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Company Research16 Apr 2024
Companies That Had Their IPO in 2022: War, Inflation and Interest Rates
The stock market and IPO landscape in 2022 was marked by inflationary pressures, rate hikes, and war that heavily impacted the market sentiment.
Corebridge Financial (CRBG) investor relations material
Corebridge Financial Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Net income rebounded to $144 million in Q3 2025, reversing a $1.2 billion loss in the prior year, driven by higher premiums, improved investment income, and lower realized losses, partially offset by higher policyholder benefits and actuarial updates.
Premiums and deposits reached $12.3 billion, up 34% year-over-year, marking the highest since IPO and reflecting strong product demand and diversified offerings.
The VA reinsurance transaction and divestitures have simplified the business, improved risk profile, and freed up significant capital.
Capital return to shareholders totaled $509 million in the quarter, including $381 million in share repurchases, with an 80% year-to-date payout ratio.
The business is now simpler and lower risk, with diversified income streams and minimal legacy liabilities.
Financial highlights
Adjusted pre-tax operating income (APTOI) was $654 million, down 29% year-over-year, mainly due to actuarial assumption updates and prior year one-time items.
Operating EPS was $0.96, down 22% year-over-year; adjusted ROAE was 10.3%, down from 13.1% in the prior year quarter.
Net investment income (APTOI basis) was $2.98 billion, up from $2.77 billion a year ago.
Book value per share was $25.45; adjusted book value per share was $38.03 at quarter end.
Holding company liquidity was $1.8 billion at quarter end, exceeding the next 12 months' needs.
Outlook and guidance
Management expects continued volatility from reinsurance agreements and embedded derivatives, but comprehensive income and equity are expected to remain stable due to offsetting OCI impacts.
Alternative investment returns for Q4 are expected to remain below the long-term 8%-9% target.
Share repurchases are expected to remain elevated in coming quarters, supported by a $2 billion increase in authorization.
EPS will be temporarily lower until full deployment of VA transaction proceeds, with accretion expected by the second half of 2026.
The company targets a 12%-14% ROE, 10%-15% average annual EPS growth, and a 60%-65% payout ratio.
Quantify alternative investment return expectations
Detail the path to target payout ratio
Explain SOFR sensitivity reduction drivers
Why did actuarial update impact APTOI more?
How VA reinsurance impacts earnings quality?
What caused alternative investment underperformance?
Will new CEO review current capital allocation strategy?
Quantify Group Retirement investment spend
Any planned changes to private credit allocation?
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Next Corebridge Financial earnings date
Q4 202512 Feb, 2026
Next Corebridge Financial earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
Corebridge Financial Inc. is a U.S.-based financial services company that provides a wide range of retirement, life insurance, and investment products. The company focuses on helping individuals and businesses with retirement planning, wealth management, and life insurance solutions to protect and grow their assets. Corebridge serves clients through its various business segments, including annuities, employer-sponsored retirement plans, and institutional asset management. It aims to support financial security and long-term financial planning for a diverse client base. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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