Corebridge Financial Announces Third Quarter 2025 Results
HOUSTON--( BUSINESS WIRE)--Corebridge Financial, Inc. ("Corebridge" or the "Company") (NYSE: CRBG) today reported financial results for the third quarter ended September 30, 2025.
Kevin Hogan, President and Chief Executive Officer, said, “Corebridge delivered another quarter of solid performance, with our diversified businesses generating $12.3 billion of sales. The VA reinsurance transaction has enhanced our position, and we are now a simpler company with a lower risk profile, higher quality of earnings, and greater growth potential.
“Since the IPO we have strengthened every element of our value proposition. We offer a broad range of retirement and protection solutions to our customers. Our businesses contribute three different sources of income which generate sustainable and growing cash flows, and help us perform through various market cycles.
“We have a strong balance sheet that provides us with significant financial flexibility to achieve our strategic objectives. The capital ratios of our insurance companies continue to exceed their targets. We have more than ample liquidity at the parent and have returned $1.4 billion to shareholders this year. We have a high-quality investment portfolio and minimal legacy liabilities. Our track record of disciplined execution speaks for itself, including the divestiture of our international operations, launch of our Bermuda strategy with a total of $18.0 billion of reserves ceded, and completion of one of the largest VA reinsurance transactions to date – all while operating for the first time as an independent company, and delivering on every target we set at the time of the IPO.
“I look forward to welcoming our next CEO knowing we have a strong foundation in place, with four market-leading businesses, a commitment to help people meet their financial needs, and a track record of value creation. Above all I remain excited about the future prospects for continued profitable growth.”
CONSOLIDATED RESULTS
Three Months Ended September 30,
($ in millions, except per share data)
2025
2024
Net income (loss) attributable to common shareholders
$
144
$
(1,184
)
Income (loss) per common share attributable to common shareholders
$
0.27
$
(2.02
)
Weighted average shares outstanding - diluted
541
587
Adjusted after-tax operating income 1
$
520
$
724
Operating EPS 1
$
0.96
$
1.23
Weighted average shares outstanding - operating
541
588
Total common shares outstanding
532
574
Pre-tax income (loss)
$
(42
)
$
(1,594
)
Adjusted pre-tax operating income 1
$
654
$
921
Core sources of income 2
$
1,528
$
1,585
Base spread income 2
$
880
$
887
Fee income 2
$
307
$
287
Underwriting margin excluding variable investment income 2
$
341
$
411
Premiums and deposits
$
12,290
$
9,160
Net investment income
$
3,320
$
3,296
Net investment income (APTOI basis) 1
$
2,980
$
2,767
Base portfolio income - insurance operating businesses
$
2,880
$
2,664
Variable investment income - insurance operating businesses
$
74
$
112
Corporate and other 3
$
26
$
(9
)
Return on average equity
4.5
%
(38.5
%)
Adjusted return on average equity 1
10.3
%
13.1
%
Net income was $144 million, compared to a loss of $1.2 billion in the prior year quarter. The variance largely was a result of lower realized losses on the Fortitude Re ("FRL") funds withheld embedded derivative as well as gains from changes in foreign exchange rates. The Company completed its annual actuarial assumption update during the quarter which decreased pre-tax income by $167 million in the current year compared to a $79 million decrease in prior year.
Adjusted pre-tax operating income ("APTOI") was $654 million, a 29% decrease from the prior year quarter. Excluding variable investment income ("VII"), APTOI decreased 28% from the same period, largely due to the impact of the annual actuarial assumption update as well as favorable one-time notable items in the prior year quarter. The annual actuarial assumption update decreased APTOI by $98 million in the current year quarter compared to a $3 million decrease in the prior year quarter, primarily reflecting modeling refinements and life assumption updates. Additionally, across all segments we saw an increase in compensation-related expenses and a one-time medical accrual.
