TABLE OF CONTENTS 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 March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41504 Corebridge Financial, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of i ...

Corebridge Financial (CRBG) came out with quarterly earnings of $1.16 per share, beating the Zacks Consensus Estimate of $1.15 per share. This compares to earnings of $1.10 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 0.87%. A quarter ago, it was expected that this financial services company would post earnings of $1.19 per share when it actually produced earnings of $1.23, delivering a surprise of 3.36%.Over the last four ...

FOR IMMEDIATE RELEASE Corebridge Financial Announces First Quarter 2025 Results HOUSTON – May 5, 2025 – Corebridge Financial, Inc. ("Corebridge" or the "Company") (NYSE: CRBG) today reported financial results for the first quarter ended March 31, 2025. Kevin Hogan, President and Chief Executive Officer, said, "Corebridge generated strong earnings and delivered attractive capital return over the first quarter, executing on our strategic priorities. Our capital, liquidity and financial flexibility position us ...

Corebridge Financial (CRBG) is expected to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended March 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May ...

Group 1 - Corebridge Financial's shares have increased by 35% over the past year, driven by solid financial results and capital returns to shareholders [1] - The successful divestment by AIG has positively impacted Corebridge Financial [1] Group 2 - The article emphasizes the importance of macro views and stock-specific turnaround stories for achieving outsized returns with a favorable risk/reward profile [1]

Core Insights - The market cycle has revealed distinct winners and losers, particularly highlighting the peak of speculative stocks in March 2021, which included microcaps and small tech firms [1] Group 1: Market Trends - The peak of speculative stocks occurred four years ago, with significant highs in March 2021 [1] - Areas such as microcaps and small tech firms, often associated with Cathie Wood's investment strategies, were notably affected during this peak [1] Group 2: Investment Strategies - The article emphasizes the importance of thematic investing and understanding macro drivers of various asset classes, including stocks, bonds, commodities, currencies, and crypto [1]

Core Points - Corebridge Financial, Inc. (CRBG) reported a 5.9% decline in shares following the release of fourth-quarter 2024 results on February 12, 2025, despite beating earnings expectations [1] - The quarterly earnings were positively impacted by higher investment income and improved Life Insurance performance, but negatively affected by a decline in Life Insurance premiums and deposits, as well as lower guaranteed investment contract deposits [1] Financial Performance - CRBG's fourth-quarter 2024 operating earnings per share were $1.23, exceeding the Zacks Consensus Estimate by 3.4%, and reflecting an 18.3% year-over-year increase [2] - Adjusted revenues fell 15.2% year over year to $5 billion, missing the consensus mark by 16.7% [2] - Premiums and deposits totaled $9.9 billion, down 6% year over year, with a more significant decline of 8% when excluding transactional activity and international business sales [3] Investment Income and Expenses - Net investment income rose 12.1% year over year to $2.9 billion, driven by increased base portfolio income [3] - Total benefits and expenses decreased 20.1% year over year to $4.1 billion, attributed to lower policyholder benefits and general operating expenses [4] - Adjusted pre-tax operating income increased 7.1% year over year to $878 million, with an adjusted return on average equity of 12.8%, up 160 basis points year over year [4] Segment Performance - Individual Retirement segment reported premiums and deposits of $5 billion, down 5% year over year, while fee income increased 9.4% to $315 million [5] - Group Retirement premiums and deposits fell 22% year over year to $1.6 billion, with fee income improving 12.2% to $203 million [7] - Life Insurance premiums and deposits decreased 20% year over year to $879 million, but adjusted pre-tax operating income surged 97% to $156 million, exceeding the consensus estimate [8] - Institutional Markets saw premiums and deposits rise 18% year over year to $2.4 billion, with adjusted pre-tax operating income increasing 43% to $133 million [9] Financial Position - As of December 31, 2024, Corebridge had a cash balance of $806 million, up 31.7% from the end of 2023, and total investments of $243.8 billion, an increase of 4.8% [11] - Total assets rose 2.7% to $389.4 billion, while total equity declined 2.4% to $12.3 billion [11] - Adjusted book value per share was $39.80, reflecting an 8.1% year-over-year increase [12] Share Repurchase and Dividends - In the fourth quarter, Corebridge repurchased common shares worth $398 million and paid quarterly dividends of $129 million [14] - The company increased its share repurchase authorization by $2 billion and raised the dividend to 24 cents per share [14]

