Form 497VPU VARIABLE SEPARATE ACCOUN

April 30, 2026 6:04 AM EDT
 
issued by
AMERICAN GENERAL LIFE INSURANCE COMPANY
in all states except in New York
In connection with
VARIABLE SEPARATE ACCOUNT
 
UPDATING SUMMARY PROSPECTUS FOR EXISTING INVESTORS
May 1, 2026
This updating summary prospectus provides updated information about Polaris II, a flexible premium deferred variable annuity.
The prospectus for the contract contains more information about the contract, such as the contract’s features, benefits, and risks. You can find the current prospectus and other information about the contract online at www.corebridgefinancial.com/ProductProspectuses. You can also obtain this information at no cost by calling (855) 421-2692 or by writing to our Annuity Service Center (P.O. Box 15570, Amarillo, Texas 79105-5570).
 
* * * * * * * * * * * *
 
Additional information about certain investment products, including variable annuities, has been prepared by the SEC’s staff and is available at www.Investor.gov.
Special Terms Used in this Summary Prospectus
 
Accumulation Phase - The period during which you invest money in your contract.
Fixed Account - An account, if available, in which you may invest money and earn a fixed rate of return. Fixed Accounts are obligations of the General Account.
Income Benefit Base - A value used to determine the minimum income amount if Income Protector was elected.
Living Benefit - An optional benefit designed to help create a guaranteed income stream for life. (Living Benefits may only be elected at the time you purchase the contract).
Purchase Payments - The money you give us to buy and invest in the contract.
Separate Account - A segregated asset account maintained by the Company separately from the Company’s General Account. The Separate Account consists of Variable Portfolios or subaccounts, each investing in shares of the Underlying Funds.
Underlying Funds - The underlying investment portfolios of the Trusts in which a Variable Portfolio invests.
Variable Portfolio(s) - A variable investment option available under the contract. Each Variable Portfolio, which is a subaccount of the Separate Account, invests in shares of one of the Underlying Funds. Each Underlying Fund has its own investment objective.
Updated Information About Your Contract
 
The following is a summary of certain contract features that have changed since the Updating Summary Prospectus dated April 28, 2025. This may not reflect all of the changes that have occurred since you purchased your contract. Please see the prospectus available on www.corebridgefinancial.com/ProductProspectuses for more information.
Underlying Fund Changes effective on July 28, 2025
•
The SA Wellington Government and Quality Bond Portfolio was renamed SA Goldman Sachs Government and Quality Bond Portfolio and Goldman Sachs Asset Management L.P. became its subadvisor.
•
The SA JPMorgan Global Equities Portfolio was renamed SA Fidelity Institutional AM Global Equities Portfolio and FIAM LLC became its suadvisor.
Underlying Fund Changes effective on May 1, 2026
•
The SA Morgan Stanley International Equities Portfolio was renamed SA BlackRock Advantage International Portfolio and BlackRock Investment Management, LLC became its subadvisor.
2
Important Information You Should Consider About the Contract
 
 
 
