Research · Sep 3, 2026
Corebridge Financial Inc. (NYSE: CRBG) FY2025 revenue ~$19-20.5B (+5-12%) with adj. EPS ~$4.65-5.10 reflecting continued post-2024 ~$8.5-9.5B aggregate Individual Retirement (~45% aggregate revenue mix) + selected continued post-2024 ~$5.0-5.5B aggregate Group Retirement (~27% aggregate revenue mix) + selected continued post-2024 ~$3.5-4.0B aggregate Life Insurance (~20% aggregate revenue mix) + selected continued post-2024 ~$1.5-1.7B aggregate Institutional Markets + selected various (~8% aggregate revenue mix) under continued President + CEO Kevin Hogan since 2014 (~11-year tenure as Corebridge Financial CEO; selected ~52%+ AIG aggregate ownership). One of the largest US life insurance + retirement services companies. Founded September 2022 as Corebridge Financial Inc. via AIG Life & Retirement IPO spinoff (~3-year heritage); selected post-September 2022 NYSE listing IPO; selected post-1850 American General Life Insurance + AIG Life & Retirement predecessors; selected post-1968 AIG corporate formation; selected continued post-2014 Kevin Hogan CEO continuation. Headquartered in Houston Texas; ~7,500+ employees globally with ~$19-20.5B revenue. Four primary business segments: Individual Retirement (~45% ~$8.5-9.5B), Group Retirement (~27% ~$5.0-5.5B), Life Insurance (~20% ~$3.5-4.0B), Institutional Markets + selected various (~8% ~$1.5-1.7B). Geographic mix: US ~95%+ + selected various ~5%. Annuity spread cycle: ~$8.5-9.5B Individual Retirement revenue; selected primary US fixed annuity + indexed + variable annuity; ~3.5-4.0% Net Investment Income spread. Life Insurance + Group Retirement: ~$3.5-4.0B Life Insurance + ~$5.0-5.5B Group Retirement + ~$1.5-1.7B Institutional Markets. President + CEO Kevin Hogan since 2014 (~11-year tenure); CFO Elias Habayeb. Capital return + AIG ownership reduction: ~$0.96 annual dividend FY2025 (~3-year continuous dividend track); ~$1.5-2.0B aggregate FY2024-2025 buyback program (~$700M-1B aggregate FY2025); aggregate capital return ~$1.25-1.55B; net leverage ratio ~25-30% debt-to-capital; selected ~52%+ AIG aggregate ownership; investment-grade Baa1/A- credit rating. FY2026 thesis: Annuity spread cycle + Life Insurance + Group Retirement + Institutional Markets recovery + ~$0.96 annual dividend + ~3-year continuous dividend track + ~$700M-1B aggregate annual buybacks + ~$1.40-1.75B aggregate FY2026 capital return + selected continued post-September 2022 AIG ownership reduction + selected potential post-2024 dividend acceleration. Risks: Athene + MetLife + Lincoln + Equitable competition, Federal Reserve rate vs Net Investment Income spread, US fixed annuity cycle, AIG ownership reduction execution, life insurance reserve adequacy.
