Corebridge Financial (CRBG) Investor presentation summary

Portfolio composition and diversification

• Investment portfolio totals $279B, diversified across asset classes, sectors, geographies, and issuers.

• Private debt represents $41B, or 14.5% of the portfolio, with 53.5% in private corporate debt and 21.7% in infrastructure debt.

• 95% of the fixed income portfolio is investment grade, with a weighted average rating of A-.

• Private ABS and direct middle market lending comprise 16.1% and 8.7% of private debt, respectively.

• Statutory statements include $26B in Fortitude Re ModCo holdings, with private debt adjusted accordingly.

Underwriting and risk management process

• Private asset origination is managed by experienced internal and external teams with a robust governance framework.

• Underwriting is fundamentals-based, with strict risk parameters, due diligence, and strong covenant protection.

• Ongoing portfolio management includes daily to quarterly monitoring and stress testing.

• Focus on capital preservation and minimizing risk of loss for long-term holdings.

• Internal workout team has a strong track record in managing distressed assets.

Financial metrics and trends

• As of September 30, 2025, public bonds are $88.9B (31.8%), mortgage loans $58.2B (20.8%), and private debt $40.6B (14.5%).

• Total investments including Fortitude Re ModCo are $279.5B, up from $261.9B at year-end 2024.

• Alternatives and equities account for $9.0B (3.2%), with cash and other at $9.1B (3.3%).

• Fortitude Re ModCo includes $5.0B of private debt.