FEES AND EXPENSES
Location in
Prospectus
Are There
Charges or
Adjustments for
Early
Withdrawals?
Yes.
•For Contracts without Polaris Rewards. If you withdraw money from your contract
within 7 years following each Purchase Payment, you may be assessed a withdrawal
charge of up to 7%, as a percentage of each Purchase Payment withdrawn.
•For Contracts with Polaris Rewards. If you withdraw money from your contract within
9 years following your purchase of the contract or your last Purchase Payment, you may
be assessed a withdrawal charge of up to 9%, as a percentage of each Purchase Payment
withdrawn.
For example, if you were to withdraw $100,000 during a withdrawal charge period, you
could be assessed a withdrawal charge of up to $7,000 if your maximum withdrawal
charge is 7% or $9,000 if your maximum withdrawal charge is 9%. This loss will be
greater if there are federal and state income taxes or tax-penalties.
Withdrawal charges do not apply to certain withdrawals including the withdrawal up to
the annual penalty-free withdrawal amount which equals 10% of your Purchase Payments
not yet withdrawn.
Expenses –
Withdrawal
Charges
Are There
Transaction
Charges?
Yes, in addition to withdrawal charges, you may be charged for other transactions. You will
be charged for each transfer after 15 transfers in any contract year during the Accumulation
Phase. There may also be taxes on Purchase Payments.
Expenses
Are There
Ongoing Fees and
Expenses?
Yes.
The table below describes the current fees and expenses of the contract that you may pay
each year, depending on the investment options and optional benefits you choose. Please
refer to your contract specifications page for information about the specific fees you will pay
each year based on the options you have elected.
Expenses
Annual Fee
Minimum
Maximum
Base Contract1
1.54%
1.54%
Investment Options2
(Underlying Fund fees and expenses)
0.46%
1.33%
Optional Benefits Available for an
Additional Charge
(For a single optional benefit, if elected)
0.25%3
0.30%4
1 As a percentage of the value in the Separate Account (includes a percentage attributable
to the contract maintenance fee).
2 As a percentage of Underlying Fund net assets.
3 As a percentage of the average daily ending net asset value allocated to the Variable
Portfolios.
4 As a percentage of the Income Benefit Base used to calculate the guaranteed benefit. This
represents the maximum charge for the most expensive optional benefit.
Because your contract is customizable, the choices you make affect how much you will pay.
To help you understand the cost of owning your contract, the following table shows the
lowest and highest cost you could pay each year, based on current charges. This estimate
assumes that you do not take withdrawals from the contract, which could add withdrawal
charges that substantially increase costs.
Lowest Annual Cost: $1,757
Highest Annual Cost: $2,602
Assumes:
•Investment of $100,000
•5% annual appreciation
•Least expensive Underlying Fund fees
and expenses
•No optional benefits
•No withdrawal charges
•No additional Purchase Payments,
transfers, or withdrawals
Assumes:
•Investment of $100,000
•5% annual appreciation
•Most expensive combination of optional
benefits and Underlying Fund fees and
expenses
•No withdrawal charges
•No additional Purchase Payments,
transfers, or withdrawals
3
 
RISKS
Location in
Prospectus
Is There a Risk of
Loss from Poor
Performance?
Yes. You can lose money by investing in this contract, including possible loss of your
principal investment.
Principal Risks of
Investing in the
Contract
Is this a
Short-Term
Investment?
No.
•This contract is not designed for short-term investing and may not be appropriate for an
investor who needs ready access to cash. As such, you should not use the contract as a
short-term investment or savings vehicle.
•Charges may apply to withdrawals. Withdrawal charges could significantly reduce the
value of your investment or the amount that you receive upon taking a withdrawal.
Withdrawals may also reduce or terminate contract guarantees and may also be subject to
state and federal income taxes and tax-penalties.
•The benefits of tax deferral, long-term income, and optional Living Benefit guarantees
mean that this contract is generally more beneficial to investors with a long investment
time horizon.
What are the
Risks Associated
with the
Investment
Options?
•An investment in this contract is subject to the risk of poor investment performance and
can vary depending on the performance of the investment options available under the
contract.
•Each investment option (including each Fixed Account option) has its own unique risks.
•You should review the available investment options before making an investment decision.
What are the
Risks Related to
the Insurance
Company?
An investment in the contract is subject to the risks related to us, American General Life
Insurance Company. Any obligations (including under a Fixed Account option), guarantees,
and benefits of the contract are subject to our claims-paying ability. An Owner should look
solely to our financial strength for our claims-paying ability. More information about the
Company, including our financial strength ratings, may be obtained at
https://investors.corebridgefinancial.com/financials/Ratings/default.aspx .
 
RESTRICTIONS
 
Are There Limits
on the Investment
Options?
Yes.
Transfer Restrictions.
•During the Accumulation Phase, you must transfer at least $100 per transfer between any
of the Variable Portfolios and/or any available Fixed Accounts. If less than $100 remains
in any Variable Portfolio or Fixed Account after a transfer, that amount must be
transferred as well. Funds already in your contract cannot be transferred to the DCA
Fixed Account, if available. A transfer request will be priced as of the day it is received
before Market Close. If the transfer request is received after Market Close, the request
will be priced as of the next NYSE business day.
•During the Income Phase, only one transfer per month is permitted between the Variable
Portfolios. No other transfers are allowed during the Income Phase. Transfers will be
effected for the last NYSE business day of the month in which we receive your request for
the transfer. You may not use the DCA Program or the Automatic Asset Rebalancing
Program during the Income Phase.
•Your transfers between the Variable Portfolios are subject to policies designed to deter
frequent and short-term trading.
Investment Restrictions. If you elect an optional Living Benefit, not all investment
options may be available and you must invest in accordance with the applicable investment
requirements. You may be required to invest a certain percentage of your contract value in
a certain investment option, including the Secure Value Account which is only available
with certain option Living Benefits. We reserve the right to modify the investment
requirements in the future. If you do not elect any optional benefit, or if the only optional
benefit you elect is a death benefit, your contract is not subject to investment
requirements.
Availability of Variable Portfolios. We may, subject to any applicable law, make certain
changes to the Variable Portfolios offered in your contract. We may offer new Variable
Portfolios or stop offering existing Variable Portfolios. New Variable Portfolios may be
made available to existing contract Owners, and Variable Portfolios may be closed to new
or subsequent Purchase Payments, transfers or allocations. In addition, we may also
liquidate the shares of any Variable Portfolio, substitute the shares of one Underlying
Fund held by a Variable Portfolio for another and/or merge Variable Portfolios or
cooperate in a merger of Underlying Funds. To the extent required by the Investment
Company Act of 1940, as amended, we may be required to obtain SEC approval or your
approval.
Investment
Options
4
 
