Corebridge Financial, Inc.
- Open
- 33.93
- Day high
- 34.45
- Day low
- 33.77
- Prev close
- 33.54
- Volume
- 696K
- Mkt cap
- $15.2B
- P/E (TTM)
- 19.9
- EPS (TTM)
- $1.71
- P/B
- 1.4
- P/S
- 1.6
- Yield
- 2.87%
- Per share
- $0.98
- ▼Insiders net selling -$492.3M over the last 3 months (0 open-market buys, 5 sales)
- 🏛Institutions mixed (13F)
Corebridge Financial, Inc. (CRBG) is a Financial Services company listed on NYSE. The stock is down 3% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4). Drillr has 1 published research article covering CRBG.
Corebridge Financial, Inc. (CRBG) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 9 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CRBG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $1.07 | $1.12 | +4.7% | $4.3B | -7.8% |
| May 5, 2026 | $1.07 | $1.05 | -1.9% | $4.1B | -19.2% |
| Feb 12, 2025 | $1.27 | $1.23 | -3.1% | $7.1B | +22.0% |
| Jul 31, 2024 | $1.09 | $1.13 | +3.7% | $3.6B | -33.8% |
| May 3, 2024 | $1.06 | $1.10 | +3.8% | $6.1B | +12.4% |
| Feb 15, 2024 | $0.99 | $1.04 | +5.1% | $2.8B | -49.2% |
| Nov 3, 2023 | $1.06 | $1.05 | -0.9% | $6.0B | +17.8% |
| Aug 4, 2023 | $0.93 | $1.04 | +11.8% | $6.0B | -5.5% |
| Feb 17, 2023 | $0.71 | $0.88 | +23.9% | $3.8B | -11.7% |
| Nov 9, 2022 | $0.52 | $0.57 | +9.6% | $7.2B | +72.1% |
| Sep 16, 2022 | — | $4.50 | — | $7.6B | — |
| Dec 31, 2021 | — | $4.84 | — | $6.9B | — |
CRBG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 20, 2026 | Cropper Elizabeth Bofficer: EVP & Chief Human Res. Officer | Sell | 7,745 | $33.06 |
| Aug 12, 2026 | Argon Holdco LLC10 percent owner | Sell | 14,500,000 | $33.87 |
| Aug 7, 2026 | Ditillo Davidofficer: Chief Information Officer | Sell | 12,414 | $34.00 |
| Aug 7, 2026 | Ditillo Davidofficer: Chief Information Officer | Option | 3,914 | $20.30 |
| Jul 17, 2026 | Ditillo Davidofficer: Chief Information Officer | Option | 3,914 | $20.30 |
| Jul 17, 2026 | Ditillo Davidofficer: Chief Information Officer | Sell | 12,414 | $32.00 |
| Jul 7, 2026 | Ditillo Davidofficer: Chief Information Officer | Sell | 4,250 | $30.00 |
| Jun 22, 2026 | Bousa Edward Peterdirector | Grant | 6,553 | — |
| Jun 22, 2026 | Gubbay Keithdirector | Grant | 6,553 | — |
| Jun 22, 2026 | Schioldager Amy L.director | Grant | 6,553 | — |
| Jun 22, 2026 | Lynch Christopher S.director | Grant | 6,553 | — |
| Jun 22, 2026 | Leone Deborah Rdirector | Grant | 6,553 | — |
| Jun 22, 2026 | Parris Colin J.director | Grant | 6,553 | — |
| Jun 22, 2026 | Colberg Alan B.director | Grant | 6,553 | — |
| Apr 15, 2026 | Filiaggi Christopherofficer: Interim CFO and CAO | Grant | 30,549 | — |
Source: CRBG SEC Form 4 filings, latest Aug 20, 2026. For informational purposes only — not investment advice.
See the full CRBG insider & 13F page →Corebridge Financial, Inc. company profile
Overview
Corebridge Financial, Inc. (NYSE:CRBG) is a leading provider of retirement solutions and insurance products in the United States. The company was incorporated in 1998 as SAFG Retirement Services, Inc. and was formerly a subsidiary of American International Group (AIG). Corebridge went public in September 2022 through an initial public offering, marking its emergence as an independent publicly traded company. Headquartered in Houston, Texas, Corebridge operates as one of the largest retirement services companies in the U.S., managing approximately $389 billion in assets and serving millions of customers through four distinct business segments.