Core sources of income was $1.5 billion, a 4% decrease from the prior year quarter largely due to changes in underwriting margin due to the favorable one-time notable items in the prior year quarter, partially offset by higher fee income. Spread income was essentially flat year over year, even with the impact of the 2024 Federal Reserve interest rate cuts.
Premiums and deposits were $12.3 billion, a 34% increase over the prior year quarter. Excluding transactional activity (i.e., pension risk transfer, guaranteed investment contracts and Group Retirement plan acquisitions), premiums and deposits increased 10% from the same period primarily driven by higher fixed index annuity and RILA deposits.
CAPITAL AND LIQUIDITY HIGHLIGHTS
BUSINESS RESULTS
Individual Retirement
Three Months Ended September 30,
($ in millions)
2025
2024
Premiums and deposits
$
5,522
$
5,078
Total sources of income
$
728
$
755
Core sources of income
$
716
$
716
Spread income
$
648
$
684
Base spread income
$
636
$
645
Variable investment income
$
12
$
39
Fee income
$
80
$
71
Adjusted pre-tax operating income
$
451
$
547
Group Retirement
Three Months Ended September 30,
2025
2024
Premiums and deposits
$
1,762
$
1,963
Total sources of income
$
376
$
377
Core sources of income
$
353
$
350
Spread income
$
166
$
176
Base spread income
$
143
$
149
Variable investment income
$
23
$
27
Fee income
$
210
$
201
Adjusted pre-tax operating income
$
185
$
188
Life Insurance
Three Months Ended September 30,
2025
2024
Premiums and deposits
$
841
$
856
Underwriting margin
$
327
$
392
Underwriting margin excluding variable investment income
$
326
$
387
Variable investment income
$
1
$
5
Adjusted pre-tax operating income
$
25
$
156
Institutional Markets
Three Months Ended September 30,
2025
2024
Premiums and deposits
$
4,165
$
1,263
Total sources of income
$
171
$
173
Core sources of income
$
133
$
132
Spread income
$
139
$
133
Base spread income
$
101
$
93
Variable investment income
$
38
$
40
Fee income
$
17
$
15
Underwriting margin
$
15
$
25
Underwriting margin excluding variable investment income
$
15
$
24
Variable investment income
$
—
$
1
Adjusted pre-tax operating income
$
134
$
154
Corporate and Other
Three Months Ended September 30,
2025
2024
Corporate expenses
$
(33
)
$
(32
)
Interest on financial debt
$
(115
)
$
(110
)
Asset management
$
7
$
39
Consolidated investment entities
$
2
$
(10
)
Other
$
(2
)
$
(11
)
Adjusted pre-tax operating (loss)
$
(141
)
$
(124
)
1
This release refers to financial measures not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their most directly comparable GAAP measures can be found in "Non-GAAP Financial Measures" below
2
This release refers to key operating metrics and key terms. Information about these metrics and terms can be found in "Key Operating Metrics and Key Terms" below
3
Includes consolidations and eliminations
CONFERENCE CALL
Corebridge will host a conference call on Tuesday, November 4, 2025, at 10:00 a.m. EST to review these results. The call is open to the public and can be accessed via a live, listen-only webcast in the Investors section of corebridgefinancial.com. A replay will be available after the call at the same location.
Supplemental financial data and our investor presentation are available in the Investors section of corebridgefinancial.com.
About Corebridge Financial
Corebridge Financial, Inc. makes it possible for more people to take action in their financial lives. With more than $380 billion in assets under management and administration as of September 30, 2025, Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the United States. We proudly partner with financial professionals and institutions to help individuals plan, save for and achieve secure financial futures. For more information, visit corebridgefinancial.com and follow us on LinkedIn, YouTube and Instagram. These references with additional information about Corebridge have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
In the discussion below, “we,” “us” and “our” refer to Corebridge and its consolidated subsidiaries, unless the context refers solely to Corebridge as a corporate entity.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements in this press release and other publicly available documents may include statements of historical or present fact, which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as “expects,” “believes,” “anticipates,” “intends,” “seeks,” “aims,” “plans,” “assumes,” “estimates,” “projects,” “is optimistic,” “targets,” “should,” “would,” “could,” “may,” “will,” “shall” or variations of such words. Also, forward-looking statements include, without limitation, all matters that are not historical facts. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Corebridge. There can be no assurance that future developments affecting Corebridge will be those anticipated by management.