Fourth Quarter and Full Year 2024 Financial Results Presentation February 13, 2025 Corebridge value proposition Diversified business model Strong balance sheet We are well positioned to continue creating shareholder value as demonstrated by growth in our earnings, cash generation and capital return Disciplined execution shareholder value icon tbd icon tbd icon tbd 2 Successfully delivered on financial targets set at initial public offering Profitability Capital return Balance sheet 13.2% Adjusted run rate R ...

Financial Data and Key Metrics Changes - Corebridge Financial reported a full-year operating earnings per share (EPS) of $4.83, an 18% increase year-over-year [14] - The return on equity (ROE) grew to 12.8%, with a run-rate ROE improvement of over 100 basis points year-over-year to 13.2% [15] - The company returned $2.3 billion to shareholders in 2024, with a cumulative payout ratio of 73% since the IPO [11][15] - Adjusted pretax operating income for Q4 was $878 million, or operating EPS of $1.23, an 18% increase year-over-year [28] Business Line Data and Key Metrics Changes - Individual retirement adjusted pretax operating income declined 7% year-over-year, primarily due to base spread compression [33] - Group retirement delivered steady performance, with net outflows of $3.5 billion in Q4 due to plan losses and required minimum distributions [37] - Life insurance adjusted pretax operating income increased over 100% year-over-year, driven by favorable mortality experience [38] Market Data and Key Metrics Changes - Corebridge achieved premiums and deposits of $41.7 billion in 2024, a 5% increase over 2023 [17] - The fixed annuity surrender rate dropped to 9.7% in Q4, with expectations of an increase in the coming year as large blocks exit their surrender charge period [35] - The company reported full-year net inflows of $6.9 billion in individual retirement, nearly double the prior year [35] Company Strategy and Development Direction - Corebridge focuses on four strategic pillars: organic growth, balance sheet optimization, expense efficiencies, and active capital management [16][25] - The company launched its MarketLock registered index-linked annuity (RILA) in Q4, expanding its product offerings [19] - Corebridge aims for annual run-rate EPS growth of 10% to 15% over the long term, with expectations for dividends from insurance companies to increase by 5% to 10% in 2025 [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business conditions, stating that macro trends support growth in spread income and other revenue sources [50] - The company anticipates some pressure on base spread income due to short-term interest rate management but expects this to be temporary [26] - Management highlighted the importance of maintaining strong financial flexibility while pursuing profitable growth [11][24] Other Important Information - Corebridge achieved $350 million in run-rate savings ahead of schedule, with a total expense reduction of 13% on a comparable basis over the last two years [12] - The company ended the year with holding company liquidity of $2.2 billion, including $1 billion from debt issuance [42] - The Life RBC ratio is estimated to be in the range of 420% to 430% as of the end of 2024 [45] Q&A Session Summary Question: Base spread income outlook for 2025 - Management expects spread income to grow over time despite short-term impacts from rate reductions, with a focus on individual retirement segment [50][54] Question: EPS growth target clarification - The baseline EPS for growth should be the reported EPS, excluding notable items and normalizing for variable investment income [56][74] Question: Cash flow components for 2025 - Cash generation stability is supported by diversified revenue sources and expense management, with Bermuda providing additional financial flexibility [61] Question: Future focus on capital optimization - The company continues to explore opportunities for reinsurance and balance sheet optimization, with expectations for VII to recover to long-term expectations [67] Question: Individual retirement surrender rates expectations - Surrender rates are expected to reflect market conditions, with a natural growth in the portfolio impacting the volume of products exiting surrender charge protection [82][85] Question: Impact of industry litigation on institutional markets - Management has not seen any impact on pipeline or transaction willingness due to industry litigation, maintaining optimism for pension risk transfer business [126] Question: DAC amortization and commission expenses - Elevated expenses are viewed as a growth component, with expectations for continued growth in the business [134]

