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EX-99.1 2 brhc20052441_ex99-1.htm EXHIBIT 99.1 Corebridge Financial, Inc - Recast Historical Results, Quarterly Financial Supplement (furnished and not filed)
Exhibit 99.1

 Recast Historical Results  Quarterly Financial Supplement  All financial information in this document is unaudited. This financial supplement has been recast to reflect Corebridge’s adoption, as of January 1, 2023, of Targeted Improvements to the Accounting for Long Duration Contracts (ASU 2018-12), which retroactively recast all prior periods presented. This supplement should be read in conjunction with Corebridge’s Annual Report on Form 10-K for the year ended December 31, 2022, which has been filed with the Securities and Exchange Commission. 
 
 Table of Contents  Page(s)  1  2-3  4  5  6  7-10  11-12  13  14-15  16  17  18  Consolidated Results  Overview of Recast Historical Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Consolidated Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Consolidated Statement of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Consolidated Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Assets Under Management and Administration Rollforward . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Operating Results by Segment  Individual Retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Group Retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Variable Annuity Account Value by Benefit Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Life Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Institutional Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Annual Actuarial Assumption Updates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Corporate and Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Investments  Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19  Invested Assets Summary, at Carrying Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20  Investments - Commercial Mortgage Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21-22  Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23  Realized Investment Gains (Losses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24  Supplemental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25-42  Corebridge Financial, Inc.  Contact: Investors  Josh Smith: joshua.smith1@corebridgefinancial.com  Investor Relations Mailbox: InvestorRelations@corebridgefinancial.com 
 
 Table of Contents  Corebridge Financial, Inc.  Overview of Recast Historical Results  In August 2018, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update (the “standard” or “LDTI”) with the objective of making targeted improvements to the existing recognition, measurement, presentation and disclosure requirements for long-duration contracts issued by an insurance entity.  The Company adopted the standard on January 1, 2023 using the modified retrospective transition method relating to liabilities for traditional and limited payment contracts and deferred policy acquisition costs (“DAC”). The Company also adopted the standard in relation to MRBs on a full retrospective basis. As of January 1, 2021 transition date (“Transition Date”), the impact of the adoption of the standard was a net decrease to beginning Accumulated other comprehensive income (loss) of $2.3 billion and a net increase to beginning Shareholders’ net investment of $1.2 billion primarily driven by (1) changes related to MRBs in our Individual Retirement and Group Retirement segments, including the impact of non-performance risk adjustments, (2) changes to the discount rate which most significantly impacted our Life Insurance and Institutional Markets segments, and (3) the removal of balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments.  The accounting for Fortitude Re reinsurance contracts continue to remain largely unchanged. With respect to Fortitude Re, the reinsurance assets, including the discount rates, continued to be calculated using the same methodology and assumptions as the direct policies. Accounting for modco reinsurance remained unchanged.  Market risk benefits (“MRBs”): The standard requires the measurement of all MRBs (e.g., living benefit and death benefit guarantees associated with variable annuities) associated with deposit (or account balance) contracts at fair value at each reporting period. Changes in fair value compared to prior periods are recorded and presented separately within the income statement, with the exception of instrument-specific credit risk changes (non-performance adjustments), which are recognized in Other comprehensive income. MRBs impacted both shareholder net investment and AOCI upon transition.  The accounting for MRBs primarily impacted our Individual Retirement and Group Retirement segments.  Discount rate assumption: The standard requires the discount rate assumption for the liability for future policy benefits to be updated at the end of each reporting period using an upper-medium grade (low credit risk) fixed income instrument yield that maximizes the use of observable market inputs. Upon transition, the Company had an adjustment to AOCI due to the fact that the market upper-medium grade (low credit risk) interest rates as of the Transition Date differed from reserve interest accretion rates.  Following adoption, the impact of changes to discount rates are recognized through Other comprehensive income. Changes resulting from updating the discount rate each reporting period primarily impact term life insurance and other traditional life insurance products, as well as pension risk transfer (“PRT”) and structured settlement (“SS”) products.  Removal of balances related to changes in unrealized appreciation (depreciation) on investments: Under the standard, the majority of balances recorded in AOCI related to changes in unrealized appreciation (depreciation) on investments were eliminated.  In addition to the above, the standard also:  Requires the review and, if necessary, update of future policy benefit assumptions at least annually for traditional and limited pay long duration contracts, with the recognition and separate presentation of any resulting re-measurement gain or loss (except for discount rate changes as noted above) in the Condensed Consolidated Statements of Income (Loss).  Simplifies the amortization of DAC to a constant level basis over the expected term of the related contracts and no longer requires an impairment test.  Increases disclosures of disaggregated rollforwards of several balances, including but not limited to liabilities for future policy benefits, deferred acquisition costs, account balances, MRBs, separate account liabilities and information about significant inputs, judgments and methods used in measurement and changes thereto and impact of those changes  The Company’s Adjusted Operating Income measure has also been revised to reflect the exclusion of the MRBs. For additional information see Non-GAAP Financial Measures on page 26.  Overview of Recast Historical Results  1 
 
 (in millions, except per share data)  Quar  terly  Decem  ber 31,  4Q22  3Q22  2Q22  1Q22  2022  2021  Results of Operations Data (attributable to Corebridge common shareholders)  Net income (loss)  $ (207)  $ 2,406  $ 2,594  $ 3,366  $ 8,159  $ 8,243  Net income (loss) per share:  Common stock - basic (1)  $ (0.32)  $ 3.73  $ 4.02  $ 5.22  $ 12.63  N/A  Common stock - diluted (1)  $ (0.32)  $ 3.72  $ 4.02  $ 5.22  $ 12.60  N/A  Common stock Class A - basic and diluted  N/A  N/A  N/A  N/A  N/A  $ 13.18  Common stock Class B - basic and diluted  N/A  N/A  N/A  N/A  N/A  $ 9.14  Weighted average shares outstanding:  Common stock - basic (1)  648.7  645.7  645.0  645.0  646.1  N/A  Common stock - diluted (1)  648.7  646.4  645.0  645.0  647.4  N/A  Common stock Class A - basic and diluted (2)  N/A  N/A  N/A  N/A  N/A  581.1  Common stock Class B - basic and diluted (2)  N/A  N/A  N/A  N/A  N/A  63.9  Effective tax rate  45.3 %  20.2 %  19.6 %  20.0 %  19.2 %  18.5 %  Adjusted after-tax operating income  $ 610  $ 527  $ 491  $ 743  $ 2,371  $ 3,477  Operating earnings per share (3)  $ 0.93  $ 0.82  $ 0.76  $ 1.15  $ 3.66  $ 5.39  Weighted average shares outstanding - operating  653.1  646.4  645.0  645.0  647.4  645.0  Adjusted effective tax rate  13.4 %  16.3 %  19.6 %  18.3 %  16.9 %  20.6 %  Adjusted pre-tax/after-tax operating income (loss)  Individual Retirement  $ 465  $ 375  $ 365  $ 468  $ 1,673  $ 2,289  Group Retirement  172  190  179  242  783  1,249  Life Insurance  142  124  97  84  447  459  Institutional Markets  60  83  76  115  334  547  Corporate and Other  (133)  (146)  (116)  —  (395)  (161)  Consolidation and elimination  (2)  4  10  —  12  (2)  Adjusted pre-tax operating income  704  630  611  909  2,854  4,381  Income tax expense  94  103  120  166  483  904  Adjusted after-tax operating income $ 610 $ 527 $ 491 $ 743 $ 2,371 $ 3,477   Sources of Income  Spread income  $ 835  $ 734  $ 720  $ 890  $ 3,179  $ 4,355  Fee income  468  491  494  522  1,975  2,213  Underwriting margin  447  389  408  394  1,638  1,716  Total $ 1,750 $ 1,614 $ 1,622 $ 1,806 $ 6,792 $ 8,284   Adjusted Return On Average Equity (ROAE)  ROAE  (9.2)%  92.3 %  64.3 %  57.0 %  52.6 %  23.9 %  Adjusted ROAE  10.4 %  9.1 %  8.7 %  13.5 %  10.4 %  12.3 %  Twelve Months Ended  The shares reflect our capital structure subsequent to the 6,450-for-1 share split and recapitalization on September 6, 2022.  The Class A and Class B EPS information reflects our capital structure prior to the 6,450-for-1 share split and recapitalization on September 6, 2022.  Operating earnings per share is the same for Common stock Class A and B.  Table of Contents  Corebridge Financial, Inc.  Consolidated Financial Highlights - Recast Historical Results  Consolidated Financial Highlights - Recast Historical Results  2 
 
 ( in millions, except per share data)  Quarterly  Twelve Months Ended December 31,  4Q22  3Q22  2Q22  1Q22  2022  2021  Corebridge Capitalization  Adjusted book value  $ 23,437  $ 23,598  $ 22,634  $ 22,309  $ 23,437  $ 21,626  Financial debt  9,368  9,368  8,783  8,773  9,368  8,744  Amounts drawn under revolving credit facility  —  —  —  —  —  —  Non-redeemable noncontrolling interest  939  845  1,208  1,565  939  1,759  Total capital $ 33,744 $ 33,811 $ 32,625 $ 32,647 $ 33,744 $ 32,129   Interest Expense - Financial Debt  $ 103  $ 85  $ 73  $ 38  $ 299  $ 57  Leverage Ratio  Financial debt / total capital  27.8 %  27.7 %  26.9 %  26.9 %  27.8 %  27.2 %  Dividends (1)  Dividends declared per common share  $ 0.23  $ 0.23  $ 0.45  $ 0.45  $ 1.36  $ 2.39  Total dividends declared on common stock  $ 148  $ 148  $ 290  $ 290  $ 876  $ 1,544  Adjusted Book Value Per Common Share  Total Corebridge shareholders' equity (a)  $ 9,380  $ 8,595  $ 12,251  $ 20,028  $ 9,380  $ 27,230  Less: Accumulated other comprehensive income (AOCI)  (16,863)  (17,954)  (12,106)  (2,026)  (16,863)  8,233  Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets  (2,806)  (2,951)  (1,723)  255  (2,806)  2,629  Total adjusted book value (b) $ 23,437 $ 23,598 $ 22,634 $ 22,309 $ 23,437 $ 21,626   Total common shares outstanding (c)  645.0  645.0  645.0  645.0  645.0  645.0  Book value per common share (a/c)  $ 14.54  $ 13.33  $ 18.99  $ 31.05  $ 14.54  $ 42.22  Adjusted book value per common share (b/c)  $ 36.34  $ 36.59  $ 35.09  $ 34.59  $ 36.34  $ 33.53  Closing share price  $ 20.06  $ 19.69  N/A  N/A  $ 20.06  N/A  Table of Contents  Corebridge Financial, Inc.  Consolidated Financial Highlights - Recast Historical Results  Consolidated Financial Highlights - Recast Historical Results  3 
 