Any forward-looking statements included herein are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected or implied in such forward-looking statements, including, among others, risks related to:
Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law. You are advised, however, to consult any further disclosures we make on related subjects in our filings with the Securities and Exchange Commission (“SEC”).
NON-GAAP FINANCIAL MEASURES
Throughout this release, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are ‘‘non-GAAP financial measures’’ under SEC rules and regulations. We believe presentation of these non-GAAP financial measures allows for a deeper understanding of the profitability drivers of our business, results of operations, financial condition and liquidity. These measures should be considered supplementary to our results of operations and financial condition that are presented in accordance with GAAP and should not be viewed as a substitute for GAAP measures. The non-GAAP financial measures we present may not be comparable to similarly named measures reported by other companies.
Adjusted pre-tax operating income (“APTOI”) is derived by excluding the items set forth below from income (loss) before income tax expense (benefit). These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and recording adjustments to APTOI that we believe to be common in our industry. We believe the adjustments to pre-tax income are useful for gaining an understanding of our overall results of operations.
APTOI excludes the impact of the following items:
FORTITUDE RE RELATED ADJUSTMENTS:
The modified coinsurance (“modco”) reinsurance agreements with Fortitude Re transfer the economics of the invested assets supporting the reinsurance agreements to Fortitude Re. Accordingly, the net investment income on Fortitude Re funds withheld assets and the net realized gains (losses) on Fortitude Re funds withheld assets are excluded from APTOI. Similarly, changes in the Fortitude Re funds withheld embedded derivative are also excluded from APTOI.
The ongoing results associated with the reinsurance agreement with Fortitude Re have been excluded from APTOI as these are not indicative of our ongoing business operations.
INVESTMENT RELATED ADJUSTMENTS:
APTOI excludes “Net realized gains (losses)”, except for gains (losses) related to the disposition of real estate investments. Net realized gains (losses), except for gains (losses) related to the disposition of real estate investments, are excluded as the timing of sales on invested assets or changes in allowances depend largely on market credit cycles and can vary considerably across periods. In addition, changes in interest rates may create opportunistic scenarios to buy or sell invested assets. Our derivative results, including those used to economically hedge insurance liabilities, or those recognized as embedded derivatives at fair value, are also included in Net realized gains (losses) and are similarly excluded from APTOI except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedges or for asset replication. Earned income on such economic hedges is reclassified from Net realized gains and losses to specific APTOI line items based on the economic risk being hedged (e.g., Net investment income and Interest credited to policyholder account balances).
MARKET RISK BENEFIT ADJUSTMENTS (“MRBs”):
Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain GMWBs and/or GMDBs which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs are excluded from APTOI. MRBs related to the variable annuity business subject to the reinsurance agreements with Corporate Solutions Life Reinsurance Company (“CSLR”) are reported in the “Businesses exited through reinsurance” line item.
BUSINESSES EXITED THROUGH REINSURANCE:
Represents the results of businesses that have been or will be economically exited through reinsurance. This includes MRBs, along with changes in the fair value of derivatives used to hedge MRBs which are recorded through “Change in the fair value of MRBs, net.” The results of operations from these businesses have been excluded from APTOI as they are not indicative of our ongoing business operations.
OTHER ADJUSTMENTS:
Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income (losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable:
Adjusted after-tax operating income attributable to our common shareholders (“Adjusted After-tax Operating Income” or “AATOI”) is derived by excluding the tax effected APTOI adjustments described above, as well as the following tax items from net income attributable to us:
Adjusted Book Value is derived by excluding AOCI, adjusted for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re.
