Corebridge Financial (CRBG) investor relations material

Executive summary

• Operating EPS was $1.22, up 27% YoY; adjusted ROAE rose 180 bps to 12.1%.

• APTOI increased 4% to $677M; total sources of income rose 2% to $1.710B, supported by Individual Retirement and Institutional Markets.

• GAAP net income attributable to common shareholders rose to $1.44B from $144M, largely reflecting realized gains and fair-value effects.

• Retirement demand remained strong, while the proposed Equitable merger advanced toward a targeted year-end 2026 close.

Financial highlights

• Q3 revenue rose 14% YoY to $6.16B; diluted GAAP EPS was $3.22 versus $0.27.

• Adjusted after-tax operating income was $545M versus $520M; run-rate operating EPS was $1.35, up 12% YoY, excluding notable items and assuming long-term alternative investment returns.

• Total sources of income were $1.710B: spread income $1.033B, fee income $322M and underwriting margin $355M.

• The annual actuarial assumption review reduced APTOI by $99M, or $0.17 per share; variable investment income exceeded its long-term assumption by $29M.

• Q3 net realized gains were $1.63B versus $681M in losses a year earlier, with substantial Fortitude Re and index-linked derivative effects.

Outlook and guidance

• FY 2026 Individual Retirement base spread income guidance remained $2.55B; spreads were expected to level off by year-end and improve thereafter.

• Q4 alternative investment returns were guided at 1%-2%, below the 8%-9% long-term assumption; management expected results nearer the high end of its guide.

• Early Q4 annuity momentum was strong, with net flows expected well above $1B; more than $1.5B of selected PRT transactions were expected to close.

• More than $100M of merger run-rate savings were identified for H1 2027, toward $150M in 2027 and at least $500M by end-2028; operating expenses were expected 4%-5%, or $60M, above 2025.