 (in millions)  Quarterly  Twelve Months Ended December 31,  4Q22  3Q22  2Q22  1Q22  2022  2021  Revenues:  Premiums (1)  $ 2,044  $ 1,301  $ 1,011  $ 735  $ 5,091  $ 5,653  Policy fees  720  735  729  730  2,914  3,005  Net investment income:  Net investment income - excluding Fortitude Re funds withheld assets  2,281  2,003  2,098  2,303  8,685  9,897  Net investment income - Fortitude Re funds withheld assets  274  157  182  278  891  1,775  Total net investment income  2,555  2,160  2,280  2,581  9,576  11,672  Net realized gains (losses):  Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative  (942)  724  186  173  141  1,515  Net realized gains (losses) on Fortitude Re funds withheld assets  (125)  (89)  (60)  (123)  (397)  924  Net realized gains (losses) on Fortitude Re funds withheld embedded derivative  (347)  1,463  2,394  2,837  6,347  (687)  Total net realized gains (losses)  (1,414)  2,098  2,520  2,887  6,091  1,752  Advisory fee income  113  114  117  131  475  597  Other income  111  130  133  176  550  578  Total revenues  4,129  6,538  6,790  7,240  24,697  23,257  Benefits and expenses:  Policyholder benefits (1)  2,467  1,656  1,429  1,168  6,720  7,387  Change in the fair value of market risk benefits, net (2)  (245)  (435)  (45)  (233)  (958)  (447)  Interest credited to policyholder account balances  993  954  907  878  3,732  3,562  Amortization of deferred policy acquisition costs and value of business acquired  262  263  252  243  1,020  951  Non-deferrable insurance commissions  135  138  151  144  568  623  Advisory fee expenses  65  65  65  71  266  322  General operating expenses  582  578  577  586  2,323  2,104  Interest expense  177  149  127  81  534  389  (Gain) loss on extinguishment of debt  —  —  —  —  —  219  Net (gain) loss on divestitures  —  (2)  1  2  1  (3,081)  Net (gain) loss on Fortitude Re transactions  —  —  —  —  —  (26)  Total benefits and expenses  4,436  3,366  3,464  2,940  14,206  12,003  Income (loss) before income tax expense  (307)  3,172  3,326  4,300  10,491  11,254  Income tax expense (benefit)  (139)  640  652  859  2,012  2,082  Net income (loss)  (168)  2,532  2,674  3,441  8,479  9,172  Less net income attributable to noncontrolling interests  39  126  80  75  320  929  Net income (loss) attributable to Corebridge $ (207) $ 2,406 $ 2,594 $ 3,366 $ 8,159 $ 8,243   Includes PRT and SS sales activity of: $ 1,385 $ 814 $ 505 $ 247 $ 2,951 $ 3,810  Represents changes in fair value of market risk benefits compared to prior periods, except for instrument-specific credit risk changes (non-performance adjustments) which are recognized in other comprehensive income.  Table of Contents  Corebridge Financial, Inc.  Consolidated Statement of Operations - Recast Historical Results  Consolidated Statement of Operations - Recast Historical Results  4 
 
 December 31, 2022  September 30, 2022  June 30, 2022  March 31, 2022  December 31, 2021  (in millions)  Assets Investments:  Fixed maturity securities  Bonds available for sale, at fair value  $ 156,793  $ 151,039  $ 161,949  $ 180,644  $ 198,568  Bond trading securities, at fair value  3,769  4,775  3,233  2,671  2,082  Equity securities, at fair value  170  144  118  109  242  Mortgage and other loans receivable, net of allowance  44,566  42,539  43,125  40,949  39,388  Other invested assets  10,418  10,143  10,388  10,971  10,567  Short-term investments 4,400 5,166 4,977 4,439 5,471   Total Investments  220,116  213,806  223,790  239,783  256,318  Cash  552  382  457  583  537  Accrued investment income  1,813  1,793  1,755  1,783  1,760  Premiums and other receivables, net of allowance  916  695  1,187  1,103  884  Reinsurance assets - Fortitude Re, net of allowance  26,844  26,581  28,698  31,057  34,102  Reinsurance assets - other, net of allowance  2,517  2,355  2,597  2,932  3,101  Deferred income taxes  8,831  9,421  7,672  6,230  4,796  Deferred policy acquisition costs and value of business acquired  10,563  10,502  10,555  10,594  10,598  Market risk benefit assets, at fair value  796  743  642  666  610  Other assets, including restricted cash  2,521  2,418  3,057  2,696  3,614  Separate account assets, at fair value   84,853 81,302 86,735 100,850 109,111   Total assets   $ 360,322 $ 349,998 $ 367,145 $ 398,277 $ 425,431   Liabilities  Future policy benefits for life and accident and health insurance contracts  $ 50,518  $ 48,035  $ 52,269  $ 57,415  $ 64,270  Policyholder contract deposits  156,058  154,974  153,239  152,447  151,545  Market risk benefit liabilities, at fair value  4,736  4,635  5,302  6,081  7,499  Other policyholder funds  2,885  2,872  2,868  2,884  2,879  Fortitude Re funds withheld payable  26,551  26,559  28,588  31,497  35,144  Other liabilities  9,076  6,801  9,068  9,769  10,231  Short-term debt  1,500  1,500  1,895  8,346  8,317  Long-term debt  7,868  7,868  6,888  427  427  Debt of consolidated investment entities  5,958  5,995  6,776  6,886  6,936  Separate account liabilities 84,853 81,302 86,735 100,850 109,111   Total liabilities  350,003  340,541  353,628  376,602  396,359  Redeemable noncontrolling interests  $ —  $ 17  $ 58  $ 82  $ 83  Corebridge shareholders' equity  Common stock  $ 6  $ 6  $ 6  $ 6  $ —  Common stock class A  —  —  —  —  5  Common stock class B  —  —  —  —  1  Additional paid-in capital  8,030  8,030  8,033  8,034  8,054  Retained earnings  18,207  18,513  16,318  14,014  10,937  Accumulated other comprehensive (loss) income (16,863) (17,954) (12,106) (2,026) 8,233   Total Corebridge shareholders' equity  9,380  8,595  12,251  20,028  27,230  Non-redeemable noncontrolling interests   939 845 1,208 1,565 1,759   Total equity   10,319 9,440 13,459 21,593 28,989   Total liabilities, redeemable NCI and equity   $ 360,322 $ 349,998 $ 367,145 $ 398,277 $ 425,431   Table of Contents  Corebridge Financial, Inc.  Consolidated Balance Sheet - Recast Historical Results  Consolidated Balance Sheet - Recast Historical Results  5 
 
 (in millions)  Quarterly  Twelve Months Ended December 31,  4Q22 3Q22 2Q22 1Q22  2022  2021  dividual Retirement  eginning AUMA balance $ 134,450 $ 139,936 $ 151,113 $ 160,244 $ 160,244 $ 157,395  Premiums and deposits  3,827  3,792  3,620  3,881  15,120  13,657  Surrenders and other withdrawals  (3,055)  (2,447)  (2,229)  (2,205)  (9,936)  (9,707)  Death benefits/other  (562)  (649)  (763)  (802)  (2,776)  (3,138)  In  B   2,036 (6,182) (11,805) (10,005) (25,956) 2,037    $ 136,696 $ 134,450 $ 139,936 $ 151,113 $ 136,696 $ 160,244   Interest credited and investment performance  Ending AUMA balance (2)  Group Retirement  Beginning AUMA balance  $ 109,239  $ 115,114  $ 130,307  $ 139,842  $ 139,842  $ 130,054  Premiums and deposits  2,243  2,039  1,772  1,888  7,942  7,766  Surrenders and other withdrawals  (2,989)  (2,610)  (2,074)  (2,473)  (10,146)  (10,097)  Death benefits/other  (210)  (217)  (246)  (234)  (907)  (877)   6,649 (5,087) (14,645) (8,716) (21,799) 12,996    $ 114,932 $ 109,239 $ 115,114 $ 130,307 $ 114,932 $ 139,842   Interest credited and investment performance/other (3)  Ending AUMA balance  Life Insurance  Beginning AUMA balance  $ 26,722  $ 28,371  $ 31,478  $ 34,355  $ 34,355  $ 34,781  Premiums and deposits  1,073  1,057  1,049  1,057  4,236  4,228  Surrenders and other withdrawals  (123)  (165)  (109)  (155)  (552)  (487)  Death benefits/other  (770)  (800)  (939)  (1,007)  (3,516)  (3,817)   858 (1,741) (3,108) (2,772) (6,763) (350)    $ 27,760 $ 26,722 $ 28,371 $ 31,478 $ 27,760 $ 34,355   Interest credited and investment performance  Ending AUMA balance  Institutional Markets  The adoption of LDTI did not impact AUMA.  Excludes AUMA from the assets of our retail mutual fund business that were sold to Touchstone on July 16, 2021, or otherwise liquidated, in connection with the sale.  Other represents the total change in off-balance sheet advisory and brokerage assets.  Includes Guaranteed Investment Contract (GIC) maturities.  Other represents the change in notional value of the Stable Value Wrap products.  Beginning AUMA balance  $ 74,781  $ 74,607  $ 75,146  $ 76,503  $ 76,503  $ 73,677  Premiums and deposits  1,551  1,897  550  327  4,325  4,957  Surrenders and other withdrawals (4)  (177)  (365)  (53)  (16)  (611)  (1,821)  Death benefit/other  (319)  (271)  (232)  (274)  (1,096)  (887)  Interest credited and investment performance/other (5)   1,928 (1,087) (804) (1,394) (1,357) 577   Ending AUMA balance   $ 77,764 $ 74,781 $ 74,607 $ 75,146 $ 77,764 $ 76,503   Total Corebridge AUMA   $ 357,152 $ 345,192 $ 358,028 $ 388,044 $ 357,152 $ 410,944   Table of Contents  Corebridge Financial, Inc.  Assets Under Management and Administration (AUMA) - Recast Historical Results (1)  Assets Under Management and Administration (AUMA) - Recast Historical Results  6 
 
 (in millions)  Quar  terly  Decem  ber 31,  4Q22  3Q22  2Q22  1Q22  2022  2021  Sources of Earnings  Spread income (1)  $ 574  $ 463  $ 448  $ 542  $ 2,027  $ 2,599  Fee income (2)  283  300  301  308  1,192  1,335  Policyholder benefits, net of premiums  (10)  (13)  (17)  (10)  (50)  (122)  Non-deferrable insurance commissions  (86)  (87)  (86)  (92)  (351)  (396)  Amortization of DAC and DSI  (153)  (154)  (139)  (132)  (578)  (509)  General operating expense  (108)  (100)  (107)  (111)  (426)  (437)  Other (3)  (35)  (34)  (35)  (37)  (141)  (181)  Adjusted pre-tax operating income $ 465 $ 375 $ 365 $ 468 $ 1,673 $ 2,289   Market risk benefit, net of reinsurance  $ 3,644  $ 3,595  $ 4,288  $ 4,970  $ 3,644  $ 6,307  Surrender rates by product  Fixed annuities  12.6%  9.7%  7.9%  6.8%  9.2%  7.2%  Fixed index annuities  6.3%  4.6%  4.0%  4.0%  4.8%  4.7%  Variable annuities  7.2%  6.4%  6.2%  6.4%  6.5%  7.2%  Spread income  Base portfolio income  $ 1,042  $ 953  $ 873  $ 857  $ 3,725  $ 3,478  Interest credited to policyholder account balances (1)  (490)  (477)  (453)  (441)  (1,861)  (1,735)  Base spread income  552  476  420  416  1,864  1,743  Variable investment income (loss), excluding affordable housing  22  (13)  28  126  163  711  Affordable housing  —  —  —  —  —  145  Total spread income $ 574 $ 463 $ 448 $ 542 $ 2,027 $ 2,599   (1) Excludes amortization of Deferred Sales Inducement (DSI) of: $ 14  $ 15  $ 13  $ 13  $ 55  $ 58  (2) Fee income excludes income related to assets of the retail mutual funds business that were sold to  Touchstone on July 16, 2021, or otherwise liquidated, in connection with the sale. $ —  $ —  $ —  $ —  $ —  $ 54  Twelve Months Ended  (3) Other primarily represents interest expense and advisory fee expenses. The year ended December 31, 2021 also includes income related to the assets of the retail mutual funds business that were sold to Touchstone on July 16,2021 or otherwise liquidated, in connection with the sale.  Table of Contents  Corebridge Financial, Inc.  Individual Retirement Sources of Earnings and Operating Statistics - Recast Historical Results  Individual Retirement - Recast Historical Results  7 
 
