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 ...