Corebridge Financial (CRBG) Q4 2025 earnings summary
Event summary combining transcript, slides, and related documents.
Q4 2025 earnings summary
11 Apr, 2026Executive summary
Achieved record sales of $42 billion in 2025, up 4% year-over-year, driven by product innovation, diversified business model, and strong distribution channels.
Delivered strong financial performance with operating EPS of $4.42, up 4% year-over-year, and adjusted ROAE of 11.5%, up 20 basis points.
Executed the industry's largest variable annuity reinsurance transaction, reducing legacy liabilities to ~1% of net insurance liabilities and enhancing balance sheet strength.
Returned $2.6 billion to shareholders in 2025, including $2.1 billion in share repurchases and a 4% dividend increase.
Maintained a diversified business model, enabling flexible capital allocation and resilience across market cycles.
Financial highlights
Fourth quarter 2025 operating EPS was $1.22, with adjusted pre-tax operating income of $760 million; full year adjusted after-tax operating income was $2.4 billion.
Fee income rose 9% year-over-year, now comprising 20% of core income sources.
Life Fleet RBC ratio at year-end was 430-440%, and holding company liquidity was $2.3 billion, both above targets.
Insurance company dividends to parent grew 6% year-over-year, excluding VA reinsurance proceeds.
Adjusted book value per share was $39.83 at year-end.
Outlook and guidance
2026 EPS growth expected at the lower end of the 10%-15% target range, with improvement anticipated in 2027.
Base spread income in Individual Retirement projected at ~$2.55 billion for 2026, with spreads expected to level off by year-end.
Operating expenses to grow modestly by 4%-5% in 2026, reflecting strategic investments in digitization.
Sensitivity to short-term interest rates reduced by 75% since mid-2024; a 25 bps SOFR reduction now impacts earnings by $20-$25 million.
Dividend increase signals positive outlook for sustained value creation.
Latest events from Corebridge Financial
- All-stock merger forms a $1.5T industry leader, targeting $500M+ synergies and immediate EPS growth.CRBG
M&A announcement8 Apr 2026 - Premiums up 17%, operating EPS up 9%, and strong capital returns in Q2 2024.CRBG
Q2 20242 Feb 2026 - Strong growth, disciplined capital management, and product innovation drive long-term value.CRBG
Barclays 23rd Annual Global Financial Services Conference21 Jan 2026 - Adjusted operating income up 27% year-over-year despite a $1.2B net loss.CRBG
Q3 202416 Jan 2026 - 2024 EPS up 18%, $2.3B returned to shareholders, and strong segment growth achieved.CRBG
Q4 20248 Jan 2026 - Delivering on growth, efficiency, and capital return targets while expanding product and distribution.CRBG
KBW Insurance Conference 20255 Jan 2026 - Exceeded 2024 targets, strengthened governance, and enhanced shareholder rights and compensation practices.CRBG
Proxy Filing2 Dec 2025 - Stockholders will vote on charter amendments for Board by-law authority and written consent rights.CRBG
Proxy Filing2 Dec 2025 - Stockholders will vote on Board by-law authority and a 25% threshold for written consent action.CRBG
Proxy Filing2 Dec 2025