 Twelve Months Ended  Excludes the amortization of DSI.  Excludes immediate annuities.  Includes incremental effect on base yield of variable investment income.  Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments.  Excludes the impact of variable investment income.  (in millions)  Qua  rt  erly  Decem  ber 31,  4Q22  3Q22  2Q22  1Q22  2022  2021  Assets under management and administration:  General accounts  $ 51,672  $ 50,904  $ 52,076  $ 54,589  $ 51,672  $ 57,646  Separate accounts  134  128  136  162  134  177  Total assets under management and administration   $ 51,806    $ 51,032    $ 52,212    $ 54,751    $ 51,806 $ 57,823   Fee income as a % of average AUMA (annualized)  0.09 %  0.09 %  0.09 %  0.07 %  0.08 %  0.07 %  Spread income  Base portfolio income  $ 616  $ 547  $ 488  $ 488  $ 2,139  $ 2,050  Interest credited to policyholder account balances (1)   (330)    (331)    (319)    (315)    (1,295) (1,276)   Base spread income  286  216  169  173  844  774  Variable investment income, excluding affordable housing  13  1  29  86  129  422  Affordable housing   —    —    —    —    — 87   Total spread income   $ 299    $ 217    $ 198    $ 259    $ 973 $ 1,283   Net investment spread (annualized) (2)  Total yield  4.48 %  3.92 %  3.78 %  4.23 %  4.10 %  4.63 %  Less: Variable investment income (3)  0.07 %  0.14 %  (0.04)%  (0.47)%  (0.07)%  (0.69)%  Base yield (4)  4.55 %  4.06 %  3.74 %  3.76 %  4.03 %  3.94 %  Cost of funds (1)  2.71 %  2.71 %  2.66 %  2.67 %  2.69 %  2.64 %  Base net investment spread (5)   1.84 %   1.35 %   1.08 %   1.09 %   1.34 % 1.30 %  Total net investment spread   1.77 %   1.21 %   1.12 %   1.56 %   1.41 % 1.99 %  DAC/VOBA rollforward  Balance at beginning of period  $ 1,004  $ 1,024  $ 1,027  $ 1,028  $ 1,028  $ 1,084  Capitalization  28  21  27  31  107  71  Amortization expense  (40)  (40)  (32)  (31)  (143)  (127)  Other, including foreign exchange  —  (1)  2  (1)  —  —  Balance at end of period   $ 992    $ 1,004    $ 1,024    $ 1,027    $ 992 $ 1,028   Table of Contents  Corebridge Financial, Inc.  Individual Retirement Results - Fixed Annuities Operating Statistics - Recast Historical Results  Individual Retirement - Recast Historical Results  8 
 
 (in millions)  Quarterly  Twelve Months Ended December 31,  4Q22  3Q22  2Q22  1Q22  2022  2021  Assets under management and administration  General accounts $ 30,403  $ 29,568  $ 29,435  $ 30,548  $ 30,403  $ 31,809  Separate accounts — — — — — —   Total assets under management and administration $ 30,403 $ 29,568 $ 29,435 $ 30,548 $ 30,403 $ 31,809   Fee income as a % of average AUMA (annualized)  0.47 %  0.42 %  0.43 %  0.42 %  0.44 %  0.47 %  Spread income  Base portfolio income  $ 342  $ 311  $ 289  $ 273  $ 1,215  $ 1,015  Interest credited to policyholder account balances (1) (137) (123) (112) (104) (476) (368)   Base spread income  205  188  177  169  739  647  Variable investment income (loss), excluding affordable housing  8  (11)  (4)  14  7  147   — — — — — 24    $ 213 $ 177 $ 173 $ 183 $ 746 $ 818   Affordable housing  Total spread income  Net investment spread (annualized)  Total yield  Less: Variable investment income (2)  Base yield (3)  4.17 % 3.69 % 3.64 % 3.78 % 3.83 % 4.25 %   — % 0.23 % 0.15 % (0.08)% 0.07 % (0.47)%  4.17 % 3.92 % 3.79 % 3.70 % 3.90 % 3.78 %  Balance at end of period   $ 1,424 $ 1,391 $ 1,356 $ 1,329 $ 1,424 $ 1,305   Excludes the amortization of DSI.  Includes incremental effect on base yield of variable investment income.  Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments.  Excludes the impact of variable investment income.  Cost of funds (1)   1.66 % 1.55 % 1.49 % 1.45 % 1.54 % 1.39 %  Base net investment spread (4)   2.51 % 2.37 % 2.30 % 2.25 % 2.36 % 2.39 %  Total net investment spread   2.51 % 2.14 % 2.15 % 2.33 % 2.29 % 2.86 %  DAC/VOBA rollforward  Balance at beginning of period $ 1,391 $ 1,356 $ 1,329 $ 1,305 $ 1,305 $ 1,182  Capitalization  78  79  67  61  285  246  Amortization expense  (45)  (44)  (40)  (37)  (166)  (123)  Other, including foreign exchange  —  —  —  —  —  —  Table of Contents  Corebridge Financial, Inc.  Individual Retirement Results - Fixed Index Annuities Operating Statistics - Recast Historical Results  Individual Retirement - Recast Historical Results  9 
 
 (in millions)  Quarterly  Twelve Months Ended December 31,  4Q22  3Q22  2Q22  1Q22  2022  2021  Assets under management and administration:  General accounts  $ 9,443  $ 10,593  $ 12,163  $ 12,476  $ 9,443  $ 12,862  Separate accounts 45,044 43,257 46,126 53,338 45,044 57,750   Total assets under management and administration $ 54,487 $ 53,850 $ 58,289 $ 65,814 $ 54,487 $ 70,612   Fee income as a % of average AUMA (annualized)  1.75 %  1.83 %  1.65 %  1.56 %  1.67 %  1.65 %  Spread income  Base portfolio income  $ 84  $ 95  $ 96  $ 96  $ 371  $ 413  Interest credited to policyholder account balances (1) (23) (23) (22) (22) (90) (91)   Base spread income  61  72  74  74  281  322  Variable investment income (loss), excluding affordable housing  1  (3)  3  26  27  142   — — — — — 34    $ 62 $ 69 $ 77 $ 100 $ 308 $ 498   Affordable housing  Total spread income  Net investment spread (annualized)  Total yield  Less: Variable investment income (2)  Base yield (3)  3.55 % 3.48 % 3.53 % 4.46 % 3.76 % 5.01 %   0.31 % 0.46 % 0.21 % (0.61)% 0.09 % (1.05)%  3.86 % 3.94 % 3.74 % 3.85 % 3.85 % 3.96 %  Balance at end of period   $ 2,230 $ 2,247 $ 2,263 $ 2,274 $ 2,230 $ 2,274   Excludes the amortization of DSI.  Includes incremental effect on base yield of variable investment income.  Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments.  Excludes the impact of variable investment income.  Cost of funds (1)   1.44 % 1.46 % 1.40 % 1.42 % 1.43 % 1.42 %  Base net investment spread (4)   2.42 % 2.48 % 2.34 % 2.43 % 2.42 % 2.54 %  Total net investment spread   2.11 % 2.02 % 2.13 % 3.04 % 2.33 % 3.59 %  DAC/VOBA rollforward  Balance at beginning of period $ 2,247 $ 2,263 $ 2,274 $ 2,274 $ 2,274 $ 2,213  Capitalization  37  39  43  51  170  262  Amortization expense  (54)  (55)  (54)  (51)  (214)  (201)  Other, including foreign exchange  —  —  —  —  —  —  Table of Contents  Corebridge Financial, Inc.  Individual Retirement Results - Variable Annuities Operating Statistics - Recast Historical Results  Individual Retirement - Recast Historical Results  10 
 
 (in millions)  Quarterly  Twelve Months Ended December 31,  4Q22  3Q22  2Q22  1Q22  2022  2021  Sources of Earnings  Spread income (1)  $ 210  $ 205  $ 205  $ 247  $ 867  $ 1,269  Fee income  169  175  177  199  720  817  Policyholder benefits, net of premiums  (4)  (2)  (8)  (2)  (16)  (9)  Non-deferrable insurance commissions  (34)  (31)  (30)  (28)  (123)  (122)  Amortization of DAC and DSI  (25)  (23)  (23)  (23)  (94)  (93)  General operating expenses  (115)  (103)  (112)  (117)  (447)  (445)  Other (2)  (29)  (31)  (30)  (34)  (124)  (168)  Adjusted pre-tax operating income   $ 172 $ 190 $ 179 $ 242 $ 783 $ 1,249   Operating Statistics:  Assets under management and administration by asset type  In-plan spread based  $ 27,473  $ 26,838  $ 28,031  $ 30,271  $ 27,473  $ 32,549  In-plan fee based  47,838  44,604  47,506  55,896  47,838  60,300  Total in-plan assets under management and administration  75,311  71,442  75,537  86,167  75,311  92,849  Out-of-plan proprietary general account  16,769  16,338  16,903  18,267  16,769  19,697  Out-of-plan proprietary separate account  10,429  9,950  10,677  12,392  10,429  13,466  Total Out-of-plan proprietary annuities  27,198  26,288  27,580  30,659  27,198  33,163  Advisory and brokerage assets  12,423  11,509  11,997  13,481  12,423  13,830  Total out-of-plan assets under management and administration  39,621  37,797  39,577  44,140  39,621  46,993  Total assets under management and administration $ 114,932 $ 109,239 $ 115,114 $ 130,307 $ 114,932 $ 139,842   Fee income as a % of average AUMA (annualized)  0.60 %  0.62 %  0.58 %  0.59 %  0.59 %  0.60 %  Surrender rates  11.9 %  10.4 %  7.7 %  8.5 %  9.5 %  8.8 %  Excludes the amortization of DSI of:  Other consists of advisory fee expenses and interest expense.  $ 4  $ 3  $ 3  $ 4  $ 14  $ 15  Table of Contents  Corebridge Financial, Inc.  Group Retirement Sources of Earnings and Operating Statistics - Recast Historical Results  Group Retirement - Recast Historical Results  11 
 
 (in millions)  Quarterly  Twelve Months Ended December 31,  4Q22  3Q22  2Q22  1Q22  2022  2021  Spread income  Base portfolio income  $ 493  $ 485  $ 454  $ 450  $ 1,882  $ 1,905  Interest credited to policyholder account balances (1)  (284)  (286)  (283)  (280)  (1,133)  (1,144)  Base spread income  209  199  171  170  749  761  Variable investment income, excluding affordable housing  1  6  34  77  118  424  Affordable housing  —  —  —  —  —  84  Total spread income   $ 210 $ 205 $ 205 $ 247 $ 867 $ 1,269   Net investment spread (annualized)   1.59 % 1.57 % 1.32 % 1.28 % 1.44 % 1.49 %  Base net investment spread (4) Total net investment spread   1.45 % 1.46 % 1.48 % 1.80 % 1.55 % 2.35 %  Balance at end of period $ 1,061 $ 1,064 $ 1,069 $ 1,074 $ 1,061 $ 1,079   Excludes the amortization of DSI.  Includes incremental effect on base yield of variable investment income.  Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments.  Excludes the impact of variable investment income.  Total yield  4.05 %  4.07 %  4.08 %  4.40 %  4.15 %  4.97 %  Less: Variable investment income (2)  0.14 %  0.11 %  (0.16)%  (0.52)%  (0.11)%  (0.86)%  Base yield (3)  4.19 %  4.18 %  3.92 %  3.88 %  4.04 %  4.11 %  Cost of funds (1)  2.60 %  2.61 %  2.60 %  2.60 %  2.60 %  2.62 %  Market risk benefit, net of reinsurance  $ 296  $ 297  $ 372  $ 445  $ 296  $ 582  DAC/VOBA rollforward  Balance at beginning of period  $ 1,064  $ 1,069  $ 1,074  $ 1,079  $ 1,079  $ 1,094  Capitalization  18  15  15  14  62  63  Amortization expense  (21)  (20)  (20)  (19)  (80)  (78)  Other, including foreign exchange  —  —  —  —  —  —  Table of Contents  Corebridge Financial, Inc.  Group Retirement Sources of Earnings and Operating Statistics - Recast Historical Results  Group Retirement - Recast Historical Results  12 
 