Adjusted Return on Average Equity (“Adjusted ROAE”) is derived by dividing AATOI by average Adjusted Book Value and is used by management to evaluate our recurring profitability and evaluate trends in our business. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re.
Adjusted revenues exclude Net realized gains (losses) except for gains (losses) related to the disposition of real estate investments, revenues from businesses exited through reinsurance, and income from non-operating litigation settlements (included in Other income for GAAP purposes).
Net investment income (APTOI basis) is the sum of base portfolio income and variable investment income. We believe that presenting net investment income on an APTOI basis is useful for gaining an understanding of the main drivers of investment income.
Operating Earnings per Common Share (“Operating EPS”) is derived by dividing AATOI by weighted average diluted shares.
Premiums and deposits is a non-GAAP financial measure that includes direct and assumed premiums received and earned on traditional life insurance policies and life-contingent payout annuities, as well as deposits received on universal life insurance, investment-type annuity contracts and GICs. We believe the measure of premiums and deposits is useful in understanding customer demand for our products, evolving product trends and our sales performance period over period.
KEY OPERATING METRICS AND KEY TERMS
Assets Under Management and Administration
Base net investment spread means base yield less cost of funds, excluding the amortization of deferred sales inducement assets.
Base spread income means base portfolio income less interest credited to policyholder account balances, excluding the amortization of deferred sales inducement assets.
Base yield means the returns from base portfolio income including accretion and impacts from holding cash and short-term investments.
Core sources of income means the sum of base spread income, fee income and underwriting margin, excluding variable investment income, in our Individual Retirement, Group Retirement, Life Insurance and Institutional Markets segments.
Cost of funds means the interest credited to policyholders excluding the amortization of deferred sales inducement assets.
Fee and Spread Income and Underwriting Margin
Financial leverage ratio means the ratio of financial debt to the sum of financial debt plus Adjusted Book Value plus non-redeemable noncontrolling interests.
Life Fleet RBC Ratio
Net Investment Income
RECONCILIATIONS
The following table presents a reconciliation of pre-tax income (loss)/net income (loss) attributable to Corebridge to adjusted pre-tax operating income (loss)/adjusted after-tax operating income (loss) attributable to Corebridge:
Three Months Ended September 30,
2025
2024
(in millions)
Pre-tax
Total Tax
(Benefit)
Charge
Non-
controlling
Interests
After Tax
Pre-tax
Total Tax
(Benefit)
Charge
Non-
controlling
Interests
After Tax
Pre-tax income (loss)/net (loss), including noncontrolling interests
$
(42
)
$
(179
)
$
—
$
137
$
(1,594
)
$
(407
)
$
—
$
(1,187
)
Noncontrolling interests
—
—
7
7
—
—
3
3
Pre-tax income (loss)/net income (loss) attributable to Corebridge
(42
)
(179
)
7
144
(1,594
)
(407
)
3
(1,184
)
Fortitude Re related items
Net investment (income) on Fortitude Re funds withheld assets
(368
)
(79
)
—
(289
)
(515
)
(110
)
—
(405
)
Net realized (gains) losses on Fortitude Re funds withheld assets
10
2
—
8
(157
)
(34
)
—
(123
)
Net realized losses on Fortitude Re funds withheld embedded derivative
670
145
—
525
1,509
324
—
1,185
Subtotal Fortitude Re related items
312
68
—
244
837
180
—
657
Other reconciling Items
