Corebridge Financial, Inc.

Listed Company

CRBGCIK 0001889539NYSELarge AcceleratedLife InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$18.48B

Net Income

$-366.00M

Total Assets

$413.55B

Equity

$13.20B

Shares Out

481.69M

Op. Cash Flow

$2.02B

+ 13F Filer

Business

Corebridge Financial, Inc. provides retirement solutions and insurance products focused on helping individuals plan, save and secure financial futures. It offers annuities, life insurance, advisory and recordkeeping services, stable value and institutional annuity products, and investment management and hedging capabilities. The company operates through four primary businesses—Individual Retirement, Group Retirement, Life Insurance and Institutional Markets—supported by corporate and investment management functions. Its products are distributed across broad U.S. channels including banks, broker-dealers, independent agents, employee financial advisors, institutional channels and a direct-to-consumer platform.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Premiums	5,864	4,526	7,613	5,091	5,653
Policy fees	2,733	2,901	2,797	2,914	3,005
Net investment income	13,124	12,228	11,078	9,576	11,672
Total net realized losses	−3,958	−1,883	−3,572	6,091	1,752
Advisory fee income	510	506	467	475	597
Other income	208	429	417	550	578
Total revenues	18,481	18,707	18,800	24,697	23,257
Policyholder benefits (includes remeasurement losses of $467, $403 and $342 for the years ended December 31, 2025, 2024 and 2023, respectively)	8,173	6,632	9,362	6,720	7,387
Change in the fair value of market risk benefits, net	484	−227	−6	−958	−447
Interest credited to policyholder account balances	5,933	5,240	4,427	3,732	3,562
Amortization of deferred policy acquisition costs and value of business acquired	1,050	1,060	1,042	1,020	951
Non-deferrable insurance commissions	553	588	588	568	623
Advisory fee expenses	275	286	261	266	322
General operating expenses	2,002	2,016	2,282	2,323	2,104
Interest expense	552	554	580	534	—
Net (gain) on divestitures	0	−245	−676	1	−3,081
Total benefits and expenses	19,022	15,904	17,860	14,206	12,003
Income (loss) before income tax expense (benefit)	−541	2,803	940	10,491	11,254
Current	−488	−35	306	878	1,946
Deferred	337	635	−402	1,134	136
Income tax expense (benefit)	−151	600	−96	2,012	2,082
Net income (loss)	−390	2,203	1,036	8,479	9,172
Less: Net loss attributable to noncontrolling interests	−24	−27	−68	320	929
Net income (loss) attributable to Corebridge	−366	2,230	1,104	8,159	8,243
Less: Preferred stock dividends	0	0	0	—	—
Net income (loss) available to Corebridge common shareholders	−366	2,230	1,104	—	—
Common stock - basic (in dollars per share)	−0.68	3.73	1.72	12.63	—
Common stock - diluted (in dollars per share)	−0.68	3.72	1.71	12.6	—
Common stock - basic (in shares)	539	598	643	646	—
Common stock - diluted (in shares)	539	599	645	647	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Bonds available-for-sale, at fair value, net of allowance for credit losses of $130 in 2025 and $119 in 2024 (amortized cost: 2025 - $203,848; 2024 - $191,058)	189,381	170,840	166,527	156,793	198,568
Other bond securities, at fair value	5,407	5,262	4,578	3,769	2,082
Equity securities, at fair value	79	56	63	170	242
Mortgage and other loans receivable, net of allowance for credit losses of $727 in 2025 and $771 in 2024	54,481	52,768	46,867	44,566	39,388
Other invested assets (portion measured at fair value: 2025 - $8,106; 2024 - $7,791)	10,235	9,851	10,257	10,418	10,567
Short-term investments, including restricted cash of $4 in 2025 and $4 in 2024 (portion measured at fair value: 2025 - $1,624; 2024 - $1,439)	5,675	4,981	4,336	4,400	5,471
Total investments	265,258	243,758	232,628	220,116	256,318
Cash	447	806	612	552	537
Accrued investment income	2,379	2,169	2,008	1,813	1,760
Premiums and other receivables, net of allowance for credit losses and disputes of $1 in 2025 and $1 in 2024	648	713	594	916	884
Current and deferred income taxes	7,467	7,903	—	—	—
Deferred policy acquisition costs and value of business acquired	8,885	10,293	10,011	10,563	8,058
Market risk benefit assets, at fair value	2,392	1,332	912	796	—
Other assets, including restricted cash of $2 in 2025 and $14 in 2024 (portion measured at fair value: 2025 - $441; 2024 - $193)	4,435	2,042	2,294	2,521	3,303
Separate account assets, at fair value	95,585	93,888	91,005	84,853	109,111
Total assets	413,547	389,397	379,270	360,322	416,212
Future policy benefits for life and accident and health insurance contracts	60,971	56,272	57,108	50,518	64,270
Policyholder contract deposits (portion measured at fair value: 2025 - $12,156; 2024 - $9,535)	188,876	173,695	162,050	156,058	151,545
Market risk benefit liabilities, at fair value	7,309	5,616	5,705	4,736	—
Other policyholder funds	2,959	2,873	2,862	2,885	2,879
Short-term and long-term debt, of which $0 in 2025 and $1,101 in 2024 is short-term debt	10,906	12,392	11,872	—	—
Separate account liabilities	95,585	93,888	91,005	84,853	109,111
Total liabilities	399,587	377,071	366,635	350,003	387,284
Contingencies, commitments and guarantees (See Note 16)	—	—	—	—	—
Preferred stock and additional paid-in capital, $1 par value and $1,000 liquidation preference	493	0	—	—	—
Common stock, $0.01 par value; 2,500,000,000 shares authorized; shares issued: 2025 - 650,189,849 and 2024 - 650,189,849	7	7	6	—	—
Treasury stock, at cost; 2025 - 153,816,103 shares and 2024 - 88,704,816 shares	−4,382	−2,282	−503	0	—
Additional paid-in capital	8,162	8,161	8,149	8,030	8,054
Retained earnings	18,373	19,257	17,572	18,207	8,859
Accumulated other comprehensive loss	−9,452	−13,681	−13,458	−16,863	10,167
Total Corebridge Shareholders' equity	13,201	11,462	11,766	9,380	27,086
Non-redeemable noncontrolling interests	759	864	869	939	1,759
Total equity	13,960	12,326	12,635	10,319	28,989
Total liabilities and equity	413,547	389,397	379,270	360,322	416,212

