—
Subtotal: Non-Fortitude Re reconciling items			782				172				6				616				(399	)			(51	)			75				(273	)
Total adjustments			1,393				308				6				1,091				(3,391	)			(693	)			75				(2,623	)
Adjusted pre-tax operating income(loss)/Adjusted after-tax operating income (loss) attributable to Corebridge common shareholders		$	724			$	92			$	—			$	632			$	909			$	166			$	—			$	743

(in millions)		Individual Retirement				Group Retirement				Life Insurance				Institutional Markets				Corporate & Other				Eliminations				Total Corebridge
Three Months Ended March 31, 2023
Premiums		$	78			$	6			$	425			$	1,575			$	20			$	—			$	2,104
Policy fees			174				100				375				49				—				—				698
Net investment income			1,128				500				317				332				68				(10	)			2,335
Net realized gains (losses)(a)			—				—				—				—				4				—				4
Advisory fee and other income			103				76				29				—				14				—				222
Total adjusted revenues			1,483				682				1,146				1,956				106				(10	)			5,363
Policyholder benefits			65				9				708				1,718				—				—				2,500
Interest credited to policyholder account balance			519				291				82				123				—				—				1,015
Amortization of deferred policy acquisition costs			137				21				96				2				—				—				256
Non-deferrable insurance commissions			86				28				17				5				—				—				136
Advisory fee expenses			34				29				2				—				—				—				65
General operating expenses			108				118				159				23				91				—				499
Interest expense			—				—				—				—				172				(10	)			162
Total benefits and expenses			949				496				1,064				1,871				263				(10	)			4,633
Noncontrolling interest			—				—				—				—				(6	)			—				(6	)
Adjusted pre-tax operating income		$	534			$	186			$	82			$	85			$	(163	)		$	—			$	724

(in millions)		Individual Retirement				Group Retirement				Life Insurance				Institutional Markets				Corporate & Other				Eliminations				Total Corebridge
Three Months Ended March 31, 2022
Premiums		$	56			$	8			$	425			$	238			$	21			$	—			$	748
Policy fees			185				114				384				47				—				—				730
Net investment income			983				527				356				264				186				(5	)			2,311
Net realized gains (losses)(a)			—				—				—				—				11				—				11
Advisory fee and other income			123				85				36				1				38				5				288
Total adjusted revenues			1,347				734				1,201				550				256				—				4,088
Policyholder benefits			66				10				744				350				—				—				1,170
Interest credited to policyholder account balance			454				284				85				59				—				—				882
Amortization of deferred policy acquisition costs			119				19				104				1				—				—				243
Non-deferrable insurance commissions			92				28				18				6				—				—				144
Advisory fee expenses			37				34				—				—				—				—				71
General operating expenses			111				117				166				19				104				7				524
Interest expense			—				—				—				—				77				(7	)			70
Total benefits and expenses			879				492				1,117				435				181				—				3,104
Noncontrolling interest			—				—				—				—				(75	)			—				(75	)
Adjusted pre-tax operating income		$	468			$	242			$	84			$	115			$	—			$	—			$	909

		Three Months Ended March 31,
(in millions)		2023				2022
Individual Retirement
Spread income		$	623			$	542
Fee income			277				308
Total Individual Retirement			900				850
Group Retirement
Spread income			213				247
Fee income			176				199
Total Group Retirement			389				446
Life Insurance
Underwriting margin			356				372
Total Life Insurance			356				372
Institutional Markets
Spread income			82				101
Fee income			16				15
Underwriting margin			17				22
Total Institutional Markets			115				138
Total
Spread income			918				890
Fee income			469				522
Underwriting margin			373				394
Total		$	1,760			$	1,806

		Three Months Ended March 31,
(in millions)		2023				2022
Premiums		$	425			$	425
Policy fees			375				384
Net investment income			317				356
Other income			29				36
Policyholder benefits			(708	)			(744	)
Interest credited to policyholder account balances			(82	)			(85	)
Underwriting margin		$	356			$	372