 (in millions)  December 31,  2022  September 30,  2022  June 30, 2022  March 31, 2022  December 31, 2021  Individual Retirement  Account value by benefit type for contracts with GMDB features  Guaranteed Minimum Death Benefits (GMDB) only (1)  $ 9,283  $ 8,960  $ 9,534  $ 11,220  $ 12,178  Guaranteed Minimum Income Benefits (GMIB) (2)  1,816  1,739  1,851  2,206  2,425  Guaranteed Minimum Withdrawal Benefits (GMWB) (3)  39,208  37,974  40,156  45,205  48,386  Group Retirement (4)  Account value by benefit type for contracts with GMDB features  Guaranteed Minimum Death Benefits (1)  $ 55,277  $ 54,093  $ 56,531  $ 62,892  $ 66,495  Guaranteed Minimum Withdrawal Benefits (3)  2,135  2,078  2,228  2,540  2,752  A guaranteed minimum death benefit is an amount paid from a variable annuity upon the death of the owner. This benefit protects beneficiaries from market volatility and may be different than the account value. This benefit may be subject to a maximum amount based on age of owner or dollar amount. "Guaranteed Minimum Death Benefits only" signifies that no other guarantees are present in the contract. Contracts with a guaranteed living benefit may also have a guaranteed minimum death benefit, but a policyholder can generally only receive payout from one guaranteed feature, i.e. the features are generally mutually exclusive.  A guaranteed minimum income benefit guarantees a minimum level of periodic income payments upon annuitization.  A guaranteed minimum withdrawal benefit creates a guaranteed income stream which, within certain parameters, may continue for the life of the annuitant even if the entire contract value has been reduced to zero. The fair value of GMWB market risk benefits is based on actuarial and capital market assumptions related to projected cash flows of rider fees and claims over the expected lives of the contracts.  Excludes assumed reinsurance.  Table of Contents  Corebridge Financial, Inc.  Variable Annuity Account Value by Benefit Type - Recast Historical Results  Variable Annuity Account Value by Benefit Type - Recast Historical Results  13 
 
 (in millions)  Quarterly  Twelve Months Ended December 31,  Total gross life insurance in force   $ 1,209,115 $ 1,186,327 $ 1,197,549 $ 1,206,018 $ 1,209,115 $ 1,206,118   Life insurance CPPE sales (3)  Traditional life  $ 39  $ 40  $ 38  $ 37  $ 154  $ 150  Universal life  27  23  22  22  94  103  International life  41  49  51  55  196  201  Total sales   $ 107 $ 112 $ 111 $ 114 $ 444 $ 454   Surrender/lapse rates (4)  Domestic Life  4.37 %  4.20 %  4.20 %  4.05 %  4.21 %  3.92 %  International Life  9.50 %  9.20 %  8.30 %  7.90 %  9.60 %  8.30 %  Includes variable investment income of:  Gross in force includes direct and assumed business.  $ 5  $ 2  $ 49  $ 51  $ 107  $ 375  4Q22  3Q22  2Q22  1Q22  2022  2021  Sources of Earnings  Underwriting Margin (1)  $ 430  $ 370  $ 389  $ 372  $ 1,561  $ 1,614  General operating expenses  (177)  (154)  (159)  (166)  (656)  (682)  Non deferrable insurance commissions  (10)  (15)  (29)  (18)  (72)  (80)  Amortization of deferred policy acquisition costs  (100)  (102)  (104)  (104)  (410)  (416)  Impact of annual actuarial assumption update  —  25  —  —  25  48  Other  (1)  —  —  —  (1)  (25)  Adjusted pre-tax operating income $ 142 $ 124 $ 97 $ 84 $ 447 $ 459   Underwriting margin ratio  40.1 %  35.0 %  37.1 %  35.2 %  36.9 %  38.2 %  Operating Statistics  Gross life insurance in force, end of period (2)  Traditional life  $ 858,060  $ 856,170  $ 854,029  $ 851,792  $ 858,060  $ 850,959  Universal life  125,606  125,239  125,431  125,255  125,606  125,596  International life  225,449  204,918  218,089  228,971  225,449  229,563  Life insurance sales are shown on a continuous payment premium equivalent (CPPE) basis. Life insurance sales include periodic premiums from new business expected to be collected over a one- year period and 10 percent of unscheduled and single premiums from new and existing policyholders.  Surrender/lapse rates are reported on a 90-day lag basis to include grace period processing.  Table of Contents  Corebridge Financial, Inc.  Life Insurance Sources of Earnings and Operating Statistics - Recast Historical Results  Life Insurance - Recast Historical Results  14 
 
 (in millions)  Quarterly  Twelve Months Ended December 31,  Balance at end of period   $ 4,805 $ 4,750 $ 4,802 $ 4,851 $ 4,805 $ 4,874   GAAP reserves by financial statement line  Future policy benefits  $ 13,354  $ 12,961  $ 14,423  $ 16,184  $ 13,354  $ 18,535  Policyholder contract deposits  10,258  10,084  10,135  10,216  10,258  10,300  Separate account liabilities  800  757  807  960  800  1,044  Total GAAP reserves by financial statement line   $ 24,412 $ 23,802 $ 25,365 $ 27,360 $ 24,412 $ 29,879   GAAP reserves by product  Traditional life  $ 9,504  $ 9,333  $ 10,156  $ 11,086  $ 9,504  $ 12,396  Universal life  14,367  14,029  14,564  15,361  14,367  16,319  International life  541  440  645  913  541  1,164  4Q22  3Q22  2Q22  1Q22  2022  2021  DAC/VOBA rollforward  Balance at beginning of period  $ 4,750  $ 4,802  $ 4,851  $ 4,874  $ 4,874  $ 4,894  Capitalization  108  103  103  100  414  404  Amortization expense  (100)  (102)  (104)  (104)  (410)  (416)  Other, including foreign exchange  47  (53)  (48)  (19)  (73)  (8)  Total GAAP reserves by product   $ 24,412 $ 23,802 $ 25,365 $ 27,360 $ 24,412 $ 29,879   Table of Contents  Corebridge Financial, Inc.  Life Insurance Sources of Earnings and Operating Statistics - Recast Historical Results  Life Insurance - Recast Historical Results  15 
 
 (in millions)  Quarterly  Twelve Months Ended December 31,   $ 60 $ 83 $ 76 $ 115 $ 334 $ 547   Adjusted pre-tax operating income  Operating Statistics  Premiums and deposits by product  Pension risk transfer  $ 1,328  $ 756  $ 450  $ 215  $ 2,749  $ 3,667  Guaranteed investment contracts  —  1,000  —  —  1,000  1,000  Corporate Markets  14  21  3  30  68  77  Structured settlements  209  120  97  82  508  214  Stable value wrap  —  —  —  —  —  (1)   $ 1,551 $ 1,897 $ 550 $ 327 $ 4,325 $ 4,957   Total premiums and deposits by product  GAAP reserves by financial statement line  Future policy benefits  $ 13,745  $ 12,048  $ 12,702  $ 13,718  $ 13,745  $ 15,109  Policyholder contract deposits  11,718  11,563  10,901  10,939  11,718  10,969  Separate account liabilities  4,515  4,632  4,764  4,904  4,515  5,002   $ 29,978 $ 28,243 $ 28,367 $ 29,561 $ 29,978 $ 31,080   Total GAAP reserves by financial statement line  GAAP reserves by product  Pension risk transfer  $ 11,281  $ 9,670  $ 10,153  $ 10,969  $ 11,281  $ 12,082  Guaranteed investment contracts  7,952  7,932  7,328  7,393  7,952  7,477  Corporate markets  7,196  7,322  7,444  7,587  7,196  7,674  Structured settlements  3,549  3,319  3,442  3,612  3,549  3,847  4Q22  3Q22  2Q22  1Q22  2022  2021  Sources of Earnings  Spread income (1)  $ 51  $ 66  $ 67  $ 101  $ 285  $ 487  Fee income  16  16  16  15  63  61  Underwriting Margin (2)  17  19  19  22  77  102  Non deferrable insurance commissions  (5)  (4)  (5)  (6)  (20)  (22)  General operating expenses  (18)  (18)  (18)  (19)  (73)  (77)  Other (3)  (1)  4  (3)  2  2  (4)   $ 29,978 $ 28,243 $ 28,367 $ 29,561 $ 29,978 $ 31,080    $ 12,403 $ 11,016 $ 10,590 $ 10,443 $ 12,403 $ 10,418   Total GAAP reserves by product  Pension risk transfer reserves at original discount rate  Stable value wraps (401k and bank-owned life insurance) - assets under administration (4)   $ 47,078 $ 45,781 $ 45,323 $ 44,039 $ 47,078 $ 43,830   (4) Comprises the notional value of stable value wrap contracts, excluding the portion included in total insurance reserves.  (1) Includes variable investment income of:  $ (6) $  3 $  6 $  40 $  43 $  239  (2) Includes variable investment income of:  $ — $  1 $  3 $  4 $  8 $  43  (3) Includes variable investment income of:  $ 1 $  — $  — $  2 $  3 $  8  Table of Contents  Corebridge Financial, Inc.  Institutional Markets Sources of Earnings and Operating Statistics - Recast Historical Results  Institutional Markets - Recast Historical Results  16 
 
 Assumption update - 2022  Individual Retirement  Variable Annuities  Fixed Index Annuities  Fixed Annuities  Total Individual Retirement  Group Retirement  Life Insurance  Institutional Markets  Total  Spread income Fee income  Underwriting margin  Policyholder benefits, net of premium  Increase (decrease) to adjusted pre-tax operating income (loss)  Net realized gains (losses)  Change in the fair value of market risk benefits, net  Increase (decrease) to pre-tax income (loss)  Assumption update - 2021  Individual Retirement  Variable Annuities  Fixed Index Annuities  Fixed Annuities  Total Individual Retirement  Group Retirement  Life Insurance  Institutional Markets  Total  Spread income Fee income  Underwriting margin  Policyholder benefits, net of premium  Increase (decrease) to adjusted pre-tax operating income (loss)  Net realized gains (losses)  Change in the fair value of market risk benefits, net  Increase (decrease) to pre-tax income (loss)  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  25  4  29  $ —  $ —  $ —  $ —  $ —  $ 25  $ 4  $ 29  —  (2)  —  (2)  (1)  1  —  (2)  85  —  2  87  18  —  —  105  $ 85  $ (2)  $ 2  $ 85  $ 17  $ 26  $ 4  $ 132  $ —  $ — $ — $ —  $ —  $ —  $ — $ —  —  — — —  —  —  — —  —  — — —  —  —  — —  —  — — —  —  48  — 48  $ —  $ — $ — $ —  $ —  $ 48  $ — $ 48  —  — — —  —  —  — —  (53)  — — (53)  36  —  — (17)  $ (53)  $ — $ — $ (53)  $ 36  $ 48  $ — $ 31  Table of Contents  Corebridge Financial, Inc.  Annual Actuarial Assumption Updates - Recast Historical Results  (in millions)  Annual Actuarial Assumption Updates - Recast Historical Results  17 
 
 (in millions)  Quarterly  Twelve Months Ended December 31,  Adjusted pre-tax operating income (loss)   $ (135) $ (142) $ (106) $ — $ (383) $ (163)   $ —  $ —  $ — $ —  $ —  $ (25)  $ —  $ —  $ — $ 56  $ 56  $ —  $ 9  $ (41)  $ — $ —  $ (32)  $ —  4Q22  3Q22  2Q22  1Q22  2022  2021  Sources of Earnings  Corporate expenses  $ (46)  $ (49)  $ (33)  $ (32)  $ (160)  $ (143)  Interest Expense on Financial Debt  (103)  (85)  (73)  (38)  (299)  (57)  Asset Management  15  12  8  3  38  30  Consolidated Investment Entities (2)  2  14  (13)  21  24  19  Other (3)(4)  (3)  (34)  5  46  14  (12)  The adoption of LDTI did not impact corporate and other sources of earnings.  Includes APTOI attributable to six transactions AIG entered into between 2012 and 2014 which securitized portfolios of certain debt securities, the majority of which were previously owned by Corebridge. During the year ended December 31, 2021, all six transactions were terminated.  Includes gains from Corebridge’s ownership interest in Fortitude Re Bermuda of:  Includes non-recurring losses associated with the unwind of internal securitizations with AIG as part of separation:  Table of Contents  Corebridge Financial, Inc.  Corporate and Other Sources of Earnings - Recast Historical Results (1)  Corporate and Other Sources of Earnings - Recast Historical Results  18 
 
