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1. Company Snapshot

1.a. Company Description

Corebridge Financial, Inc.provides retirement solutions and insurance products in the United States.It operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments.


The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities and retail mutual funds.The Group Retirement segment offers record-keeping services, plan administration and compliance services, and financial planning and advisory solutions to employer-defined contribution plans and their participants, as well as proprietary and non-proprietary annuities, advisory services, and brokerage products.The Life Insurance segment offers term life and universal life insurance in the United States, as well as issues individual life, whole life, and group life insurance in the United Kingdom; and distributes medical insurance in Ireland.


The Institutional Markets segment provides stable value wraps, structured settlement and pension risk transfer annuities, corporate and bank owned life insurance, high net worth products, and guaranteed investment contracts.The company was formerly known as SAFG Retirement Services, Inc.Corebridge Financial, Inc.


was incorporated in 1998 and is headquartered in Houston, Texas.Corebridge Financial, Inc.operates as a subsidiary of American International Group, Inc.

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1.b. Last Insights on CRBG

Corebridge Financial's recent performance was driven by strong Q2 earnings, beating expectations with an adjusted EPS of $1.36, a 20% year-over-year increase. The company's Individual Retirement segment saw a significant boost from the $2.8 billion reinsurance deal with Venerable, generating $2.1 billion in after-tax proceeds, which will likely be utilized for share buybacks and organic growth initiatives. Additionally, the company's partnership with Market Synergy Group to launch the Power Select AICO Index Annuity is expected to enhance growth potential and provide a competitive edge in the market.

1.c. Company Highlights

2. Corebridge Financial Delivers Solid Q3 2025 Earnings

Corebridge Financial reported adjusted pretax operating income of $678 million and operating earnings per share of $0.99 for the third quarter of 2025. The company's actual EPS came in at $0.96, slightly below estimates of $1.08. Despite this, the company delivered a run-rate operating EPS of $1.21, a 6% year-over-year increase, and an adjusted run-rate ROE of 12.9%, up 70 basis points versus the prior year. The company's diversified business model and high-quality investment portfolio contributed to its strong financial performance.

Publication Date: Nov -05

📋 Highlights
  • Leadership Transition: Elias Habayeb will leave in April 2026 after 20+ years, overseeing 2025 financial filings and 2026 planning during a 6-month transition.
  • Strong Q3 Performance: Adjusted pretax operating income reached $678M ($0.99 EPS), with run-rate EPS at $1.21 (6% YoY growth) and ROE of 12.9% (+70 bps YoY).
  • Institutional Markets Growth: Highest sales since IPO, $8B reserves growth (19%), and 5% YoY core income increase, driven by PRT and GIC expansion.
  • Investment Portfolio Strength: 95% investment-grade, diversified across $30B private credit (mostly investment-grade), with positive bond rating migration.
  • Capital Returns & Strategy: Returned $370M to shareholders in Q4 2025 via buybacks, targeting 10–15% annual EPS growth via organic growth and balance sheet optimization.

Business Segment Performance

In Institutional Markets, Corebridge had its strongest sales quarter since the IPO, with both PRT and GIC showing exceptional growth. Total reserves grew by $8 billion or 19%, and core sources of income were up 5% year-over-year, while adjusted pretax operating income was up 3%. The company's investment portfolio is 95% investment grade and is highly diversified among asset class, industrial sectors, and geographies.

Investment Portfolio and Capital Management

The company's investment portfolio continued to experience positive rating migration for bonds and commercial mortgages. Corebridge has a deeply experienced credit team that operates in a highly rigorous and iterative underwriting process. The company returned $370 million to shareholders through share repurchases so far in the fourth quarter and expects to return a higher amount of capital for the rest of the quarter.

Outlook and Valuation

Corebridge expects its earnings trajectory over the next few quarters to be lower than they would have been if the company had deployed the proceeds from the VA reinsurance transaction on day one. The company's long-term guidance remains intact, with an expected 10-15% average annual EPS growth driven by growing earnings and share repurchases. With a Price-to-Book Ratio of 1.24 and a Dividend Yield of 3.04%, the company's valuation appears reasonable. Analysts estimate next year's revenue growth at 11.2%, which is in line with the company's long-term guidance.

3. NewsRoom

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Campbell & CO Investment Adviser LLC Invests $333,000 in Corebridge Financial, Inc. $CRBG

Nov -17

Source: defenseworld.net

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Is the Options Market Predicting a Spike in Corebridge Financial Stock?

Nov -10

Source: zacks.com

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Corebridge Financial, Inc. (CRBG) Q3 2025 Earnings Call Transcript

Nov -04

Source: seekingalpha.com

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Corebridge Financial Announces Third Quarter 2025 Results

Nov -03

Source: businesswire.com

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Corebridge Financial Announces Chief Financial Officer Transition

Oct -31

Source: businesswire.com

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Asset Management One Co. Ltd. Lowers Holdings in Corebridge Financial, Inc. $CRBG

Oct -30

Source: defenseworld.net

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Sumitomo Mitsui Trust Group Inc. Grows Stock Position in Corebridge Financial, Inc. $CRBG

Oct -30

Source: defenseworld.net

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Corebridge Financial Elects Tomohiro Yao to Board of Directors

Oct -23

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.92%)

6. Segments

Institutional Markets

Expected Growth: 6.5%

Corebridge Financial, Inc.'s Institutional Markets segment growth of 6.5% is driven by increasing demand for retirement solutions, expansion of distribution channels, and strategic partnerships. Additionally, the segment benefits from a strong brand reputation, diversified product offerings, and a growing presence in the pension risk transfer market.

