Corebridge Financial, Inc.

Corebridge Financial, Inc. (NYSE: CRBG) sells retirement and life-insurance products. It earns the difference between investment income and amounts credited to policyholders, along with account fees and income from underwriting insurance risk. Its main businesses are Individual Retirement, Group Retirement, Life Insurance and Institutional Markets.

September-quarter earnings and sales

Amounts are USD millions, except per-share figures, for the three months ended September 30. Adjusted profit below means after-tax operating income available to common shareholders. It removes specified investment and insurance market-value movements and other adjustments, while retaining variable investment income.

Operating earnings per share rose faster than total adjusted profit because the average share count was 17.3% lower. On a pre-tax operating basis excluding variable investment income and notable items, Corebridge reported a 9% earnings decline.

Premiums and deposits are a sales measure covering insurance premiums and amounts placed into annuity and other investment-type contracts. They fell 29% overall and 19% excluding large institutional transactions. Group Retirement deposits rose slightly, while Individual Retirement and Institutional Markets declined.

Capital returns and holding-company liquidity

Corebridge repurchased $185 million of shares and paid $110 million of dividends in the third quarter. Holding-company liquidity was $2.2 billion on September 30, compared with $1.4 billion at June 30. The September amount included $750 million raised ahead of a debt maturity in April 2027.

Its financial leverage ratio was 34.2%, including about 1.7 percentage points from that prefunding. For the six months ended June 30, consolidated operating cash flow was negative $53 million, compared with positive $116 million in 2025.

Pending combination with Equitable

The March 26 merger agreement with Equitable Holdings provides one share in a new parent for each Corebridge share and 1.55516 shares for each Equitable share. Announced ownership was approximately 51% for Corebridge shareholders and 49% for Equitable shareholders.

As of the November 2 results, the transaction remained pending and was expected to close by year-end, subject to regulatory approvals. The original plan targeted more than $500 million of annual expense savings by the end of 2028. Corebridge now says more than $100 million of expense savings have been identified.

Future reports can test sales recovery, growth in profit before the effect of fewer shares, and progress from identified merger savings to actual cost reductions.