AM Best Affirms Credit Ratings of Corebridge Financial Members

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) for the members of Corebridge Financial (Corebridge). The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the companies and ratings.)

The ratings reflect Corebridge’s balance sheet strength, which AM Best assesses as adequate, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

Corebridge’s risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), benefits from the large, modified coinsurance agreement with Fortitude Reinsurance Company Ltd., which reduces much of the risk from the longer-term structured settlements on the book of business. Corebridge’s BCAR has remained adequate, reflecting the swings of capital gains/losses as well as dividends. The holding company, Corebridge Financial, Inc., indicates projections for leverage and coverage ratios that are within AM Best’s methodology guidelines, and the statutory entities are expected to remain sufficiently capitalized. The investment portfolio is well diversified with a focus on high quality bonds and mortgage loans, which are properly managed by a robust asset liability management program. As of 2024, Corebridge’s Bermuda subsidiary – Corebridge Insurance Company of Bermuda, Ltd. (CICB) – is now being leveraged under a newly executed strategy to optimize financial flexibility; however, ceded business and capitalization will need to be monitored moving forward.

AM Best continues to assess the group’s operating performance as strong. While AM Best acknowledges the headwinds of continued strong competition within the annuity segment, Corebridge maintains a diversified product portfolio, along with spread and fee incomes, which is consistent with peers also at the strong operating level. Overall profitability return metrics are consistent with peers both on a GAAP and statutory basis. Corebridge’s individual and group retirement segments continue to produce consistent returns.

AM Best assesses the group’s business profile as favorable, as a leading writer of life and annuity insurance with wide market reach. The institutional products segment, consisting of pension risk transfer, stable value wrap, guaranteed investment contracts and bank-owned/corporate-owned life insurance, has been a growing portion of the business and is likely to see continued growth. In addition, new products such as registered index-linked annuities are being introduced, which should help to further increase the group’s presence in the annuity segment. Corebridge has recently seen top level executive management departures; however, overall corporate strategy is expected to be maintained by the new officers and the Board of Directors. The ERM program is developed and appropriate for the size and scale of operations.

The FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) have been affirmed with stable outlooks for the following members of Corebridge:

• AGC Life Insurance Company
• American General Life Insurance Company
• United States Life Insurance Company in the City of New York
• The Variable Annuity Life Insurance Company

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Brent DeAngelis

Financial Analyst

+1 908 882 1730

brent.deangelis@ambest.com

Kate Steffanelli

Associate Director

+1 908 882 2337

kate.steffanelli@ambest.com

Christopher Sharkey

Associate Director, Public Relations

+1 908 882 2310

christopher.sharkey@ambest.com

Al Slavin

Senior Public Relations Specialist

+1 908 882 2318

al.slavin@ambest.com