RESTRICTIONS
Location in
Prospectus
Are There Any
Restrictions on
Contract Benefits?
Yes.
•There are restrictions and limitations relating to the benefits offered under the contract
(e.g., death benefits, Living Benefits, DCA Fixed Account, DCA Program, Automatic
Asset Rebalancing Program, Systematic Withdrawal Program, Automatic Payment Plan).
•We reserve the right to modify or terminate the DCA Program, Automatic Asset
Rebalancing Program, Systematic Withdrawal Program, and Automatic Payment Plan.
•Withdrawals that exceed limits specified by the terms of a benefit may reduce the value of
the benefit by an amount greater than the value withdrawn and could terminate the
benefit.
Optional Living
Benefit
Death Benefits
 
TAXES
 
What are the
Contract’s Tax
Implications?
•You should consult with a tax professional to determine the tax implications of an
investment in and payments received under the contract.
•If you purchase the contract through a tax-qualified plan or individual retirement account
(IRA), there is no additional tax benefit under the contract.
•Earnings under your contract are taxed at ordinary income tax rates when withdrawn.
You may have to pay a tax penalty if you take a withdrawal before age 59½.
Taxes
 
CONFLICTS OF INTEREST
 
How Are
Investment
Professionals
Compensated?
Your financial representative may receive compensation for selling this contract to you in the
form of commissions, additional cash compensation, and/or non-cash compensation. We may
share the revenue we earn on this contract with your financial representative’s firm.
Revenue sharing arrangements and commissions may provide selling firms and/or their
registered representatives with an incentive to favor sales of our contracts over other
variable annuity contracts (or other investments) with respect to which a selling firm does
not receive the same level of additional compensation. You should ask your financial
representative about how they are compensated.
Payments in
Connection with
Distribution of the
Contract
Should I
Exchange My
Contract?
Some financial representatives may have a financial incentive to offer you a new contract in
place of the one you already own. You should exchange a contract you already own only if
you determine, after comparing the features, fees, and risks of both contracts, that it is
better for you to purchase the new contract rather than continue to own your existing
contract.
5
Appendix A – Investment Options Available Under The Contract
 
Underlying Funds
The following is a list of Underlying Funds available under the contract. More information about the Underlying Funds is available in the prospectuses for the Underlying Funds, which may be amended from time to time and can be found online at www.corebridgefinancial.com/ProductProspectuses. You can also request this information at no cost by calling (855) 421-2692.
The current expenses and performance information below reflect fees and expenses of the Underlying Funds, but do not reflect the other fees and expenses that your contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Underlying Fund’s past performance is not necessarily an indication of future performance.
 
Type
Underlying Fund – Share Class
Advisor
Subadvisor (if applicable)
Current
Expenses
Average Annual Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Asset
Allocation
American Funds Asset Allocation Fund – Class 2
Capital Research and Management Company
0.54%
15.85%
8.97%
9.77%
 
SA JPMorgan Diversified Balanced Portfolio – Class 1
SunAmerica Asset Management, LLC
J.P. Morgan Investment Management Inc.
0.74%*
12.95%
6.06%
7.54%
 
SA MFS Total Return Portfolio – Class 1
SunAmerica Asset Management, LLC
Massachusetts Financial Services Company
0.71%
10.99%
6.30%
7.53%
Bond
SA American Century Inflation Managed Portfolio – Class 3
SunAmerica Asset Management, LLC
American Century Investment Management, Inc.
0.85%
6.21%
0.63%
2.06%
 
