Financial Performance - For the year ended December 31, 2025, the company generated total spread income of $2.665 billion, representing 89.6% of total income, with base spread income at $2.536 billion[31]. - The company recorded $20.6 billion in total individual annuity premiums and deposits for the year ended December 31, 2025[22]. - Fee income for the year ended December 31, 2025, was $310 million, accounting for 10.4% of total income[31]. - Institutional Markets generated a total income of $717 million in 2025, reflecting an increase of 20.1% from $597 million in 2024[125]. - Spread income for Institutional Markets reached $587 million in 2025, representing 81.8% of total income, up from $454 million (76.0%) in 2024[125]. - Fee income was $65 million in 2025, accounting for 9.1% of total income, slightly down from $62 million (10.4%) in 2024[125]. - The life insurance underwriting margin for 2023 was $1,442 million, with a slight decrease expected to $1,368 million in 2024[80]. Business Segments - The diversified business model includes Individual Retirement (52% of Adjusted Pre-Tax Operating Income), Group Retirement (20%), Life Insurance (12%), and Institutional Markets (16%) for the year ended December 31, 2025[17]. - Group Retirement's total revenue for 2025 was $1,485 million, with fee income contributing $802 million (54.0%) and spread income at $683 million (46.0%)[54]. - The core in-plan business targets tax-exempt and public sector institutions, while the out-of-plan business focuses on IRAs, expected to be the largest and fastest-growing segment of U.S. retirement assets[62]. Market Opportunities - The aging U.S. population and reduced access to private pensions are expected to drive demand for retirement savings and income products, positioning the company well for growth[41]. - The life insurance market presents growth opportunities, with nearly half of American adults lacking coverage, indicating a significant protection gap[86]. - The company anticipates continued demand for institutional products, driven by the shift away from defined benefit plans and the growth in retirement assets[112]. Risk Management - The company’s risk management policies and procedures are designed to mitigate exposure to market risks associated with its products[14]. - The company limits exposure on any single life to no greater than $3.5 million for Term and $10 million for UL issued in 2022 and later[105]. - The company emphasizes credit risk management, monitoring concentrations and requiring mitigants such as third-party guarantees and reinsurance[165]. Strategic Partnerships - The company’s strategic partnerships with Blackstone and BlackRock enhance access to diverse asset classes and optimize investment management[21]. - The company has a long-term asset management relationship with Blackstone, initially managing $50 billion, expected to increase to $92.5 billion by Q3 2027[166]. - The company entered into investment management agreements with BlackRock in April 2022, with BlackRock managing approximately $91.9 billion in book value of assets as of December 31, 2025[171]. Technology and Innovation - Investments in technology and digital solutions have improved client experience and satisfaction across the Group Retirement platform[61]. - Significant investments in technology and digitization are underway to enhance client experiences and drive participant enrollment, with tools being developed for plan sponsors to improve engagement[67]. - The company is focused on enhancing underwriting efficiency through automated decision-making processes, particularly with Accelerated Underwriting (AU) for Term insurance products up to $1 million and IUL products up to $2 million[102]. Regulatory Environment - The NAIC adopted the Group Capital Calculation (GCC) and Liquidity Stress Test (LST) amendments to the Holding Company Models, effective January 1, 2026, to enhance regulatory oversight of large life insurers[200]. - The NAIC's Risk-Based Capital Model Law allows states to take regulatory action based on RBC ratio calculations, with actions ranging from requiring a recovery plan to mandatory regulatory takeover[203]. - The NAIC adopted a model bulletin on the Use of Artificial Intelligence Systems by Insurers in December 2023, reflecting the evolving regulatory landscape regarding AI in insurance practices[208]. Employee Engagement - The company has over 4,800 employees as of December 31, 2025, with a focus on attracting and retaining high-quality talent[172]. - The company offers a performance-driven compensation structure, including base salary and incentive programs, to remain competitive in attracting skilled talent[174]. - The company supports community engagement through volunteer programs, with employees volunteering over 12,000 hours in 2025[183].