Individual Retirement

Expected Growth: 6.8%

Corebridge Financial, Inc.'s Individual Retirement segment growth of 6.8% is driven by increasing demand for retirement savings, favorable demographics, and a growing need for income security. Additionally, the company's diversified product offerings, strong distribution channels, and effective marketing strategies contribute to its growth momentum.

Life Insurance

Expected Growth: 6.2%

Corebridge Financial, Inc.'s 6.2% growth in Life Insurance is driven by increasing demand for protection products, expansion into underserved markets, and strategic partnerships. Additionally, the company's diversified distribution channels, including independent agents and online platforms, contribute to its growth. Furthermore, the rising awareness of the importance of life insurance among millennials and Gen Z populations also fuels the segment's expansion.

Group Retirement

Expected Growth: 6.9%

Corebridge Financial's Group Retirement segment growth of 6.9% is driven by increasing demand for retirement plans, expansion of distribution channels, and strategic partnerships. Additionally, the rise of auto-enrollment and Roth 401(k) conversions, as well as the growing need for retirement income solutions, contribute to the segment's growth.

Adjustments

Expected Growth: 0.0%

With 0.0% growth, Corebridge Financial, Inc.'s adjustments are stagnant, indicating no significant changes in market share, pricing, or operating efficiency. This may be due to intense competition, lack of innovation, or ineffective cost management. The company's focus should be on identifying areas for improvement and implementing strategies to drive growth.

Corporate & Other Segment

Expected Growth: 7.2%

The 7.2% growth in Corporate & Other Segment of Corebridge Financial, Inc. is driven by increasing demand for retirement solutions, expansion of distribution channels, and strategic investments in digital capabilities. Additionally, the segment benefits from a low interest rate environment, leading to higher fee income and a growing annuity business.

Eliminations

Expected Growth: 0.0%

With 0.0% growth, Eliminations from Corebridge Financial, Inc. indicates a neutral impact on the company's financial performance. This is likely driven by the absence of significant intersegment transactions, minimal consolidation adjustments, and a stable organizational structure, resulting in no material eliminations affecting the company's overall financial results.

7. Detailed Products

Term Life Insurance

Provides temporary life insurance coverage for a specified period of time, typically 10, 20, or 30 years.

Permanent Life Insurance

Offers lifetime coverage and a cash value component that grows over time.

Universal Life Insurance

Combines a death benefit with a savings component that earns interest, allowing for flexible premiums and adjustable coverage.

Indexed Universal Life Insurance

A type of universal life insurance that earns interest based on the performance of a specific stock market index.

Variable Universal Life Insurance

A type of universal life insurance that allows investments in a variety of investments, such as mutual funds.

Annuities

A contract that provides a guaranteed income stream for a set period or for life in exchange for a lump sum or series of payments.

Retirement Plans

Offers a range of retirement plans, including 401(k), IRA, and pension plans.

8. Corebridge Financial, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Corebridge Financial, Inc. operates in a highly competitive industry, and there are many substitutes available to customers. However, the company's strong brand recognition and customer loyalty help to mitigate the threat of substitutes.

Bargaining Power Of Customers

Corebridge Financial, Inc. has a large customer base, and customers have significant bargaining power due to the availability of substitutes. The company needs to focus on customer retention and satisfaction to maintain its market share.

Bargaining Power Of Suppliers

Corebridge Financial, Inc. has a diversified supplier base, and suppliers have limited bargaining power. The company has a strong negotiating position, which helps to keep costs under control.

Threat Of New Entrants

The financial services industry has high barriers to entry, and new entrants face significant regulatory and capital requirements. However, the rise of fintech companies and digital platforms has increased the threat of new entrants.

Intensity Of Rivalry

The financial services industry is highly competitive, and Corebridge Financial, Inc. faces intense rivalry from established players and new entrants. The company needs to focus on differentiating itself through its products and services to maintain its market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 50.22%
Debt Cost 4.42%
Equity Weight 49.78%
Equity Cost 7.29%
WACC 5.85%
Leverage 100.90%

11. Quality Control: Corebridge Financial, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Main Street Capital

A-Score: 7.5/10

Value: 4.8

Growth: 6.0

Quality: 7.6

Yield: 9.0

Momentum: 8.0

Volatility: 9.3

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Ares Capital

A-Score: 7.3/10

Value: 6.7

Growth: 5.1

Quality: 8.0

Yield: 10.0

Momentum: 4.0

Volatility: 10.0

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Golub Capital BDC

A-Score: 7.1/10

Value: 6.7

Growth: 5.8

Quality: 7.9

Yield: 10.0

Momentum: 2.5

Volatility: 10.0

1-Year Total Return ->

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Hercules Capital

A-Score: 6.7/10

Value: 6.0

Growth: 3.6

Quality: 6.8

Yield: 10.0

Momentum: 4.0

Volatility: 9.7

1-Year Total Return ->

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Victory Capital Holdings

A-Score: 6.4/10

Value: 4.7

Growth: 6.7

Quality: 8.4

Yield: 6.0

Momentum: 6.0

Volatility: 6.7

1-Year Total Return ->

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Corebridge Financial

A-Score: 5.6/10

Value: 6.0

Growth: 3.3

Quality: 3.2

Yield: 8.0

Momentum: 6.0

Volatility: 7.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

30.37$

Current Price

30.37$

Potential

-0.00%

Expected Cash-Flows