SA Federated Hermes Corporate Bond Portfolio – Class 1
SunAmerica Asset Management, LLC
Federated Investment Management Company
0.55%
7.05%
0.42%
3.72%
 
SA Goldman Sachs Government and Quality Bond Portfolio1
– Class 1
SunAmerica Asset Management, LLC
Goldman Sachs Asset Management L.P.1
0.59%
6.57%
-0.78%
1.45%
 
SA JPMorgan MFS Core Bond Portfolio – Class 1
SunAmerica Asset Management, LLC
J.P. Morgan Investment Management Inc. and Massachusetts
Financial Services Company
0.53%*
7.29%
0.10%
2.45%
 
SA JPMorgan Ultra-Short Bond Portfolio – Class 1
SunAmerica Asset Management, LLC
J.P. Morgan Investment Management Inc.
0.55%
4.62%
2.46%
1.68%
 
SA PIMCO Global Bond Opportunities Portfolio – Class 1
SunAmerica Asset Management, LLC
Pacific Investment Management Company, LLC
0.93%*
9.07%
-3.37%
0.61%
 
SA PineBridge High-Yield Bond Portfolio – Class 1
SunAmerica Asset Management, LLC
PineBridge Investments, LLC
0.76%
8.36%
5.33%
7.22%
Cash
Goldman Sachs VIT Government Money Market Fund – Service
Shares
Goldman Sachs Asset Management, L.P.
0.43%*
3.94%
2.98%
1.90%
Stock
American Funds Global Growth Fund – Class 2
Capital Research and Management Company
0.66%*
21.63%
8.23%
12.17%
 
American Funds Growth Fund – Class 2
Capital Research and Management Company
0.59%
20.23%
13.37%
17.97%
 
American Funds Growth-Income Fund – Class 2
Capital Research and Management Company
0.53%
18.06%
13.90%
13.92%
 
Invesco V.I. American Franchise Fund – Series II
Invesco Advisers, Inc.
1.10%
11.39%
10.08%
14.58%
A-1
Type
Underlying Fund – Share Class
Advisor
Subadvisor (if applicable)
Current
Expenses
Average Annual Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Stock
(continued)
Invesco V.I. Comstock Fund – Series II
Invesco Advisers, Inc.
1.00%
17.14%
15.14%
11.67%
 
Invesco V.I. Growth and Income Fund – Series II
Invesco Advisers, Inc.
1.00%
15.30%
12.56%
10.46%
 
Lord Abbett Growth and Income Portfolio – Class VC
Lord, Abbett & Co. LLC
0.93%
17.29%
13.35%
11.12%
 
Lord Abbett Mid Cap Stock Portfolio – Class VC
Lord, Abbett & Co. LLC
1.15%
7.05%
10.15%
7.97%
 
SA AB Growth Portfolio – Class 1
SunAmerica Asset Management, LLC
AllianceBernstein L.P.
0.63%
13.06%
11.95%
16.14%
 
SA AB Small & Mid Cap Value Portfolio – Class 3
SunAmerica Asset Management, LLC
AllianceBernstein L.P.
1.16%*
2.32%
8.36%
8.27%
 
SA BlackRock Advantage International Portfolio2 – Class 1
SunAmerica Asset Management, LLC
BlackRock Investment Management, LLC2
0.87%*
21.24%
5.49%
6.37%
 
SA Fidelity Institutional AM Global Equities Portfolio3 – Class 1
SunAmerica Asset Management, LLC
FIAM LLC3
0.82%*
22.19%
13.82%
11.38%
 
SA Fidelity Institutional AM Real Estate Portfolio – Class 1
SunAmerica Asset Management, LLC
FIAM LLC
0.85%
1.50%
4.91%
5.44%
 
SA Franklin BW U.S. Large Cap Value Portfolio – Class 1
SunAmerica Asset Management, LLC
Brandywine Global Investment Management, LLC
0.70%*
17.13%
13.86%
11.60%
 
SA Franklin Small Company Value Portfolio – Class 3
SunAmerica Asset Management, LLC
Franklin Mutual Advisers, LLC
1.25%*
6.14%
8.32%
9.41%
 
SA Franklin Systematic U.S. Large Cap Value Portfolio – Class 1
SunAmerica Asset Management, LLC
Franklin Advisers, Inc.
0.64%
16.92%
11.80%
12.59%
 