Financial Performance - For the year ended December 31, 2024, the company generated spread income of $4.0 billion, fee income of $2.1 billion, and underwriting margin of $1.4 billion, representing a balanced mix of 53%, 28%, and 19% respectively among these income sources[16]. - Total spread income for 2024 reached $2,868 million, representing a 69.6% increase from $2,694 million in 2023, while fee income was $1,251 million, accounting for 30.4% of total income[33]. - Total revenue for Group Retirement in 2024 was $1,512 million, a decrease of 2.0% from $1,543 million in 2023[57]. - Fee income increased to $785 million in 2024, representing 51.9% of total revenue, up from 46.3% in 2023[57][58]. - Net base spread income decreased to $671 million in 2024, accounting for 44.4% of total spread income, down from 50.5% in 2023[57]. Sales and Market Performance - Total individual annuity sales for the year ended December 31, 2024, amounted to $22.2 billion[21]. - Individual Retirement premiums and deposits totaled $22,174 million in 2024, a significant increase from $18,171 million in 2023, with banks contributing 43.1% of the total[37]. - The company has a distribution network of approximately 490 third-party firms, enhancing its market reach and service capabilities[35]. - Approximately 1.5 million in-plan participants did not have an out-of-plan product as of December 31, 2024, indicating a significant pipeline for potential client engagement[62]. - The company retained approximately 22% of rollovers out of retirement plans in an out-of-plan IRA in 2024[62]. Product Development and Innovation - The company launched the Corebridge MarketLock® Annuity, a registered index linked annuity (RILA) contract, in October 2024[26]. - Recent product innovations include a registered index linked annuity with a market lock feature, enhancing the risk-return profile for clients[43]. - Group Retirement's proprietary annuities include fixed, fixed index, and variable annuities, designed to meet diverse client needs[67]. - The company plans to transition away from capital-intensive and highly interest-sensitive products towards protection-oriented products such as GIWL, SIWL, IUL, and Term[95]. Strategic Partnerships and Investments - The company’s strategic partnership with Blackstone is expected to enhance risk-adjusted returns and grow both retail and institutional product lines[20]. - The partnership with Blackstone is expected to enhance investment capabilities, allowing the company to compete effectively in a changing market environment[41]. - The partnership with Blackstone is expected to unlock new opportunities in the Institutional Markets, enhancing the ability to source specialized assets[116]. - The company completed the sale of its subsidiary Laya Healthcare Limited to AXA S.A. on October 31, 2023, and AIG Life Limited to Aviva plc on April 8, 2024, to focus on core businesses[74]. Risk Management and Financial Stability - The company’s strong balance sheet is supported by a high-quality liability profile and effective risk management practices[19]. - The risk management strategy focuses on long-term value, resulting in a well-diversified annuity business with minimal exposure to unprofitable legacy lines[46]. - As of December 31, 2024, 87% of the variable annuity GMDB account value provides for a return of premium or locks in a maximum anniversary value, with only 4% exposed to legacy GMDB options[30]. - The company has deprioritized Guaranteed Universal Life (GUL) products, which are not expected to be a significant contributor to the portfolio in the near term[82]. Market Trends and Opportunities - The aging U.S. population and reduced access to private pensions are expected to drive demand for retirement savings and income products, presenting growth opportunities[40]. - The company aims to deepen distribution relationships and expand product penetration through strategic account management and customized wholesaling[42]. - The company aims to increase penetration in core markets, particularly targeting tax-exempt and public sector employees in K-12 and higher education[68]. Technology and Digitization - Significant investments in technology and digitization are expected to enhance client experience and drive participant enrollment[70]. - The company aims to streamline underwriting processes through digitization and automation, enhancing customer experience while maintaining risk management[94]. - The company is implementing BlackRock's "Aladdin" investment management technology platform to enhance investment management capabilities[150]. Corporate Social Responsibility - The company emphasizes a culture of inclusion and belonging, focusing on attracting and developing talent from diverse demographics[181]. - In 2024, employees volunteered nearly 9,000 hours and made personal donations to causes important to them[187]. - The company offers 16 hours of paid Volunteer Time Off to empower employees to engage in community service[187]. - The company partners with organizations to deliver financial education programs, reaching broad populations[185].