  December 31, 2022   Excluding Fortitude  Re Funds Withheld Fortitude Re Funds   December 31, 2021   Excluding Fortitude  Re Funds Withheld Fortitude Re Funds  NAIC 1  $ 78,012  $ —  $ 78,012  $ 94,608  $ —  $ 94,608  NAIC 2  50,496  —  50,496  63,533  —  63,533  NAIC 3  5,285  —  5,285  5,889  —  5,889  NAIC 4  5,988  —  5,988  6,786  —  6,786  NAIC 5 & 6  936  —  936  1,061  —  1,061  No designation  21  —  21  —  —  —  Fortitude Re funds withheld assets  —  19,824  19,824  —  28,773  28,773  (in millions)  Asset  Withheld Assets  Total  Asset  Withheld Assets  Total  Bonds available for sale  U.S. government and government sponsored entities  $ 925  $ 273  $ 1,198  $ 1,255  $ 457  $ 1,712  Obligations of states, municipalities and political subdivisions  5,195  731  5,926  7,240  1,436  8,676  Non-U.S. governments  3,977  415  4,392  5,579  818  6,397  Corporate debt  91,939  12,753  104,692  118,715  21,348  140,063  Total bonds available for sale, excl. MBS, CLO, and ABS  102,036  14,172  116,208  132,789  24,059  156,848  Mortgage-backed, asset-backed and collateralized  RMBS  11,122  822  11,944  13,850  1,108  14,958  CMBS  9,528  540  10,068  10,311  989  11,300  CLO  7,994  192  8,186  7,163  239  7,402  ABS  9,774  613  10,387  7,275  785  8,060  Total mortgage-backed, asset-backed and collateralized  38,418  2,167  40,585  38,599  3,121  41,720  Total bonds available for sale  140,454  16,339  156,793  171,388  27,180  198,568  Other bond securities  284  3,485  3,769  489  1,593  2,082  Total fixed maturities  140,738  19,824  160,562  171,877  28,773  200,650  Equity securities  170  —  170  241  1  242  Mortgage and other loans receivable  Residential mortgages  5,851  —  5,851  4,671  —  4,671  Commercial mortgages  29,190  3,272  32,462  27,176  2,929  30,105  Life insurance policy loans  1,395  355  1,750  1,452  380  1,832  Commercial loans, other loans and notes receivable  4,285  218  4,503  2,530  250  2,780  Total mortgage and other loans receivable  40,721  3,845  44,566  35,829  3,559  39,388  Other invested assets  8,392  2,026  10,418  8,760  1,807  10,567  Short term investments  4,331  69  4,400  5,421  50  5,471  Total   $ 194,352 $ 25,764 $ 220,116    $ 222,128 $ 34,190 $ 256,318   NAIC Designation   $ 140,738 $ 19,824 $ 160,562    $ 171,877 $ 28,773 $ 200,650   Total  (1) The adoption of LDTI did not impact total investments.  Table of Contents  Corebridge Financial, Inc.  Total Investments - Recast Historical Results (1)  Total Investments - Recast Historical Results  19 
 
 (in millions)  December 31, 2022  December 31, 2021  December 31, 2022  December 31, 2021  Bonds available for sale:  Fixed maturities NAIC designation:  U.S. government and government-sponsored entities  $ 928  $ 1,260  NAIC 1  $ 78,518  $ 95,321  Obligations of states, municipalities and political subdivisions  5,194  7,240  NAIC 2  50,946  63,937  Non-U.S. governments  3,978  5,578  NAIC 3  4,860  5,683  Corporate Debt  88,876  115,351  NAIC 4  3,224  3,433  Mortgage-backed, asset-backed and collateralized:  NAIC 5 and 6  904  1,150  RMBS  11,546  14,427  No designation  21  —  CMBS  9,527  10,312  Total (6)   $ 138,473 $ 169,524  CLO  8,292  7,521  ABS  9,775  7,274  Total mortgage-backed, asset-backed and collateralized  39,140  39,534  Total bonds available for sale  138,116  168,963  Other bond securities  357  561  Total fixed maturities  138,473  169,524  Equity securities  119  19  Mortgage and other loans receivable:  Residential mortgages  4,181  2,727  Commercial mortgages  29,632  27,552  Commercial loans, other loans and notes receivable  4,465  2,659  Total mortgage and other loans receivable (2)  38,278  32,938  Other invested assets (5)  5,845  5,657  Short-term investments  3,781  4,329  Total (3)(4)   $ 186,496 $ 212,467  The adoption of LDTI did not impact the invested assets at carrying value.  Does not reflect allowance for credit loss on mortgage loans of $509 million and $447 million at December 31, 2022 and December 31, 2021, respectively.  Does not reflect policy loans of $1.4 billion and $1.5 billion at December 31, 2022 and December 31, 2021, respectively.  Excludes approximately $9.7 billion and $11.4 billion of consolidated investment entities as well as $2.7 billion and $2.7 billion of eliminations primarily between the consolidated investment entities and the insurance operating companies at December 31, 2022 and December 31, 2021, respectively.  Other invested assets include private equity funds, which are generally reported on a one-quarter lag.  Excludes approximately $3.4 billion and $3.7 billion of consolidated investment entities and $1.2 billion and $1.4 billion of eliminations primarily related to the consolidated investment entities and the insurance operating subsidiaries at December 31, 2022 and December 31, 2021, respectively.  Table of Contents  Corebridge Financial, Inc.  Invested Assets Summary, at Carrying Value - Recast Historical Results (1)  Total Investments for Insurance Operating Subsidiaries Excluding the Fortitude Re Funds Withheld Assets:  Invested Assets Summary, at Carrying Value - Recast Historical Results  20 
 
 Total  Number of  Loans (1) Apartments Offices Retail Industrial Hotel  Others  Percent of Total  Excluding Fortitude Re Funds Withheld Assets  State:  New York  72  $ 1,355  $ 3,820  $ 282  $ 357  $ 71  $ —  $ 5,885  20 %  California  51  507  653  112  1,129  611  13  3,025  10 %  New Jersey  59  1,829  143  322  436  7  22  2,759  9 %  Texas  41  692  687  137  155  143  —  1,814  6 %  Florida  51  343  119  212  151  355  —  1,180  4 %  Massachusetts  16  466  328  471  15  —  —  1,280  4 %  Illinois  20  488  353  3  41  —  20  905  3 %  Ohio  19  80  7  83  408  —  —  578  2 %  Pennsylvania  16  77  94  189  190  24  —  574  2 %  District of Columbia  6  369  —  —  —  11  —  380  1 %  Other States  114  1,718  333  549  652  255  19  3,526  12 %  Foreign  90  4,212  1,423  327  1,264  284  216  7,726  27 %  Total excluding Fortitude Re funds withheld assets (2)  555  $ 12,136  $ 7,960  $ 2,687  $ 4,798  $ 1,761  $ 290  $ 29,632  100 %  Fortitude Re funds withheld assets  3,361  Total   $ 32,993  December 31, 2022  Class  Number of Loans (1)  Apartments  Offices  Retail  Industrial  Hotel  Others  Total  Percent of Total  (dollars in millions)  Credit Quality Indicator:  In Good Standing  547  $ 12,136  $ 7,654  $ 2,671  $ 4,798  $ 1,702  $ 290  $ 29,251  99%  Restructured  6  —  295  16  —  59  —  370  1%  90 Days or Less Delinquent  —  —  —  —  —  —  —  —  —%  >90 Days Delinquent or In Process of Foreclosure  2  —  11  —  —  —  —  11  —%  Total excluding Fortitude Re funds withheld assets (2)  555  $ 12,136  $ 7,960  $ 2,687  $ 4,798  $ 1,761  $ 290  $ 29,632  100%  Total Fortitude Re funds withheld assets  3,361  Total   $ 32,993  Reflects a correction of the loan count previously reported as of December 31, 2022.  Does not reflect allowance for credit losses.  Table of Contents  Corebridge Financial, Inc.  Commercial Mortgage Loan Exposure by Location and Class of Loan Based on Amortized Cost - Recast Historical Results  December 31, 2022  (dollars in millions) Class  Investments - Commercial Mortgage Loans - Recast Historical Results  21 
 
 (in millions)  >1.20X  1.00X - 1.20X <1.00X  Total  Loan-to-value ratios (3)  Less than 65%  $ 18,524  $ 2,817 $ 628  $ 21,969  65% to 75%  4,497  429 435  5,361  76% to 80%  314  — 46  360  Greater than 80%  1,338  154 450  1,942  Total excluding Fortitude Re funds withheld assets (4)  $ 24,673  $ 3,400 $ 1,559  $ 29,632  Total Fortitude Re funds withheld assets  3,361  Total   $ 32,993  December 31, 2022  Vintage Year  (in millions)  2022  2021  2020  2019 2018 Prior  Total  Loan-to-value ratios (3)  Less than 65%  $ 4,791  $ 1,816  $ 1,331  $ 3,440  $ 2,610  $ 7,982  $ 21,970  65% to 75%  901  393  343  1,329  1,334  1,061  5,361  76% to 80%  35  36  —  —  70  218  359  Greater than 80%  —  201  27  50  559  1,105  1,942  Total excluding Fortitude Re funds withheld assets (4)  $ 5,727  $ 2,446  $ 1,701  $ 4,819  $ 4,573  $ 10,366  $ 29,632  Total Fortitude Re funds withheld assets  3,361  Total   $ 32,993  The adoption of LDTI did not impact commercial mortgage loans.  The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.9X at December 31, 2022 . The debt service coverage ratios have been updated within the last three months.  The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 59% at December 31, 2022. The loan-to-value ratios have been updated within the last three to nine months.  Does not reflect allowance for credit losses.  Table of Contents  Corebridge Financial, Inc.  Commercial Mortgages - Debt Service Coverage Ratios and Loan-to-Value Ratios by Vintage Year - Recast Historical Results (1)  December 31, 2022  Debt Service Coverage Ratios (2)  Investments - Commercial Mortgage Loans - Recast Historical Results  22 
 
 (in millions)  Quarterly  Twelve Months Ended December 31,  4Q22  3Q22  2Q22  1Q22  2022  2021  Net investment income by asset class  Fixed maturity securities - AFS, at fair value  $ 1,813  $ 1,710  $ 1,612  $ 1,591  $ 6,726  $ 6,440  Equity securities  —  —  —  —  —  —  Mortgage and other loans receivable  481  384  370  350  1,585  1,362  Other invested assets  1  1  1  —  3  4  Cash and short-term investments  31  20  9  2  62  17  Total base portfolio gross investment income - insurance operations  2,326  2,115  1,992  1,943  8,376  7,823  Investment expenses  126  119  134  113  492  329  Total base portfolio investment income (APTOI basis) - insurance operations  2,200  1,996  1,858  1,830  7,884  7,494  Alternatives  15  (17)  102  266  366  1,298  Call and tender  1  1  47  28  77  428  Fair value option  (10)  1  (38)  (19)  (66)  17  Other variable investment income  17  14  9  25  65  286  Total variable investment income (loss) - insurance operations  23  (1)  120  300  442  2,029  Corporate and Other (includes eliminations)  84  36  131  181  432  394   $ 2,307 $ 2,031 $ 2,109 $ 2,311 $ 8,758 $ 9,917   Total net investment income (APTOI basis)  Breakdown by Segment  Net investment income (Net income basis)   $ 2,555 $ 2,160 $ 2,280 $ 2,581 $ 9,576 $ 11,672   Individual Retirement  $ 1,064  $ 940  $ 901  $ 983  $ 3,888  $ 4,334  Group Retirement  494  491  488  527  2,000  2,413  Life Insurance  376  307  350  356  1,389  1,621  Institutional Markets  289  257  239  264  1,049  1,155  Corporate and Other (includes eliminations)  84  36  131  181  432  394  Total net investment income (APTOI basis)  $ 2,307  $ 2,031  $ 2,109  $ 2,311  $ 8,758  $ 9,917  Reconciliation to Net Investment Income (Net income basis)  Net investment income on Fortitude Re funds withheld assets  274  157  182  278  891  1,775  Change in fair value of securities used to hedge guaranteed living benefits  16  13  13  14  56  60  Derivative (income) reclass to net realized investment gains (losses)  (55)  (54)  (36)  (34)  (179)  (110)  Other adjustments  13  13  12  12  50  30  Total adjustments  248  129  171  270  818  1,755  (1) The adoption of LDTI did not impact net investment income.  Table of Contents  Corebridge Financial, Inc.  Net Investment Income - Recast Historical Results (1)  Net Investment Income - Recast Historical Results  23 
 
