Corebridge Financial, Inc.: Form 10-Q for the period ended Jun 30, 2026

For example, the Risk-Based Capital (“RBC”) framework and RBC charges and treatment applicable to our U.S. life insurance

subsidiaries have been a subject of focus for regulators in recent years. In February 2025, the NAIC announced the creation of a new

Risk-Based Capital Model Governance (EX) Task Force (“Task Force”) as part of its efforts to update and strengthen the governance

framework around RBC requirements. The Task Force adopted governing principles in December 2025 and soon after began a

comprehensive gap analysis and consistency assessment of the existing RBC framework to identify potential issues. The work of the

Task Force is ongoing and could result in changes to RBC requirements and calculations in the future, which could affect our capital

planning, investment strategies, reporting obligations and permitted disclosures. Relatedly, the inaugural meeting of the Invested

Assets (E) Task Force took place in March 2026. It was established for the purpose of better understanding investment products with

characteristics that pose unique risks to insurers and developing investment-related solvency policy changes. For example, in July

2026, the Financial Condition (E) Committee of the NAIC approved new Life RBC factors, to be effective December 31, 2026, for

CLOs, collateralized bond obligations (“CBOs”) and collateralized debt obligations (“CDOs”). This framework includes (i) lower RBC

factors for senior investment-grade tranches (NAIC Designation Category 1.A through 1.G) and higher RBC factors for lower rated

tranches (NAIC Designation Category 2.A or below) and (ii) an 11.77% pretax surcharge that will apply to below-investment-grade

tranches (NAIC Designation Category 2.C or below) of only broadly syndicated loan CLOs (not middle market CLOs) with a thickness

of 4% or less. The NAIC and its related working groups continue to consider the treatment of other investment products which would

result in changes to accounting policies and RBC requirements. We are actively monitoring these developments associated with these

RBC-related NAIC initiatives and their potential impacts on our life insurance subsidiaries.

As another example, during 2025, the Life Actuarial Task Force adopted updates to actuarial guidelines intended to enhance asset

adequacy analysis for asset-intensive, life insurance and annuity reinsurance treaties above certain thresholds. The updated

guidelines, referred to as Actuarial Guideline LV (“AG 55”), are designed as a testing and disclosure regime, and the first AG 55

reports were filed in April 2026. The NAIC plans to review the disclosures to identify any concerns with insurers’ approaches to asset

adequacy testing, with the possibility of making additional changes that could lead to higher reserves for certain reinsurance

agreements. We are actively monitoring developments associated with this NAIC initiative, which are applicable to certain

transactions that involve our life insurance subsidiaries acting as cedants.

VM-22 principles-based reserving applicable to non-variable annuity contracts is effective on January 1, 2026, and Companies have

three years to implement VM-22 requirements with mandatory adoption January 1, 2029. The NAIC’s Life Actuarial Task Force VM-22

(A) Subgroup is considering allowing optional election of VM-22 for non-variable annuity business issued on or after January 1, 2017.

Relatedly, the Generator of Economic Scenarios statutory reserve and capital calculations applicable to new non-variable annuity

business is effective January 1, 2026. Corebridge has considered, and will be considering, appropriate implementation of these

frameworks, and continues to closely monitor these developments.

Finally, the NAIC Life Insurance and Annuities (A) Committee has created a working group to contemplate updating NAIC guidance

for life insurance and annuity illustrations and disclosures. Suggested revisions could include changes to illustration requirements for

fixed index annuities pertaining to back-casting performance results. We are monitoring these developments and any model guidance

that may flow from the Life Insurance and Annuities Committee’s work on this subject.

In addition to regulatory developments at the NAIC, we are also subject to accounting practices and standards prescribed and/or

permitted by our domiciliary insurance regulators. In December 2025, the NAIC approved agenda item 2024-06: Risk Transfer

Analysis of Combination Reinsurance Contracts in respect of SSAP No. 61 and Appendix A-791 (the “Adoption”), clarifying the

treatment of combination treaties with interdependent features under statutory accounting for new and newly amended contracts

effective immediately and for in-force contracts effective for the year ending December 31, 2026. In response, we received a statutory

permitted accounting practice from the Texas Department of Insurance related to an existing reinsurance treaty that fell within the

scope of the Adoption. The permitted accounting practice is effective December 31, 2026.

For information regarding our regulation and supervision by different regulatory authorities in the United States and abroad, see

“Business—Regulation—U.S. Regulation” and “Business—Regulation—International Regulation in the 2025 Form 10-K.

Corebridge | Second Quarter 2026 Form 10-Q 85

Risk

There have been no material changes to the quantitative and qualitative disclosures about market risk described in “Quantitative and

Qualitative Disclosures About Market Risk” in the 2025 Form 10-K.

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted

under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported

within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to

management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required

disclosures. In connection with the preparation of this Quarterly Report on Form 10-Q, an evaluation was carried out by Corebridge

management, with the participation of Corebridge’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of our

disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of June 30, 2026.

Based on this evaluation, Corebridge’s Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and

procedures were effective as of June 30, 2026.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f)) that have occurred during

the quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over

financial reporting.

Corebridge | Second Quarter 2026 Form 10-Q 137

In addition to the other information set forth in this Quarterly Report, you should carefully consider the risk factors discussed in “Risk

Factors” in our 2025 Form 10-K and in our first quarter 2026 Form 10-Q. There have been no material changes in Corebridge’s risk

factors from those disclosed in "Risk Factors" in the 2025 Form 10-K. and in the first quarter 2026 Form 10-Q.

Corebridge | Second Quarter 2026 Form 10-Q 138