Corebridge Financial, Inc. (NYSE:CRBG) Q1 2023 Earnings Conference Call May 9, 2023 8:30 AM ET Company Participants Josh Smith - Head of Investor Relations Kevin Hogan - President and Chief Executive Officer Elias Habayeb - Chief Financial Officer Conference Call Participants Elyse Greenspan - Wells Fargo Securities John Barnidge - Piper Sandler Alex Scott - Goldman Sachs Erik Bass - Autonomous Ryan Krueger - Keefe, Bruyette & Woods Michael Ward - Citi Jimmy Bhullar - JPMorgan Suneet Kamath - Jefferies Oper ...

UNITED STATES Washington, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Corebridge Financial, Inc. (Exact name of registrant as specified in its charter) Delaware 95-4715639 (State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) Registrant ...

TABLE OF CONTENTS The following charts depict our portfolio by credit rating excluding assets held through our modified coinsurance arrangements OUR INVESTMENT MANAGEMENT AGREEMENTS WITH BLACKROCK COMPETITIVE COMPENSATION AND BENEFITS We care about the health and safety of our employees. In response to the COVID-19 pandemic, we quickly and effectively transitioned a majority of our employees to remote work. We intend to maintain a hybrid work model for the foreseeable future. ITEM 1 | Business This Annual R ...

corebridge · financial CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION NON-GAAP FINANCIAL MEASURES ●●： ● | --- | --- | --- | |-----------------------------|--------------------------------|-----------------------------------------| | | | | | Balance sheet | Profitability | Capital return | | 400%+ | | $600 million | | Life Fleet RBC Ratio 1 | 12% - 14% Adjusted ROAE 1,3,4 | Aggregate annual stockholder dividends | | 25% - 30% | | 60% - 65% | | Target financial leverage 2 | | Payout ratio 4,5 | Re ...

Financial Data and Key Metrics Changes - Corebridge Financial reported operating earnings per share of $0.88 for Q4 2022 and $2.87 for the full year, demonstrating resilience despite external conditions [10] - Adjusted pretax operating income (APTOI) for Q4 was $639 million, which was 31% lower than the prior year quarter, primarily due to market conditions and structural changes [22][53] - Base spread income, the largest source of earnings, grew 25% year-over-year, reflecting higher new money rates and strong growth in spread-based products [23] Business Line Data and Key Metrics Changes - Individual Retirement reported APTOI of $436 million, benefiting from strong growth in base spread income, which was up 35% year-over-year [27] - Life Insurance generated APTOI of $97 million in Q4, with core underwriting margin improving 78% year-over-year due to favorable mortality experience [30] - Group Retirement reported APTOI of $177 million, with base spread income growing 13% year-over-year [60] Market Data and Key Metrics Changes - The company generated premiums and deposits of $3.8 billion in Q4 2022, contributing to $15.1 billion of new deposits for the year, with positive net flows of $2.4 billion, reflecting nearly 200% growth year-over-year [5] - Fixed index annuity premiums and deposits reached $1.7 billion in Q4 and over $6.3 billion for the full year, with net inflows of $4.5 billion [12] - Group Retirement premiums and deposits were nearly $2.2 billion for Q4 and approximately $8 billion for the full year [43] Company Strategy and Development Direction - The company is focused on creating sustainable, profitable growth while delivering on financial goals, including achieving a return on equity (ROE) of 12% to 14% [49][67] - Corebridge is advancing its investment partnerships and efficiency strategies, with significant progress on its modernization program aimed at delivering $400 million in annual run rate savings [14][48] - The company is well-positioned to capitalize on market opportunities and strengthen relationships with distribution partners [44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate uncertain and volatile market conditions, highlighting the strength of its diverse sources of earnings and broad product platform [19][20] - The outlook for 2023 includes expectations for EPS growth driven by expense savings, investments, organic growth, and capital management [35] - Management anticipates continued volatility in GAAP earnings but expects an increase in adjusted book value [34] Other Important Information - The company ended the year with $1.5 billion in holding company liquidity and paid approximately $300 million in dividends since the IPO [33] - Adjusted book value was $21.4 billion, up 9% year-over-year, but down 2% from the previous quarter due to derivative and foreign exchange mark-to-market losses [89] - The company expects to see reduced volatility in operating results with the implementation of LDTI in 2023 [65] Q&A Session Summary Question: Update on potential secondary offering and buyback program - Management indicated they have the financial flexibility to participate in a buyback program if a secondary offering occurs [69][70] Question: Clarification on expense savings and standalone company expenses - Management confirmed that $130 million of incremental expense savings is expected to earn in 2023, offset by $75 million to $100 million in higher standalone company expenses [71][72] Question: Insights on fixed annuity surrender activity - Management noted that while surrenders are higher, they are lower than expectations, and strong new business has resulted in positive flows [96][97] Question: Discussion on interest maintenance reserve and investment strategy - Management clarified that the interest maintenance reserve does not dictate investment decisions, which are driven by liabilities and market opportunities [100][125] Question: Commentary on mortality trends and reinsurance rates - Management stated that mortality performance in the U.S. has been favorable, and reinsurance rates have not materially impacted their business [129][131]

TABLE OF CONTENTS Title of each class Trading Symbol Name of each exchange on which registered Common Stock, Par Value $0.01 Per Share CRBG New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from t ...