		Three Months Ended March 31,
(in millions)		2023				2022
Premiums		$	1,583			$	247
Net investment income			298				224
Policyholder benefits			(1,702	)			(337	)
Interest credited to policyholder account balances			(97	)			(33	)
Spread income(a)		$	82			$	101
SVW fees			16				15
Fee income		$	16			$	15
Premiums			(8	)			(9	)
Policy fees (excluding SVW)			33				32
Net investment income			34				37
Other income			—				1
Policyholder benefits			(16	)			(13	)
Interest credited to policyholder account balances			(26	)			(26	)
Underwriting margin(b)		$	17			$	22

		Three Months Ended March 31,
(in millions, except per common share data)		2023				2022
GAAP Basis
Numerator for EPS
Net income (loss)		$	(453	)		$	3,441
Less: Net income (loss) attributable to noncontrolling interests			6				75
Net income (loss) attributable to Corebridge common shareholders		$	(459	)		$	3,366
Denominator for EPS (a)
Weighted average common shares outstanding - basic			650.8			$	645.0
Dilutive common shares(b)			—				—
Weighted average common shares outstanding - diluted			650.8			$	645.0
Income per common share attributable to Corebridge common shareholders(a)
Common stock - basic		$	(0.70	)		$	5.22
Common stock - diluted		$	(0.70	)		$	5.22
Operating Basis(a)
Adjusted after-tax operating income attributable to Corebridge shareholders		$	632			$	743
Weighted average common shares outstanding - diluted			652.8				645.0
Operating earnings per common share		$	0.97			$	1.15

		Three Months Ended March 31,
(in millions)		2023				2022
Subsidiary dividends paid		$	500			$	700
Less: Non-recurring dividends			—				—
Tax sharing payments related to utilization of tax attributes			—				147
Normalized distributions		$	500			$	847

At Period End		March 31, 2023				December 31, 2022				March 31, 2022
(in millions, except per share data)
Total Corebridge shareholders’ equity (a)		$	11,555			$	9,380			$	20,028
Less: Accumulated other comprehensive income (AOCI)			(14,067	)			(16,863	)			(2,026	)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets			(2,365	)			(2,806	)			255
Total adjusted book value (b)			23,257				23,437				22,309
Total common shares outstanding (c)			648.1				645.0				645.0
Book value per common share (a/c)		$	17.83			$	14.54			$	31.05
Adjusted book value per common share (b/c)		$	35.88			$	36.34			$	34.59

		Three Months Ended March 31,
(in millions, unless otherwise noted)		2023				2022
Actual or annualized net income (loss) attributable to Corebridge shareholders (a)		$	(1,836	)		$	13,464
Actual or annualized adjusted after-tax operating income attributable to Corebridge shareholders (b)			2,528				2,972
Average Corebridge shareholders’ equity (c)			10,468				23,629
Less: Average AOCI			(15,465	)			3,104
Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets			(2,586	)			1,442
Average Adjusted Book Value (d)		$	23,347			$	21,967
Return on Average Equity (a/c)			(17.5)	%			57.0	%
Adjusted ROAE (b/d)			10.8	%			13.5	%

		Three Months Ended March 31,
(in millions)		2023				2022
Net investment income (net income basis)		$	2,695			$	2,581
Net investment (income) on Fortitude Re funds withheld assets			(394	)			(278	)
Change in fair value of securities used to hedge guaranteed living benefits			(13	)			(14	)
Other adjustments			(10	)			(12	)
Derivative income recorded in net realized investment gains (losses)			57				34
Total adjustments			(360	)			(270	)
Net investment income (APTOI basis)(a)		$	2,335			$	2,311

		Three Months Ended March 31,
(in millions)		2023				2022
Individual Retirement
Premiums		$	78			$	56
Deposits			4,807				3,830
Other(a)			(2	)			(5	)
Premiums and deposits			4,883				3,881
Group Retirement
Premiums			6				8
Deposits			2,240				1,880
Premiums and deposits(b)(c)			2,246				1,888
Life Insurance
Premiums			425				425
Deposits			398				397
Other(a)			226				235
Premiums and deposits			1,049				1,057
Institutional Markets
Premiums			1,575				238
Deposits			581				82
Other(a)			7				7
Premiums and deposits			2,163				327
Total
Premiums			2,084				727
Deposits			8,026				6,189
Other(a)			231				237
Premiums and deposits		$	10,341			$	7,153