Core Points - Corebridge Financial (CRBG) has underperformed in the past year, with a 5% decline in share value [1] - The company is undergoing a business transition through a reinsurance transaction, which has been impacted by rate cuts and associated costs, limiting earnings [1] - Technical pressures have also contributed to the company's poor performance [1]

Core Insights - Corebridge Financial (CRBG) reported $6.34 billion in revenue for Q4 2025, a year-over-year increase of 26.4% [1] - The EPS for the same period was $1.22, slightly down from $1.23 a year ago [1] - The reported revenue exceeded the Zacks Consensus Estimate of $5.06 billion by 25.3%, and the EPS also surpassed the consensus estimate of $1.11 by 9.83% [1] Revenue Breakdown - Premiums reached $2.6 billion, significantly higher than the estimated $1.3 billion, marking a 128.3% increase year-over-year [4] - Total advisory fees and other income were reported at $99 million, below the average estimate of $107.71 million, reflecting a 52.9% decrease year-over-year [4] - Policy fees totaled $610 million, slightly below the average estimate of $620.41 million, representing a 17.3% decline year-over-year [4] - Net investment income was $3.03 billion, close to the estimated $3.06 billion, with a year-over-year increase of 5.1% [4] Segment Performance - Life Insurance revenue was $1.07 billion, slightly below the estimate of $1.08 billion, showing a minor decline of 0.6% year-over-year [4] - Individual Retirement revenue was $1.67 billion, also below the estimate of $1.68 billion, reflecting an 8.2% decrease year-over-year [4] - Corporate & Other revenue was reported at $16 million, significantly lower than the estimated $38.67 million, indicating an 84.8% decline year-over-year [4] - Individual Retirement premiums were $29 million, exceeding the estimate of $26.79 million, with a year-over-year change of -3.3% [4] - Individual Retirement policy fees were $87 million, slightly above the estimate of $84.25 million, showing a 56.7% decrease year-over-year [4] - Individual Retirement net investment income was $1.55 billion, close to the estimate of $1.57 billion, with a year-over-year increase of 5.4% [4] - Group Retirement premiums were $3 million, below the estimate of $5.48 million, reflecting a 50% increase year-over-year [4] - Group Retirement policy fees were $114 million, slightly below the estimate of $117.95 million, with no change year-over-year [4] Stock Performance - Corebridge shares returned +0.3% over the past month, while the Zacks S&P 500 composite decreased by -0.2% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance compared to the broader market in the near term [3]

分组1 - Corebridge Financial reported quarterly earnings of $1.22 per share, exceeding the Zacks Consensus Estimate of $1.11 per share, but slightly down from $1.23 per share a year ago, resulting in an earnings surprise of +9.83% [1] - The company achieved revenues of $6.34 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 25.30%, compared to $5.02 billion in the same quarter last year [2] - Corebridge has outperformed the S&P 500 with a 3.3% increase in shares since the beginning of the year, while the S&P 500 gained 1.3% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $1.20 on revenues of $5 billion, and for the current fiscal year, it is $5.21 on revenues of $20.73 billion [7] - The Zacks Industry Rank indicates that the Insurance - Multi line sector is in the bottom 38% of over 250 Zacks industries, suggesting potential underperformance compared to the top 50% of ranked industries [8]