 (in millions)  Quarterly  Twelve Months Ended December 31,  4Q22  3Q22  2Q22  1Q22  2022  2021  Sales of securities (fixed maturity and equity)  $ (21)  $ (42)  $ (183)  $ (79)  $ (325)  $ 103  Change in allowance for credit losses on fixed maturity securities  (59)  (9)  (21)  (26)  (115)  8  Change in allowance for credit losses on loans  (23)  (40)  13  (26)  (76)  133  Foreign exchange transactions, net of related hedges  (339)  525  398  111  695  310  Index-linked interest credited embedded derivatives, net of related hedges  (337)  35  (20)  205  (117)  (3)  All other derivatives and hedge accounting (1)  (148)  120  (3)  (12)  (43)  (6)  Sales of alternative investments and real estate investments (2)  32  137  2  8  179  794  Other  (47)  (2)  —  (8)  (57)  176  Net realized gains (losses) - excluding Fortitude Re funds withheld assets embedded derivative  (942)  724  186  173  141  1,515  Net realized gains (losses) on Fortitude Re funds withheld assets  (125)  (89)  (60)  (123)  (397)  924  Net realized gains (losses) on Fortitude Re funds withheld embedded derivative  (347)  1,463  2,394  2,837  6,347  (687)  Total net realized gains (losses)   $ (1,414) $ 2,098 $ 2,520 $ 2,887 $ 6,091 $ 1,752   Derivative activity related to hedging market risk benefits is recorded in Change in the fair value of market risk benefits, net.  The year ended December 31, 2021 includes gains from the sale of global real estate investments and  gains from the sale of certain affordable housing partnerships. N/A  N/A  N/A  N/A  N/A $  1,177  Table of Contents  Corebridge Financial, Inc.  Net Realized Gains (Losses) - Recast Historical Results  Net Realized Gains (Losses) - Recast Historical Results  24 
 
 Table of Contents  Page(s)  Non-GAAP Measures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Earnings Per Share Computations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Reconciliation of Adjusted Return on Average Adjusted Equity (ROAE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Reconciliation of Adjusted Pre-tax and After-Tax Operating Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Non-GAAP Reconciliation - Premiums and Premiums and Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Consolidated Adjusted Pre-Tax Operating Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Individual Retirement Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Group Retirement Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Life Insurance Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Institutional Markets Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  Corporate and Other Operations Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  26-28  29  30  31-32  33-34  35  36  37  38-39  40-41  42  Table of Contents  Corebridge Financial, Inc.  Supplemental Information Table of Contents  Supplemental Information  25 
 
 Table of Contents  Corebridge Financial, Inc.  Non-GAAP Financial Measures  Throughout this Financial Supplement, 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 Securities and Exchange Commission 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, 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.  Adjusted pre-tax operating income (“APTOI”) is derived by excluding the items set forth below from income from operations before income tax. 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 RELATED ADJUSTMENTS:  The 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)”, including changes in the allowance for credit losses on available-for-sale securities and loans, as well as gains or losses from sales of securities, 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, and insurance liabilities that are accounted for as embedded derivatives 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:  Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain GMWB’s and/or GMDBs which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to instrument-specific 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.  Non-GAAP Financial Measures  26 
 
 Table of Contents  Corebridge Financial, Inc.  Non-GAAP Financial Measures  OTHER ADJUSTMENTS:  Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income (losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable:  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.  Adjusted after-tax operating income attributable to our common shareholders (“Adjusted After-tax Operating Income” or “AATOI”) is derived by excluding the tax effected APTOI adjustments described above, as well as the following tax items from net income attributable to us:  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.  Adjusted Book Value is derived by excluding AOCI, adjusted for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets. We believe this measure is useful to investors as it eliminates items that can fluctuate significantly from period to period, including changes in fair value of our available-for-sale securities portfolio, changes in the fair value of market risk benefits attributable to changes in the instrument-specific risk, changes in the discount rates used to measure traditional and limited payment long-duration insurance contracts and foreign currency translation adjustments. This measure also eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re.  Adjusted Book Value per Common Share is computed as adjusted book value divided by total common shares outstanding.  Adjusted Return on Average Equity (“Adjusted ROAE”) is derived by dividing AATOI by average Adjusted Book Value and is used by management to evaluate our recurring profitability and evaluate trends in our business. We believe this measure is useful to investors because it eliminates items that can fluctuate significantly from period to period, including changes in fair value of our available-for-sale securities portfolio, changes in the fair value of market risk benefits attributable to changes in the instrument-specific risk, changes in the discount rates used to measure traditional and limited payment long-duration insurance contracts and foreign currency translation adjustments. This measure also eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re.  Adjusted revenues exclude Net realized gains (losses) except for gains (losses) related to the disposition of real estate investments, income from non-operating litigation settlements (included in Other income for GAAP purposes) and changes in fair value of securities used to hedge guaranteed living benefits (included in Net investment income for GAAP purposes).  Net investment income (APTOI basis) is the sum of base portfolio income and variable investment income.  Non-GAAP Financial Measures  27 
 
 Table of Contents  Corebridge Financial, Inc.  Non-GAAP Financial Measures  Operating EPS is derived by dividing AATOI by weighted average diluted shares.  Premiums and deposits is a non-GAAP financial measure that includes direct and assumed premiums received and earned on traditional life insurance policies, group benefit policies and life-contingent payout annuities, as well as deposits received on universal life insurance, investment-type annuity contracts and GICs. We believe the measure of premiums and deposits is useful in understanding customer demand for our products, evolving product trends and our sales performance period over period.  Assets Under Management and Administration  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 Stable Value Wrap (SVW) contracts.  Assets Under Management and Administration (AUMA) is the cumulative amount of AUM and AUA.  Key Terms - Throughout this Financial Supplement, we use the following terms:  Base net investment spread means base yield less cost of funds, excluding the amortization of deferred sales inducements assets.  Base portfolio income includes interest, dividends and foreclosed real estate income, net of investment expenses and non-qualifying (economic) hedges.  Base spread income means base portfolio income less interest credited to policyholder account balances, excluding the amortization of deferred sales inducements assets.  Base yield means the returns from base portfolio income including accretion and impacts from holding cash and short-term investments.  Fee Income is defined as policy fees plus advisory fees plus other fee income. For Institutional Markets segment, its SVW products utilize fee income.  Life CPPE sales are shown on a continuous payment premium equivalent (CPPE) basis. Life insurance sales include periodic premiums from new business expected to be collected over a one-year period and 10 percent of unscheduled and single premiums from new and existing policyholders.  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.  Underwriting margin ratio equals the underwriting margin divided by premiums and deposits.  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.  Non-GAAP Financial Measures  28 
 
 (in millions, except per share data)  Quarterly  Twelve Months Ended December 31,  Income per common share attributable to Corebridge common shareholders (1) Basic  Common stock  $ (0.32)  $ 3.73  $ 4.02  $ 5.22  $ 12.63  N/A  Common stock Class A  N/A  N/A  N/A  N/A  N/A  $ 13.18  Common stock Class B  N/A  N/A  N/A  N/A  N/A  $ 9.14  Diluted  Common stock $ (0.32) $ 3.72 $ 4.02 $ 5.22 $ 12.60 N/A  Common stock Class A  N/A  N/A  N/A  N/A  N/A  $ 13.18  Common stock Class B  N/A  N/A  N/A  N/A  N/A  $ 9.14  perating Basis (1)  Adjusted after-tax operating income attributable to Corebridge shareholders $ 610 $ 527 $ 491 $ 743 $ 2,371 $ 3,477  Weighted average common shares outstanding - diluted  653.1  646.4  645.0  645.0  647.4  645.0  Operating earnings per common share  $ 0.93  $ 0.82  $ 0.76  $ 1.15  $ 3.66  $ 5.39  4Q22  3Q22  2Q22  1Q22  2022  2021  GAAP Basis Numerator for EPS  Net income (loss)  $ (168)  $ 2,532  $ 2,674  $ 3,441  $ 8,479  $ 9,172  Less: Net income (loss) attributable to noncontrolling interests  39  126  80  75  320  929  Net income (loss) attributable to Corebridge common shareholders  $ (207)  $ 2,406  $ 2,594  $ 3,366  $ 8,159  $ 8,243  Net income attributable to Class A shareholders  N/A  N/A  N/A  N/A  N/A  $ 7,658  Net income attributable to Class B shareholders  N/A  N/A  N/A  N/A  N/A  $ 584  Denominator for EPS (1)  Weighted average common shares outstanding - basic  648.7  645.7  645.0  645.0  646.1  N/A  Dilutive common shares (2)  —  0.7  —  —  1.3  N/A  Weighted average common shares outstanding - diluted  648.7  646.4  645.0  645.0  647.4  N/A  Common stock Class A - basic and diluted  N/A  N/A  N/A  N/A  N/A  581.1  Common stock Class B - basic and diluted  N/A  N/A  N/A  N/A  N/A  63.9  O  The results of the September 6, 2022 stock split have been applied retroactively for all periods prior to September 6, 2022. Operating earnings per share is the same for Common stock Class A and B.  Potential dilutive common shares include our share-based employee compensation plans.  On September 6, 2022, Corebridge Financial, Inc. effectuated a stock split and recapitalization of its 100,000 shares of common stock, of which 90,100 shares were Class A Common Stock and 9,900 shares were Class B Common Stock. Subsequent to September 6, 2022, there is only a single class of Common Stock therefore the two-class method for allocating net income will no longer be applicable. Corebridge Financial, Inc. split its 100,000 shares of Class A shares and Class B shares in a 6,450 to 1 stock split for a total of 645,000,000 shares of a single class of Common Stock.  The results of the stock split have been applied retroactively to the weighted average common shares outstanding for all periods prior to September 6, 2022. After closing the sale of a 9.9% equity stake in Corebridge to Blackstone on November 2, 2021, Blackstone owned 63,855,000 shares of Class B Common Stock. Prior to the sale of the Class B shares to Blackstone on November 2, 2021, Class B shares were owned exclusively by AIG. The Class B Common Stock is pari passu to the Class A Common Stock except for distributions associated with the sale of the affordable housing portfolio.  Prior to September 6, 2022, we used the two-class method for allocating net income to each class of our common stock. Prior to November 1, 2021, the EPS calculation allocated all net income ratably to Class A and Class B shares. After November 2, 2021, income was allocated ratably to the Class A and B shares, except for distributions associated with the sale of the affordable housing portfolio in 2021 for which the Class B shareholder did not participate.  Table of Contents  Corebridge Financial, Inc.  Earnings Per Share - Recast Historical Results  Earnings Per Share Computations - Recast Historical Results  29 
 
 (in millions, unless otherwise noted)  Quarterly  Twelve Months Ended December 31,  4Q22  3Q22  2Q22  1Q22  2022  2021  Return on Equity Computations  Actual or annualized net income (loss) attributable to Corebridge shareholders (a)  $ (828)  $ 9,624  $ 10,376  $ 13,464  $ 8,159  $ 8,243  Actual or annualized adjusted after-tax operating income attributable to Corebridge shareholders (b)  $ 2,440  $ 2,108  $ 1,964  $ 2,972  $ 2,371  $ 3,477  Average Corebridge Shareholders’ equity (c)  $ 8,988  $ 10,423  $ 16,140  $ 23,629  $ 15,497  $ 34,441  Less: Average AOCI  (17,409)  (15,030)  (7,066)  3,104  (8,143)  9,105  Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets  (2,879)  (2,337)  (734)  1,442  (919)  2,994  Average Adjusted Book Value (d)  $ 23,518  $ 23,116  $ 22,472  $ 21,967  $ 22,721  $ 28,330  Return on Average Equity (a/c)  (9.2)%  92.3 %  64.3 %  57.0 %  52.6 %  23.9 %  Adjusted ROAE (b/d)  10.4 %  9.1 %  8.7 %  13.5 %  10.4 %  12.3 %  (1) For purposes of adjusted ROAE, the twelve months ended December 31, 2021, utilize January 1, 2021 equity to calculate average Corebridge shareholders’ equity.  Table of Contents  Corebridge Financial, Inc.  Reconciliation of Return On Average Equity (ROAE) - Recast Historical Results (1)  Reconciliation of Return On Average Equity - Recast Historical Results  30 
 
