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Corebridge Financial (CRBG) Q4 2025 earnings summary

Event summary combining transcript, slides, and related documents.

Logotype for Corebridge Financial Inc

Q4 2025 earnings summary

11 Apr, 2026

Executive 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.

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