Financial Performance - Corebridge reported net income of $814 million for Q4 2025, down from $2.2 billion in Q4 2024, primarily due to lower net realized gains and losses on embedded derivatives[7]. - For the full year 2025, Corebridge reported a net loss of $366 million compared to a net income of $2.2 billion in 2024, largely due to net realized losses[10]. - Full year APTOI was $3.0 billion, a 6% decrease from the prior year, impacted by higher DAC and commission expenses[11]. - Corebridge reported a pre-tax loss of $541 million for the twelve months ended December 31, 2025, compared to a pre-tax income of $2.803 billion for the same period in 2024[58]. - Adjusted pre-tax operating income for the twelve months ended December 31, 2025 was $2.966 billion, down from $3.167 billion in 2024, indicating a decrease of about 6.3%[58]. - Total adjusted revenues for Q4 2025 reached $6.341 billion, up from $4.673 billion in Q4 2024, indicating a significant growth of approximately 35.7%[59]. - Total adjusted revenues for the twelve months ended December 31, 2025, reached $20,463 million, an increase from $18,224 million in 2024, representing an 11% growth[60]. - The total benefits and expenses for the twelve months ended December 31, 2025, were $17,521 million, compared to $15,091 million in 2024, reflecting a 16% increase[60]. Premiums and Deposits - Premiums and deposits for Q4 2025 reached $10.1 billion, a 7% increase year-over-year, although excluding transactional activity, they decreased by 2%[9]. - Total premiums and deposits for 2025 were $41.7 billion, a 4% increase from 2024, with a 1% increase when excluding transactional activity[13]. - Corebridge's premiums for Q4 2025 totaled $2.603 billion, compared to $1.113 billion in Q4 2024, marking an increase of approximately 134%[59]. - Premiums for the Institutional Markets segment increased significantly to $4,295 million in 2025 from $2,929 million in 2024, marking a 47% increase[64]. - Institutional Markets premiums surged to $2,188 million for the three months ended December 31, 2025, compared to $723 million in the same period of 2024[70]. Shareholder Returns - The company returned $1.2 billion to shareholders in Q4 2025, including $1.1 billion in share repurchases and $119 million in dividends[17]. - Corebridge declared a dividend of $0.25 per share, reflecting a 4% increase, payable on March 31, 2026[17]. Investment Income - The net investment income for Q4 2025 was $3.027 billion, compared to $2.811 billion in Q4 2024, reflecting an increase of about 7.7%[59]. - Net investment income for the twelve months ended December 31, 2025, was $11,832 million, an increase from $10,792 million in 2024, representing a growth of 10%[60]. - The company highlights the significance of net investment income on an APTOI basis, which includes base portfolio income and variable investment income[45]. Risk and Financial Management - Corebridge's financial performance is subject to various risks, including changes in interest rates, economic conditions, and credit risks associated with counterparties[30]. - The company emphasizes the importance of non-GAAP financial measures to provide a deeper understanding of profitability drivers, including Adjusted Pre-tax Operating Income (APTOI) and Adjusted After-tax Operating Income (AATOI)[32][41]. - The company aims to enhance transparency in its financial reporting by adjusting for legacy matters and non-recurring costs that do not reflect current business performance[44]. Equity and Book Value - Total Corebridge shareholders' equity at December 31, 2025, was $13,201 million, a decrease from $13,542 million at September 30, 2025, and an increase from $11,462 million at December 31, 2024[66]. - Adjusted book value per common share increased to $39.83 at December 31, 2025, compared to $38.03 at September 30, 2025, and remained stable from $39.80 at December 31, 2024[66]. Operational Metrics - The Life Fleet RBC ratio was reported at 430-440%, significantly above the target, with holding company liquidity at $2.3 billion[14]. - Corebridge Financial manages over $385 billion in assets as of December 31, 2025, making it one of the largest providers of retirement solutions and insurance products in the U.S.[26]. - The total life insurance underwriting margin for the twelve months ended December 31, 2025, was $1,364 million, consistent with $1,368 million in 2024[63]. - The total spread income for the twelve months ended December 31, 2025, was $3,935 million, compared to $3,874 million in 2024, indicating a 2% increase[61]. - Operating earnings per common share for the twelve months ended December 31, 2025, was $4.42, up from $4.25 in 2024, indicating a 4% increase[65].

HOUSTON--(BUSINESS WIRE)--Corebridge Financial, Inc. ("Corebridge" or the "Company") (NYSE: CRBG) today reported financial results for the fourth quarter and full year ended December 31, 2025. "Corebridge delivered strong results in 2025, starting with a record $42 billion in sales of products that help our customers protect, grow and secure their wealth,†said Marc Costantini, President and Chief Executive Officer. "Customer needs for financial security have never been greater, and with our di. ...