 (in millions)  Quarterly  Twelve Months Ended December 31,  4Q22  3Q22  2Q22  1Q22  2022  2021  Pre-tax income (loss)  $  (307)  $  3,172  $  3,326  $  4,300  $  10,491  $  11,254  Fortitude Re related items:  Net investment income on Fortitude Re funds withheld assets  (274)  (157)  (182)  (278)  (891)  (1,775)  Net realized (gains) losses on Fortitude Re funds withheld assets  125  89  60  123  397  (924)  Net realized losses on Fortitude Re funds withheld embedded derivative  347  (1,463)  (2,394)  (2,837)  (6,347)  687  Net realized losses on Fortitude transactions  —  —  —  —  —  (26)  Subtotal – Fortitude Re related items  198  (1,531)  (2,516)  (2,992)  (6,841)  (2,038)  Other Reconciling Items:  Change in the fair value of market risk benefits, net  (245)  (435)  (45)  (233)  (958)  (447)  Changes in fair value of securities used to hedge guaranteed living benefits  (1)  (6)  (10)  (13)  (30)  (56)  Change in benefit reserves related to net realized (gains) losses  (4)  (2)  (7)  (2)  (15)  15  Loss on extinguishment of debt  —  —  —  —  —  219  Net realized (gains) losses (1)  1,019  (542)  (146)  (120)  211  (711)  Non-operating litigation reserves and settlements  —  (3)  (2)  (20)  (25)  —  Separation costs  54  45  37  44  180  —  Restructuring and other costs  22  59  52  14  147  44  Non-recurring costs related to regulatory or accounting changes  7  1  1  3  12  31  Net (gain) loss on divestiture  —  (2)  1  2  1  (3,081)  Pension expense - non operating  —  —  —  1  1  12  Noncontrolling interests  (39)  (126)  (80)  (75)  (320)  (861)  Subtotal - Other Non-Fortitude Re reconciling items  813  (1,011)  (199)  (399)  (796)  (4,835)  Total adjustments  1,011  (2,542)  (2,715)  (3,391)  (7,637)  (6,873)  Adjusted pre-tax operating income   $ 704 $ 630 $ 611 $ 909 $ 2,854 $ 4,381   (1) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Additionally, gains (losses) related to the disposition of real estate investments are also excluded from this adjustment.  Table of Contents  Corebridge Financial, Inc.  Reconciliation of Adjusted Pre-tax Operating Income - Consolidated - Recast Historical Results  Reconciliation of Adjusted Pre-Tax Operating Income - Recast Historical Results  31 
 
 (in millions, unless otherwise noted)  Quarterly  Twelve Months Ended December 31,  4Q22  3Q22  2Q22  1Q22  2022  2021  Net income (loss)  $ (168)  $ 2,532  $ 2,674  $ 3,441  $ 8,479  $ 9,172  Less net income attributable to noncontrolling interests  39  126  80  75  320  929  Net income (loss) attributable to Corebridge  (207)  2,406  2,594  3,366  8,159  8,243  Fortitude Re related items  Net investment income on Fortitude Re funds withheld assets  (217)  (124)  (143)  (220)  (704)  (1,402)  Net realized (gains) losses on Fortitude Re funds withheld assets  99  70  48  97  314  (730)  Net realized (gains) losses on Fortitude Re funds withheld embedded derivative  278  (1,149)  (1,879)  (2,227)  (4,977)  543  Net realized (gains) losses on Fortitude Re transactions  —  —  —  —  —  (21)  Subtotal – Fortitude Re related items  160  (1,203)  (1,974)  (2,350)  (5,367)  (1,610)  Other Reconciling Items:  Changes in uncertain tax positions and other tax adjustments  (5)  (14)  (34)  (42)  (95)  (174)  Deferred income tax valuation allowance (release) charges  6  127  —  24  157  26  Change in the fair value of market risk benefits, net  (195)  (344)  (37)  (183)  (759)  (352)  Changes in fair value of securities used to hedge guaranteed living benefits  (1)  (5)  (8)  (10)  (24)  (44)  Changes in benefit reserves related to net realized (gains) losses  (3)  (2)  (5)  (2)  (12)  12  Loss on extinguishment of debt  —  —  —  —  —  173  Net realized (gains) losses (1)  805  (428)  (115)  (95)  167  (494)  Non-operating litigation reserves and settlements  —  (3)  (1)  (16)  (20)  —  Separation costs  28  (54)  29  35  38  —  Restructuring and other costs  17  47  41  11  116  35  Non-recurring costs related to regulatory or accounting changes  5  1  1  2  9  24  Net (gain) loss on divestiture  —  (1)  —  2  1  (2,371)  Pension expense - non operating  —  —  —  1  1  9  Noncontrolling interests  —  —  —  —  —  —  Subtotal - Other Non-Fortitude Re reconciling items  657  (676)  (129)  (273)  (421)  (3,156)  Total adjustments  817  (1,879)  (2,103)  (2,623)  (5,788)  (4,766)  Adjusted after-tax income (loss) attributable to Corebridge common shareholders  $ 610  $ 527  $ 491  $ 743  $ 2,371  $ 3,477  Calculation of Effective Tax Rates  Adjusted pre-tax operating income  704  $ 630  $ 611  $ 909  $ 2,854  $ 4,381  Income tax (benefit) expense  94  103  120  166  483  904  Adjusted after-tax operating income (loss) attributable to Corebridge common shareholders $ 610 $ 527 $ 491 $ 743 $ 2,371 $ 3,477 Effective tax rates on adjusted pre-tax income (loss) 13.4 % 16.3 % 19.6 % 18.3 % 16.9 % 20.6 %  (1) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Additionally, gains (losses) related to the disposition of real estate investments are also excluded from this adjustment.  Table of Contents  Corebridge Financial, Inc.  Reconciliation of Adjusted After-tax Operating Income - Consolidated - Recast Historical Results  Reconciliation of Adjusted After-tax Operating Income - Recast Historical Results  32 
 
 (in millions)  Qua  rterly  December 31,  4Q22  3Q22  2Q22  1Q22  2022  2021  Individual Retirement (Fixed Annuities)  Premiums  $ 63  $ 56  $ 57  $ 56  $ 232  $ 190  Deposits  1,363  1,264  1,330  1,519  5,476  2,829  Other  —  (4)  (3)  (6)  (13)  (8)  Premiums and deposits  $ 1,426  $ 1,316  $ 1,384  $ 1,569  $ 5,695  $ 3,011  Individual Retirement (Fixed Index Annuities)  Premiums  $ —  $ —  $ —  $ —  $ —  $ —  Deposits  1,749  1,745  1,458  1,364  6,316  5,621  Other  —  —  —  —  —  —  Premiums and deposits  $ 1,749  $ 1,745  $ 1,458  $ 1,364  $ 6,316  $ 5,621  Individual Retirement (Variable Annuities)  Premiums  $ —  $ —  $ 3  $ —  $ 3  $ 5  Deposits  652  731  778  947  3,108  5,023  Other  —  —  (3)  1  (2)  (3)  Premiums and deposits  $ 652  $ 731  $ 778  $ 948  $ 3,109  $ 5,025  Individual Retirement (Total)  Premiums  $ 63  $ 56  $ 60  $ 56  $ 235  $ 195  Deposits (1)  3,764  3,740  3,566  3,830  14,900  13,473  Other (2)  —  (4)  (6)  (5)  (15)  (11)  Premiums and deposits  $ 3,827  $ 3,792  $ 3,620  $ 3,881  $ 15,120  $ 13,657  Group Retirement  Premiums  $ 3  $ 3  $ 5  $ 8  $ 19  $ 22  Deposits  2,240  2,036  1,767  1,880  7,923  7,744  Other  —  —  —  —  —  —  Premiums and deposits (3)(4)  $ 2,243  $ 2,039  $ 1,772  $ 1,888  $ 7,942  $ 7,766  Twelve Months Ended  Table of Contents  Corebridge Financial, Inc.  Non-GAAP Reconciliation - Premiums to Premiums and Deposits - Recast Historical Results  Premiums to Premiums and Deposits - Recast Historical Results  33 
 
 Premiums and deposits   $ 8,694 $ 8,785 $ 6,991 $ 7,153 $ 31,623 $ 30,608   (1) Excludes deposits from the assets of our retail mutual funds business that were sold to Touchstone on July 16, 2021, or otherwise liquidated in connection with the sale.  N/A  N/A  N/A  N/A  N/A  $  259  (2) Other principally consists of ceded premiums, in order to reflect gross premiums and deposits.  (3) Includes premiums and deposits related to in-plan mutual funds of:  $ 973  $ 896  $ 739  $ 868  $ 3,476  $ 3,120  (4) Excludes client deposits into advisory and brokerage accounts of:  $ 414  $ 463  $ 579  $ 602  $ 2,058  $ 2,502  4Q22  3Q22  2Q22  1Q22  2022  2021  Life Insurance  Premiums  $ 582  $ 417  $ 440  $ 425  $ 1,864  $ 1,586  Deposits  411  404  389  397  1,601  1,635  Other (2)  80  236  220  235  771  1,007  Premiums and deposits  $ 1,073  $ 1,057  $ 1,049  $ 1,057  $ 4,236  $ 4,228  Institutional Markets  Premiums  $ 1,375  $ 804  $ 496  $ 238  $ 2,913  $ 3,774  Deposits  169  1,085  46  82  1,382  1,158  Other (2)  7  8  8  7  30  25  Premiums and deposits  $ 1,551  $ 1,897  $ 550  $ 327  $ 4,325  $ 4,957  Total  Premiums  $ 2,023  $ 1,280  $ 1,001  $ 727  $ 5,031  $ 5,577  Deposits  6,584  7,265  5,768  6,189  25,806  24,010  Other (2)  87  240  222  237  786  1,021  (in millions)  Quarterly  Twelve Months Ended December 31,  Table of Contents  Corebridge Financial, Inc.  Non-GAAP Reconciliation - Premiums to Premiums and Deposits - Recast Historical Results  Premiums to Premiums and Deposits - Recast Historical Results  34 
 
 (in millions)  Qua  rterly  December 31,  4Q22  3Q22  2Q22  1Q22  2022  2021  Revenues  Premiums (1)  $ 2,043  $ 1,300  $ 1,022  $ 748  $ 5,113  $ 5,663  Policy fees  720  735  729  730  2,914  3,005  Net investment income:  Base portfolio income  2,200  1,996  1,858  1,830  7,884  7,494  Variable investment income (loss)  23  (1)  120  300  442  2,029  Corporate and other (includes eliminations)  84  36  131  181  432  394  Net investment income  2,307  2,031  2,109  2,311  8,758  9,917  Net realized gains (losses)  27  132  —  11  170  701  Advisory fee and other income  226  241  245  288  1,000  1,175  Total adjusted revenues  5,323  4,439  4,105  4,088  17,955  20,461  Benefits and expenses  Policyholder benefits (1)  2,470  1,658  1,436  1,170  6,734  7,373  Interest credited to policyholder account balances  983  950  910  882  3,725  3,580  Amortization of deferred policy acquisition costs  262  263  252  243  1,020  951  Non-deferrable insurance commissions  135  138  151  144  568  623  Advisory fee expenses  65  65  65  71  266  322  General operating expenses  501  473  486  524  1,984  2,016  Interest expense  164  136  114  70  484  354  Total benefits and expenses  4,580  3,683  3,414  3,104  14,781  15,219  Adjusted pre-tax operating income (loss) before NCI  743  756  691  984  3,174  5,242  Noncontrolling interest  (39)  (126)  (80)  (75)  (320)  (861)  Adjusted pre-tax operating income  704  630  611  909  2,854  4,381  Income tax expense  (94)  (103)  (120)  (166)  (483)  (904)  Twelve Months Ended  Adjusted after-tax operating income  (1) Includes PRT and SS sales activity of:   $ 610 $ 527 $ 491 $ 743 $ 2,371 $ 3,477   $ 1,385 $ 814 $ 505 $ 247 $ 2,951 $ 3,810  Table of Contents  Corebridge Financial, Inc.  Consolidated Adjusted Pre-tax Operating Income - Recast Historical Results  Consolidated Adjusted Pre-Tax Operating Income - Recast Historical Results  35 
 