Business
Corebridge Financial operates in the life insurance and retirement services industry, providing financial products that help Americans prepare for and manage their retirement years. The company's business spans four primary segments that collectively serve the retirement planning ecosystem. The Individual Retirement segment represents the largest portion of the business, generating approximately 60-65% of total operating income. This division provides annuities - financial contracts where customers pay premiums in exchange for guaranteed income payments over time. The segment offers fixed annuities (which provide guaranteed interest rates), fixed index annuities (which offer returns linked to market indices with downside protection), variable annuities (which allow investment in market-based options), and retail mutual funds. Annuities serve as a bridge between traditional savings accounts and market investments, offering retirees predictable income streams while protecting against the risk of outliving their savings. The Group Retirement segment, contributing roughly 20-25% of operating income, focuses on employer-sponsored retirement plans. This division provides record-keeping services (maintaining detailed accounts of employee contributions and investments), plan administration and compliance services to help employers meet regulatory requirements, and financial planning advisory solutions. The segment also offers both proprietary and third-party investment products to plan participants, essentially serving as the operational backbone for corporate 401(k) and similar retirement plans. The Life Insurance segment, representing about 10-15% of operating income, offers various life insurance products including term life (temporary coverage), universal life (permanent coverage with investment components), and group life insurance policies. The segment operates primarily in the United States but also maintains operations in the United Kingdom and Ireland, providing both individual and group coverage options. The Institutional Markets segment, contributing approximately 10% of operating income, serves large institutional clients with specialized products. These include stable value wraps (which provide principal protection for retirement plan assets), structured settlement annuities (which provide guaranteed payments for legal settlements), pension risk transfer annuities (which help corporations transfer pension obligations), and guaranteed investment contracts for institutional investors seeking predictable returns.
Revenue model
Corebridge Financial operates multiple revenue streams across its business segments, primarily generating income through spread-based earnings, fee-based services, and underwriting margins. The company's largest revenue source comes from spread income, particularly in the Individual Retirement and Institutional Markets segments. This model involves collecting customer premiums and deposits, investing these funds in higher-yielding assets like corporate bonds, commercial mortgages, and alternative investments, then paying customers a lower crediting rate while retaining the difference. For example, if Corebridge invests customer funds at 6% but credits customers 4%, the 2% spread generates profit. This model benefits from rising interest rates, as new investments can be made at higher yields, but faces pressure when rates decline. Fee-based revenue primarily comes from the Group Retirement segment, where Corebridge charges asset-based fees for record-keeping, administration, and advisory services on employer-sponsored retirement plans. These fees are typically calculated as a percentage of assets under management, providing relatively stable income that grows with market appreciation and net inflows. Underwriting income in the Life Insurance segment comes from collecting premiums and investing the funds while managing mortality risk. Profits arise when actual death claims are lower than actuarially projected, and when investment returns exceed the minimum guarantees provided to policyholders. The company's margins are influenced by several key factors. Interest rate movements significantly impact profitability - rising rates benefit new business margins but can pressure existing business through higher surrender rates as customers seek better returns elsewhere. Credit risk in the investment portfolio can affect returns, while equity market performance influences fee income from variable products and assets under management. Regulatory changes around capital requirements and accounting standards can impact capital efficiency, while competitive dynamics in the annuity and retirement services markets affect pricing power and market share. Mortality experience relative to actuarial assumptions directly impacts life insurance profitability, and operational efficiency through expense management programs affects overall margins across all segments.