Core Insights - Corebridge Financial (CRBG) is expected to report quarterly earnings of $1.11 per share, reflecting a year-over-year decline of 9.8% [1] - Revenue is anticipated to be $5.06 billion, which represents a slight increase of 0.9% from the previous year [1] Earnings Estimates - Over the last 30 days, the consensus EPS estimate has been revised downward by 0.2%, indicating a reassessment by analysts [2] - Changes in earnings projections are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate trends and short-term stock price movements [3] Key Metrics Forecast - The consensus estimate for 'Premiums' is $1.30 billion, indicating a year-over-year increase of 13.9% [5] - 'Total Corebridge- Advisory fee and other income' is expected to be $107.71 million, reflecting a significant decline of 48.7% year-over-year [5] - 'Policy fees' are forecasted to reach $620.41 million, down 15.9% from the previous year [5] Revenue Projections - 'Total Corebridge- Net investment income' is projected at $3.06 billion, showing a year-over-year increase of 6.3% [6] - 'Revenue- Life Insurance' is expected to be $1.08 billion, a slight increase of 0.5% from the prior year [6] - 'Revenue- Individual Retirement' is forecasted at $1.68 billion, indicating a decline of 7.5% year-over-year [6] Assets Under Management - 'Assets Under Management and Administration (AUMA) - Individual Retirement' is estimated to be $122.13 billion, down from $160.13 billion year-over-year [7] - 'Assets Under Management and Administration (AUMA) - Group Retirement' is projected at $130.28 billion, an increase from $124.30 billion year-over-year [8] - 'Assets Under Management and Administration (AUMA) - Total' is expected to reach $383.80 billion, down from $404.00 billion year-over-year [9] Stock Performance - Corebridge shares have decreased by 3% over the past month, contrasting with the Zacks S&P 500 composite's increase of 0.9% [10] - The company holds a Zacks Rank of 5 (Strong Sell), indicating expectations of underperformance relative to the overall market [10]

Corebridge Financial Overview - Corebridge Financial (CRBG) is expected to report a year-over-year decline in earnings of 9.8%, with an estimated EPS of $1.11 for the quarter ended December 2025, while revenues are projected to increase by 0.9% to $5.06 billion [3][12] Earnings Expectations and Market Reaction - The stock price may rise if the actual earnings exceed expectations in the upcoming report scheduled for February 9, while a miss could lead to a decline in stock price [2][15] - The consensus EPS estimate has been revised down by 0.21% over the last 30 days, indicating a reassessment by analysts [4] Earnings Surprise Prediction - The Most Accurate Estimate for Corebridge is higher than the Zacks Consensus Estimate, resulting in a positive Earnings ESP of +0.57%, although the stock has a Zacks Rank of 4, complicating predictions of an earnings beat [12][20] - A positive Earnings ESP is generally a strong predictor of an earnings beat, especially when combined with a favorable Zacks Rank [10] Historical Performance - In the last reported quarter, Corebridge was expected to post earnings of $1.08 per share but only achieved $0.96, resulting in a surprise of -11.11% [13] - Over the past four quarters, Corebridge has beaten consensus EPS estimates three times [14] Industry Comparison - MetLife (MET), another player in the Zacks Insurance - Multi line industry, is expected to report earnings of $2.36 per share, reflecting a year-over-year increase of 13.5%, with revenues projected to rise by 29.6% to $25.57 billion [18][19]

Core Points - Corebridge Financial, Inc. will report its fourth quarter and full year 2025 financial results on February 9, 2026, after market close [1] - A conference call to review these results is scheduled for February 10, 2026, at 9:00 a.m. EST [2] - As of September 30, 2025, Corebridge Financial manages over $380 billion in assets, making it one of the largest providers of retirement solutions and insurance products in the U.S. [3]

Core Point - Corebridge Financial, Inc. has successfully closed the final portions of an agreement with Corporate Solutions Life Reinsurance Company, which includes the reinsurance of all Individual Retirement variable annuities issued by The United States Life Insurance Company in the City of New York [1] Company Summary - The agreement involves a reinsurance transaction with Venerable Holdings, Inc.'s insurance subsidiary, enhancing Corebridge's financial position [1] - The reinsurance covers all Individual Retirement variable annuities, indicating a strategic move to manage risk and optimize capital [1]