 (in millions)  Quarterly  Twelve Months Ended December 31,  —  —  —  —  —  $ 54  $ 14  $ 15  $ 13  $ 13  55  58  See page 17 for impacts from annual actuarial assumption update.  Includes fee income related to assets of the retail mutual funds business that were sold to Touchstone on July 16, 2021, or otherwise liquidated, in connection with the sale.  Includes amortization of DSI of:  4Q22  3Q22  2Q22  1Q22  2022  2021  Revenues (1)  Premiums $  63  $  56  $  60  $  56  $  235  $  195  Policy fees  178  192  186  185  741  797  Net investment income: Base portfolio income  1,042  953  873  857  3,725  3,478  Variable investment income (loss)  22  (13)  28  126  163  856  Total net investment income  1,064  940  901  983  3,888  4,334  Advisory fee and other income (2)  105  108  115  123  451  592  Total adjusted revenues 1,410  1,296  1,262  1,347  5,315  5,918  Benefits and expenses (1)  Policyholder benefits  73  69  77  66  285  317  Interest credited to policyholder account balances (3)  504  492  466  454  1,916  1,793  Amortization of deferred policy acquisition costs  139  139  126  119  523  451  Non-deferrable insurance commissions  86  87  86  92  351  396  Advisory fee expenses  35  34  35  37  141  189  General operating expenses  108  100  107  111  426  437  Interest expense  —  —  —  —  —  46  Total benefits and expenses  945  921  897  879  3,642  3,629  Adjusted pre-tax operating income  $ 465  $ 375  $ 365  $ 468  $ 1,673  $ 2,289  Table of Contents  Corebridge Financial, Inc.  Individual Retirement Results - Recast Historical Results  Individual Retirement Results - Recast Historical Results  36 
 
 (in millions)  Quarterly  Twelve Months Ended December 31,  See page 17 for impacts from annual actuarial assumption update.  Includes amortization of DSI of:  $  4 $  3 $  3 $  4 $  14 $  15  4Q22  3Q22  2Q22  1Q22  2022  2021  Revenues (1)  Premiums  $ 3  $ 3  $ 5  $ 8  $ 19  $ 22  Policy fees  96  101  104  114  415  480  Net investment income:  Base portfolio income  493  485  454  450  1,882  1,905  Variable investment income  1  6  34  77  118  508  Total net investment income  494  491  488  527  2,000  2,413  Advisory fee and other income  73  74  73  85  305  337  Total adjusted revenues 666  669  670  734  2,739  3,252  Benefits and expenses (1)  Policyholder benefits  7  5  13  10  35  31  Interest credited to policyholder account balances (2)  288  289  286  284  1,147  1,159  Amortization of deferred policy acquisition costs  21  20  20  19  80  78  Non-deferrable insurance commissions  34  31  30  28  123  122  Advisory fee expenses  29  31  30  34  124  133  General operating expenses  115  103  112  117  447  445  Interest expense  —  —  —  —  —  35  Total benefits and expenses  494  479  491  492  1,956  2,003  Adjusted pre-tax operating income  $ 172  $ 190  $ 179  $ 242  $ 783  $ 1,249  Table of Contents  Corebridge Financial, Inc.  Group Retirement Results - Recast Historical Results  Group Retirement Results - Recast Historical Results  37 
 
 (in millions)  Quarterly  Twelve Months Ended December 31,  4Q22  3Q22  2Q22  1Q22  2022  2021  Revenues (1)  Premiums (2)  $ 582  $ 417  $ 440  $ 425  $ 1,864  $ 1,586  Policy fees (2)  397  393  390  384  1,564  1,541  Net investment income:  Base portfolio income  371  305  301  305  1,282  1,246  Variable investment income  5  2  49  51  107  375  Total net investment income  376  307  350  356  1,389  1,621  Other income (2)(3)  27  28  30  36  121  110  Total adjusted revenues 1,382  1,145  1,210  1,201  4,938  4,858  Benefits and expenses (1)  Policyholder benefits  866  666  734  744  3,010  2,842  Interest credited to policyholder account balances (2)  86  84  87  85  342  354  Amortization of deferred policy acquisition costs  100  102  104  104  410  416  Non-deferrable insurance commissions  10  15  29  18  72  80  Advisory fee expenses  1  —  —  —  1  —  General operating expenses  177  154  159  166  656  682  Interest expense  —  —  —  —  —  25  Total benefits and expenses  1,240  1,021  1,113  1,117  4,491  4,399  Adjusted pre-tax operating income   $ 142 $ 124 $ 97 $ 84 $ 447 $ 459   See page 17 for impacts from annual actuarial assumption update.  Underwriting margin represents premiums, policy fees, net investment income and other income, less policyholder benefits and interest credited to policyholder account balances. Underwriting margin is also exclusive of the impacts from the annual assumption update. See page 39 for breakout.  Other income is primarily related to Laya Healthcare Ltd. commission and profit sharing revenues received from insurers for distribution of their products.  Table of Contents  Corebridge Financial, Inc.  Life Insurance Results - Recast Historical Results  Life Insurance Results - Recast Historical Results  38 
 
 (in millions)  Quarterly  Twelve Months Ended December 31,  4Q22  3Q22  2Q22  1Q22  2022  2021  Premiums  $ 582  $ 417  $ 440  $ 425  $ 1,864  $ 1,586  Policy fees  397  393  390  384  1,564  1,541  Net investment income  376  307  350  356  1,389  1,621  Other income  27  28  30  36  121  110  Policyholder benefits  (866)  (666)  (734)  (744)  (3,010)  (2,842)  Interest credited to policyholder account balances  (86)  (84)  (87)  (85)  (342)  (354)  Less: Impact of annual actuarial assumption update  —  (25)  —  —  (25)  (48)  Underwriting margin   $ 430 $ 370 $ 389 $ 372 $ 1,561 $ 1,614   Table of Contents  Corebridge Financial, Inc.  Life Insurance Results - Underwriting Margin - Recast Historical Results  Life Insurance Results - Underwriting Margin - Recast Historical Results  39 
 
 (in millions)  Quarterly  Twelve Months Ended December 31,  4Q22  3Q22  2Q22  1Q22  2022  2021  Revenues (1)  Premiums (2)  $ 1,375  $ 804  $ 496  $ 238  $ 2,913  $ 3,774  Policy fees  49  49  49  47  194  187  Net investment income:  Base portfolio income  294  253  230  218  995  865  Variable investment income  (5)  4  9  46  54  290  Total net investment income  289  257  239  264  1,049  1,155  Other income  1  —  —  1  2  2  Total adjusted revenues  1,714  1,110  784  550  4,158  5,118  Benefits and expenses (1)  Policyholder benefits (2)  1,524  918  612  350  3,404  4,183  Interest credited to policyholder account balances  105  85  71  59  320  274  Amortization of deferred policy acquisition costs  2  2  2  1  7  6  Non-deferrable insurance commissions  5  4  5  6  20  22  General operating expenses  18  18  18  19  73  77  Interest expense  —  —  —  —  —  9  Total benefits and expenses  1,654  1,027  708  435  3,824  4,571  Adjusted pre-tax operating income   $ 60 $ 83 $ 76 $ 115 $ 334 $ 547   See page 17 for impacts from annual actuarial assumption update.  Includes PRT and SS sales activity of:  $ 1,385  $  814  $  505  $  247  $ 2,951 $  3,810  Table of Contents  Corebridge Financial, Inc.  Institutional Markets Results - Recast Historical Results  Institutional Markets Results - Recast Historical Results  40 
 
 (in millions)  Quarterly  Twelve Months Ended December 31,  Total spread income (1)   $ 51 $ 66 $ 67 $ 101 $ 285 $ 487   SVW fees  Total fee income  $ 16 $ 16 $ 16 $ 15 $ 63 $ 61   $ 16 $ 16 $ 16 $ 15 $ 63 $ 61   Premiums  $ (9)  $ (10)  $ (9)  $ (9)  $ (37)  $ (35)  Policy fees (excluding SVW)  33  33  33  32  131  126  Net investment income  35  34  37  37  143  175  Other income  1  —  —  1  2  1  Policyholder benefits  (16)  (8)  (15)  (13)  (52)  (57)  Interest credited to policyholder account balances  (27)  (27)  (27)  (26)  (107)  (108)  Less: Impact of annual actuarial assumption update  —  (3)  —  —  (3)  —  4Q22  3Q22  2Q22  1Q22  2022  2021  Premiums  $ 1,384  $ 814  $ 505  $ 247  $ 2,950  $ 3,810  Net investment income  253  221  203  224  901  969  Policyholder benefits  (1,508)  (910)  (597)  (337)  (3,352)  (4,126)  Interest credited to policyholder account balances  (78)  (58)  (44)  (33)  (213)  (166)  Total underwriting margin (2)   $ 17 $ 19 $ 19 $ 22 $ 77 $ 102   Represents spread income from GIC, PRT and SS products.  Represents underwriting margin from Corporate Markets products, including private placement variable universal life insurance and private placement variable annuity products.  Table of Contents  Corebridge Financial, Inc.  Institutional Markets Results - Spread Income, Fee Income, and Underwriting Margin - Recast Historical Results  Institutional Markets Results - Spread Income, Fee Income, and Underwriting Margin - Recast Historical Results  41 
 
 Quarterly  Twelve Months Ended December 31,  4Q22  3Q22  2Q22  1Q22  2022  2021  Revenues  Premiums  $ 20  $ 20  $ 21  $ 21  $ 82  $ 86  Net investment income  112  39  136  186  473  443  Net realized gains (losses)  27  132  —  11  170  701  Other income  20  31  32  38  121  134  Total adjusted revenues  179  222  189  256  846  1,364  Benefits and expenses  Non-deferrable insurance commissions  —  1  1  —  2  3  General operating expenses  Corporate and other  67  65  53  56  241  220  Asset Management  20  32  43  48  143  155  Total general operating expenses  87  97  96  104  384  375  Interest expense  Corporate expenses  103  85  73  38  299  57  Asset Management and other  83  59  55  39  236  229  Total interest expense  186  144  128  77  535  286  Total benefits and expenses  273  242  225  181  921  664  Adjusted pre-tax operating income (loss) before NCI  (94)  (20)  (36)  75  (75)  700  Noncontrolling interests  (39)  (126)  (80)  (75)  (320)  (861)  Adjusted pre-tax operating income (loss) before consolidations and eliminations  (133)  (146)  (116)  —  (395)  (161)  Total consolidations and eliminations  (2)  4  10  —  12  (2)  Adjusted pre-tax operating income (loss)   $ (135) $ (142) $ (106) $ — $ (383) $ (163)   (1) The adoption of LDTI did not impact Corporate and Other Results.  Table of Contents  Corebridge Financial, Inc.  Corporate & Other Operations Results - Recast Historical Results (1)  (in millions)  Corporate & Other Operations Results - Recast Historical Results  42 
 
 Corebridge Financial (NYSE: CRBG) makes it possible for more people to take action in their financial lives. With over $355 billion in assets under management and administration as of December 31, 2022, Corebridge 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, YouTube, Facebook and Twitter.  Table of Contents