SA Invesco Growth Opportunities Portfolio – Class 1
SunAmerica Asset Management, LLC
Invesco Advisers, Inc.
0.82%
6.10%
-0.73%
9.13%
 
SA Janus Focused Growth Portfolio – Class 1
SunAmerica Asset Management, LLC
Janus Capital Management, LLC
0.80%*
18.39%
11.68%
15.64%
 
SA JPMorgan Emerging Markets Portfolio – Class 1
SunAmerica Asset Management, LLC
J.P. Morgan Investment Management Inc.
1.16%*
36.28%
4.64%
8.42%
 
SA JPMorgan Equity-Income Portfolio – Class 1
SunAmerica Asset Management, LLC
J.P. Morgan Investment Management Inc.
0.59%
14.63%
10.80%
11.09%
 
SA JPMorgan Large Cap Core Portfolio – Class 1
SunAmerica Asset Management, LLC
J.P. Morgan Investment Management Inc.
0.69%*
14.47%
13.00%
12.73%
 
SA JPMorgan Mid-Cap Growth Portfolio – Class 1
SunAmerica Asset Management, LLC
J.P. Morgan Investment Management Inc.
0.77%*
8.07%
4.24%
12.17%
 
SA MFS Large Cap Growth Portfolio – Class 1
SunAmerica Asset Management, LLC
Massachusetts Financial Services Company
0.68%
16.64%
15.12%
16.16%
 
SA MFS Massachusetts Investors Trust Portfolio – Class 1
SunAmerica Asset Management, LLC
Massachusetts Financial Services Company
0.70%*
13.82%
11.48%
12.65%
A-2
Type
Underlying Fund – Share Class
Advisor
Subadvisor (if applicable)
Current
Expenses
Average Annual Total Returns
(as of 12/31/2025)
1 Year
5 Year
10 Year
Stock
(continued)
SA PIMCO RAE International Value Portfolio – Class 3
SunAmerica Asset Management, LLC
Pacific Investment Management Company, LLC
1.09%*
35.91%
10.00%
5.99%
 
SA Putnam International Value Portfolio – Class 1
SunAmerica Asset Management, LLC
Putnam Investment Management, LLC
0.94%*
35.27%
12.89%
9.06%
 
SA Wellington Capital Appreciation Portfolio – Class 1
SunAmerica Asset Management, LLC
Wellington Management Company LLP
0.73%
14.53%
8.81%
16.03%
Volatility
Control
SA VCP Dynamic Allocation Portfolio – Class 3
SunAmerica Asset Management, LLC
AllianceBernstein L.P.
1.01%
11.13%
5.34%
7.51%
 
SA VCP Dynamic Strategy Portfolio – Class 3
SunAmerica Asset Management, LLC
AllianceBernstein L.P.
1.03%
10.89%
5.66%
7.19%
 
* This Underlying Fund is subject to an expense reimbursement or fee waiver arrangement resulting in a temporary expense reduction. See the Underlying Fund prospectus for additional information.
 
1
On July 28, 2025, SA Wellington Government and Quality Bond Portfolio was renamed SA Goldman Sachs Government and Quality Bond Portfolio and Goldman Sachs Asset Management L.P. became its subadvisor.
2
On May 1, 2026, SA Morgan Stanley International Equities Portfolio was renamed SA BlackRock Advantage International Portfolio and BlackRock Investment Management, LLC became its subadvisor.
3
On July 28, 2025, SA JPMorgan Global Equities Portfolio was renamed SA Fidelity Institutional AM Global Equities Portfolio and FIAM LLC became its subadvisor.
Fixed Accounts
The following is a list of Fixed Accounts currently available under the contract. We may change the features of the Fixed Accounts listed below, offer new Fixed Accounts, and terminate existing Fixed Accounts. We will provide you with written notice before doing so.
See INVESTMENT OPTIONS - FIXED ACCOUNTS of the prospectus for a description of the Fixed Accounts' features. 
Name
Terms
Minimum Guaranteed Interest Rate
1-Year Fixed Account
1-Year
1%
Dollar Cost Averaging Fixed Account
6-Month, 12-Month
1%
 
* * *
This summary prospectus incorporates by reference the prospectus and statement of additional information (SAI) for the contract, both dated May 1, 2026, as may be amended or supplemented from time to time. The SAI may be obtained, free of charge, in the same manner as the prospectus.
 
EDGAR Contract Identifier: C000124668
A-3

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