Reclassification of disproportionate tax effects from AOCI and other tax adjustments
—
80
—
(80
)
—
(22
)
—
22
Deferred income tax valuation allowance (releases) charges
—
86
—
(86
)
—
91
—
(91
)
Changes in fair value of market risk benefits, net
291
61
—
230
654
137
—
517
Changes in benefit reserves related to net realized (losses)
(3
)
(1
)
—
(2
)
(2
)
(1
)
—
(1
)
Net realized (gains) losses (1)
72
15
—
57
1,093
235
—
858
Restructuring and other costs
77
16
—
61
87
18
—
69
Non-recurring costs related to regulatory or accounting changes
—
—
—
—
1
—
—
1
Net loss on divestiture
—
—
—
—
1
—
—
1
Businesses exited through reinsurance
(60
)
(12
)
—
(48
)
(159
)
(34
)
—
(125
)
Noncontrolling interests
7
—
(7
)
—
3
—
(3
)
—
Subtotal Other non-Fortitude Re reconciling items
384
245
(7
)
132
1,678
424
(3
)
1,251
Total adjustments
696
313
(7
)
376
2,515
604
(3
)
1,908
Adjusted pre-tax operating income/Adjusted after-tax operating income attributable to Corebridge
$
654
$
134
$
—
$
520
$
921
$
197
$
—
$
724
(1)
Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Additionally, gains (losses) related to the disposition of real estate investments are also excluded from this adjustment
The following table presents Corebridge’s adjusted pre-tax operating income by segment:
(in millions)
Individual Retirement
Group Retirement
Life Insurance
Institutional Markets
Corporate & Other
Eliminations
Total Corebridge
Three Months Ended September 30, 2025
Premiums
$
23
$
3
$
366
$
1,547
$
—
$
—
$
1,939
Policy fees
80
114
357
52
—
—
603
Net investment income
1,520
467
323
644
27
(1
)
2,980
Net realized gains (losses) (1)
—
—
—
—
(5
)
—
(5
)
Advisory fee and other income
—
96
1
—
12
—
109
Total adjusted revenues
1,623
680
1,047
2,243
34
(1
)
5,626
Policyholder benefits
31
3
726
1,821
—
—
2,581
Interest credited to policyholder account balances
881
304
79
257
—
—
1,521
Amortization of deferred policy acquisition costs
123
22
84
4
—
—
233
Non-deferrable insurance commissions
42
32
15
5
1
—
95
Advisory fee expenses
5
34
—
—
—
—
39
General operating expenses
90
100
118
22
54
(1
)
383
Interest expense
—
—
—
—
137
(10
)
127
Total benefits and expenses
1,172
495
1,022
2,109
192
(11
)
4,979
Noncontrolling interests
—
—
—
—
7
—
7
Adjusted pre-tax operating income (loss)
$
451
$
185
$
25
$
134
$
(151
)
$
10
$
654
(in millions)
Individual Retirement
Group Retirement
Life Insurance
Institutional Markets
Corporate & Other
Eliminations
Total Corebridge
Three Months Ended September 30, 2024
Premiums
$
30
$
5
$
352
$
208
$
—
$
—
$
595
Policy fees
71
113
360
50
—
—
594
Net investment income
1,394
478
336
568
(5
)
(4
)
2,767
Net realized gains (losses) (1)
—
—
—
—
53
—
53
Advisory fee and other income
—
88
81
6
9
—
184
Total adjusted revenues
1,495
684
1,129
832
57
(4
)
4,193
Policyholder benefits
12
9
687
435
—
—
1,143
Interest credited to policyholder account balances
720
305
84
215
—
—
1,324
Amortization of deferred policy acquisition costs
101
21
82
4
—
—
208
Non-deferrable insurance commissions
33
30
7
5
—
—
75
Advisory fee expenses
4
34
1
—
—
—
39
General operating expenses
78
97
112
19
54
(1
)
359
Interest expense
—
—
—
—
132
(5
)
127
Total benefits and expenses
948
496
973
678
186
(6
)
3,275
Noncontrolling interests
—
—
—
—
3
—
3
Adjusted pre-tax operating income (loss)
$
547
$
188
$
156
$
154
$
(126
)
$
2
$
921
(1)
Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments
The following table presents a summary of Corebridge's spread income, fee income and underwriting margin:
Three Months Ended September 30,
(in millions)
2025
2024
Individual Retirement
Spread income
$
648
$
684
Fee income
80
71
Total Individual Retirement
728
755
Group Retirement
Spread income