Competitive moat
Corebridge Financial operates in a business with moderate competitive advantages, though these moats face ongoing challenges from industry dynamics and regulatory pressures. The company's primary moat stems from scale and distribution relationships. With nearly $400 billion in assets under management, Corebridge benefits from economies of scale in investment management, technology infrastructure, and regulatory compliance costs. The company has established deep relationships with financial advisors, broker-dealers, and institutional consultants who recommend Corebridge products to their clients. These distribution partnerships, built over decades, create switching costs and provide preferred access to customer flow. Regulatory barriers provide another defensive element. The insurance industry requires significant capital reserves, extensive regulatory compliance, and actuarial expertise that create barriers to entry. State insurance regulations and required capital ratios make it difficult for new entrants to compete effectively, particularly in the annuity business where guarantees require substantial backing. However, Corebridge's moat is not particularly strong. The annuity and retirement services industry is highly competitive with numerous large players including Prudential, MetLife, Lincoln Financial, and others offering similar products. Product differentiation is limited, as annuities are largely commoditized with competition primarily on pricing, crediting rates, and distribution relationships. Fee compression pressures exist across the industry, particularly in group retirement services where large employers increasingly negotiate lower fees. Potential disruption comes from several sources. Robo-advisors and direct-to-consumer platforms could disintermediate traditional distribution channels. Changes in retirement plan regulations, such as potential expansions of Social Security or government-sponsored retirement accounts, could reduce demand for private annuity products. Additionally, the rise of low-cost index funds and ETFs provides alternatives to traditional annuity products for retirement planning. The company's heavy reliance on interest rate spreads also makes it vulnerable to prolonged low-rate environments or significant rate volatility that could pressure margins and increase surrender activity.
Risks & safety
Corebridge Financial presents a moderate margin of safety profile with strong capital position but typical insurance industry leverage characteristics. **Overall Assessment**: The company maintains adequate liquidity and capital ratios but operates with high leverage typical of insurance companies, requiring careful monitoring of interest rate and credit risks. **Cash and Liquidity**: - Holding company liquidity of approximately $800 million in cash and short-term investments - Positive operating cash flow of $2.1 billion for 2024 - No immediate solvency concerns with current liquidity levels **Debt and Capital Structure**: - Debt-to-equity ratio of 1.08, reflecting typical insurance industry leverage - Total liabilities of $377 billion against $389 billion in assets - Life insurance subsidiary RBC (Risk-Based Capital) ratio of 420-430%, well above regulatory minimums - Strong capital generation with ability to upstream dividends from subsidiaries **Valuation Metrics**: - Price-to-earnings ratio of 8.0x based on 2024 results, appearing reasonable - Price-to-book ratio of 1.56x, moderate for insurance company - EV/EBITDA of 8.8x for full year 2024 - Return on equity of 19.4% for 2024, indicating efficient capital utilization **Other Considerations**: - Asset quality risk from $389 billion investment portfolio concentrated in corporate bonds and alternatives - Interest rate sensitivity could pressure margins in declining rate environment - Regulatory capital requirements provide buffer but limit financial flexibility
Recent development
Over the past few years, Corebridge Financial has executed several strategic initiatives focused on operational efficiency, capital optimization, and product innovation following its 2022 IPO. The company completed its Corebridge Forward modernization program, achieving $350 million of a targeted $400 million in annual run-rate expense savings. This initiative involved streamlining operations, upgrading technology systems, and eliminating redundancies to improve operational efficiency across all business segments. A major strategic development has been the establishment of a Bermuda-affiliated reinsurance strategy launched in 2024. The company began ceding business to its Bermuda reinsurer, with over $12 billion in reserves already transferred. This structure is designed to optimize regulatory capital requirements and provide more efficient capital management for new business growth, potentially allowing the company to attract third-party capital in the future. Product innovation has been another key focus, with the launch of the MarketLock RILA (Registered Index-Linked Annuity) product in 2024. This product completes Corebridge's offering across all major annuity categories, providing customers with market upside participation while offering downside protection. The RILA product addresses growing customer demand for market-linked retirement products with built-in risk management features. The company has also pursued portfolio optimization by divesting non-core assets. Corebridge completed the sale of its UK life insurance business to Aviva and sold Laya Healthcare in Ireland, allowing management to focus resources on the core U.S. retirement and life insurance markets where the company has stronger competitive positioning. Capital management has been aggressive, with the company returning $2.3 billion to shareholders in 2024 through dividends and share repurchases. The board increased the share repurchase authorization by $2 billion and raised the quarterly dividend to $0.24 per share, demonstrating confidence in cash generation capabilities and commitment to shareholder returns.
CRBG company profile · for informational purposes only — not investment advice.
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