166
176
Fee income
210
201
Total Group Retirement
376
377
Life Insurance
Underwriting margin
327
392
Total Life Insurance
327
392
Institutional Markets
Spread income
139
133
Fee income
17
15
Underwriting margin
15
25
Total Institutional Markets
171
173
Total
Spread income
953
993
Fee income
307
287
Underwriting margin
342
417
Total
$
1,602
$
1,697
The following table presents Life Insurance underwriting margin:
Three Months Ended September 30,
(in millions)
2025
2024
Premiums
$
366
$
352
Policy fees
357
360
Net investment income
323
336
Other income
1
81
Policyholder benefits
(726
)
(687
)
Interest credited to policyholder account balances
(79
)
(84
)
Less: Impact of annual actuarial assumption update
85
34
Underwriting margin
$
327
$
392
The following table presents Institutional Markets spread income, fee income and underwriting margin:
Three Months Ended September 30,
(in millions)
2025
2024
Premiums
$
1,555
$
217
Net investment income
609
531
Policyholder benefits
(1,806
)
(418
)
Interest credited to policyholder account balances
(229
)
(187
)
Less: Impact of annual actuarial assumption update
10
(10
)
Spread income (1)
$
139
$
133
SVW fees
17
15
Fee income
$
17
$
15
Premiums
(8
)
(9
)
Policy fees (excluding SVW)
35
35
Net investment income
35
37
Other income
—
6
Policyholder benefits
(15
)
(17
)
Interest credited to policyholder account balances
(28
)
(28
)
Less: Impact of annual actuarial assumption update
(4
)
1
Underwriting margin (2)
$
15
$
25
(1)
Represents spread income from Pension Risk Transfer, Guaranteed Investment Contracts and Structured Settlement products
(2)
Represents underwriting margin from Corporate Markets products, including corporate- and bank-owned life insurance, private placement variable universal life insurance and private placement variable annuity products
The following table presents Operating EPS:
Three Months Ended September 30,
(in millions, except per common share data)
2025
2024
GAAP Basis
Numerator for EPS
Net income (loss)
$
137
$
(1,187
)
Less: Net income (loss) attributable to noncontrolling interests
(7
)
(3
)
Net income (loss) attributable to Corebridge common shareholders
$
144
$
(1,184
)
Denominator for EPS
Weighted average common shares outstanding - basic (1)
539.1
587.1
Dilutive common shares (2)
1.5
—
Weighted average common shares outstanding - diluted
540.6
587.1
Income per common share attributable to Corebridge common shareholders
Common stock - basic
$
0.27
$
(2.02
)
Common stock - diluted
$
0.27
$
(2.02
)
Operating Basis
Adjusted after-tax operating income attributable to Corebridge common shareholders
$
520
$
724
Weighted average common shares outstanding - diluted
540.6
588.3
Operating earnings per common share
$
0.96
$
1.23
Common Shares Outstanding
Common shares outstanding, beginning of period
543.2
600.3
Share repurchases
(11.1
)
(25.9
)
Newly issued shares
—
—
Common shares outstanding, end of period
532.1
574.4
(1)
Includes vested shares under our share-based employee compensation plans
(2)
Potential dilutive common shares include our share-based employee compensation plans
The following table presents the reconciliation of Adjusted Book Value:
At Period End
September 30, 2025
June 30, 2025
September 30, 2024
(in millions, except per share data)
Total Corebridge shareholders' equity (a)
$
13,542
$
12,302
$
13,608
Less: Accumulated other comprehensive income (AOCI)
(9,028
)
(10,633
)
(9,884
)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets
(2,334
)
(2,587
)
(2,058
)
Total adjusted book value (b)
$
20,236
$
20,348
$
21,434
Total common shares outstanding (c) (1)
532.1
543.2
574.4
Book value per common share (a/c)
$
25.45
$
22.65
$
23.69
Adjusted book value per common share (b/c)
$
38.03
$
37.46
$
37.32
(1)
Total common shares outstanding are presented net of treasury stock
The following table presents the reconciliation of Adjusted ROAE:
Three Months Ended September 30,
(in millions, unless otherwise noted)
2025
2024
Actual or annualized net income (loss) attributable to Corebridge shareholders (a)
$
576
$
(4,736
)
Actual or annualized adjusted after-tax operating income attributable to Corebridge shareholders (b)
2,080
2,896
Average Corebridge Shareholders’ equity (c)
12,922
12,302
Less: Average AOCI
(9,831
)
(12,196
)
Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets
(2,461
)
(2,390
)
Average Adjusted Book Value (d)
$
20,292
$
22,108
Return on Average Equity (a/c)
4.5
%
(38.5
)%
Adjusted ROAE (b/d)
10.3
%
13.1
%
The following table presents the reconciliation of net investment income (net income basis) to net investment income (APTOI basis):
Three Months Ended September 30,
(in millions)
2025
2024
Net investment income (net income basis)
$
3,320
$
3,296
Net investment (income) on Fortitude Re funds withheld assets
(368
)
(515
)
Net investment (income) related to businesses exited through reinsurance
(35
)
(80
)
Other adjustments
(14
)
(6
)
Derivative income recorded in net realized gains (losses)
77
72
Total adjustments
(340
)
(529
)
Net investment income (APTOI basis)
$
2,980
$
2,767
The following table presents notable items and alternative investment returns versus long-term return expectations:
Three Months Ended September 30,
(in millions)
2025
2024
Individual Retirement:
Alternative investments returns versus long-term return expectations
$
(38
)
$
(12
)
Annual actuarial assumption review
(7
)
18
Total adjustments
$
(45
)
$
6
Group Retirement:
Alternative investments returns versus long-term return expectations
$
(15
)
$
3
Annual actuarial assumption review
—
(1
)
Total adjustments
$
(15
)
$
2
Life Insurance:
Alternative investments returns versus long-term return expectations
$
(8
)
$
(3
)
Annual actuarial assumption review
(85
)
(29
)
Reinsurance
—
62
Total adjustments
$
(93
)
$
30
Institutional Markets:
Alternative investments returns versus long-term return expectations
$
(13
)
$
(6
)
Annual actuarial assumption review
(6
)
9
Reinsurance
—
5
Total adjustments
$
(19
)
$
8
Total Corebridge:
Alternative investments returns versus long-term return expectations
$
(74
)
$
(18
)
Annual actuarial assumption review
(98
)
(3
)
Reinsurance
—
67
Corporate & other
—
32
Total adjustments
$
(172
)
$
78
Discrete tax items - income tax (expense) benefit
$
—
$
(10
)
The following table presents premiums and deposits:
Three Months Ended September 30,
(in millions)
2025
2024
Individual Retirement
Premiums
$
23
$
30
Deposits
5,501
5,051
Other (1)
(2
)
(3
)
Premiums and deposits
$
5,522
$
5,078
Group Retirement
Premiums
$
3
$
5
Deposits
1,759
1,958
Premiums and deposits (2)(3)
$
1,762
$
1,963
Life Insurance
Premiums
$
366
$
352
Deposits
378
386
Other (1)
97
118
Premiums and deposits
$
841
$
856
Institutional Markets
Premiums
$
1,547
$
208
Deposits
2,605
1,045
Other (1)
13
10
Premiums and deposits
$
4,165
$
1,263
Total
Premiums
$
1,939
$
595
Deposits
10,243
8,440
Other (1)
108
125
Premiums and deposits
$
12,290
$
9,160
(1)
Other principally consists of ceded premiums, in order to reflect gross premiums and deposits
(2)
Includes inflows related to in-plan mutual funds of $712 million and $770 million for the three months ended September 30, 2025 and September 30, 2024, respectively
(3)
Excludes client deposits into advisory and brokerage accounts of $816 million and $761 million for the three months ended September 30, 2025 and September 30, 2024, respectively