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net losses (gains) on sales of securities available-for-sale and other assets	1,051	1,049	304	377	−1,737
Unrealized (gains) losses in earnings - net	1,169	870	1,797	864	−556
Change in the fair value of market risk benefits in earnings, net	636	−831	−348	−1,481	−1,427
Equity in income from equity method investments, net of dividends or distributions	10	65	8	−97	33
Depreciation and other amortization	556	193	366	585	413
Impairments of assets	52	69	69	25	32
Insurance liabilities	630	980	770	996	1,536
Premiums and other receivables and payables - net	174	−167	−265	40	156
Funds held relating to Fortitude Re Reinsurance contracts	−644	−1,420	−137	−8,497	−1,160
Reinsurance assets and funds held under reinsurance treaties	1,024	825	675	1,086	307
Capitalization of deferred policy acquisition costs	−1,381	−1,377	−1,260	−1,059	−1,058
Current and deferred income taxes - net	−343	349	−116	912	169
Other, net	−523	−412	1,134	390	−709
Total adjustments	2,411	−52	2,321	−5,858	−6,767
Net cash provided by operating activities	2,021	2,151	3,357	2,621	2,405
Available-for-sale securities	13,690	8,080	7,400	10,566	10,762
Other securities	3,888	1,113	988	2,181	318
Other invested assets	1,764	1,733	1,367	1,888	4,615
Divestitures, net	0	577	747	0	1,084
Maturities of fixed maturity securities available-for-sale	19,312	16,164	8,859	9,621	20,420
Principal payments received on mortgage and other loans receivable	9,021	5,509	6,164	7,814	6,646
Available-for-sale securities	−44,452	−29,644	−18,321	−19,499	−36,641
Other securities	−3,867	−1,669	−1,379	−3,694	−1,591
Other invested assets	−1,496	−924	−1,172	−1,662	−2,498
Mortgage and other loans receivable	−9,985	−11,878	−9,168	−14,203	−7,930
Acquisition of businesses, net of cash and restricted cash acquired	0	0	−5	−107	0
Net change in short-term investments	−404	−560	−334	883	3,439
Net change in derivative assets and liabilities	−820	119	−884	−754	−507
Other, net	17	−156	262	−287	−84
Net cash used in investing activities	−13,332	−11,536	−5,476	−7,253	−1,967
Policyholder contract deposits	40,455	39,552	33,015	26,582	25,443
Policyholder contract withdrawals	−26,652	−28,136	−27,957	−20,722	−22,481
Repayments of short-term debt	−1,101	−250	−1,250	−8,312	−248
Dividends paid on common stock	−511	−544	−1,722	−876	0
Distributions to noncontrolling interests	−132	−199	−91	−477	−1,611
Contributions from noncontrolling interests	51	70	96	146	296
Net change in securities lending and repurchase agreements	1,466	567	−544	−647	9
Issuance of preferred stock	493	0	0	—	—
Issuance of common stock	0	1	0	0	—
Repurchase of common stock	−2,118	−1,792	−498	0	0
Other, net	−599	−267	139	299	81
Net cash provided by (used in) financing activities	10,939	9,580	2,114	4,674	−753
Effect of exchange rate changes on cash and restricted cash	1	1	3	−10	−2
Net increase (decrease) in cash and restricted cash	−371	196	−2	32	−317
Change in cash of businesses held for sale	0	0	−3	0	0
Interest	584	538	583	472	364
Taxes	192	252	20	1,101	1,913
Fixed maturity securities, designated available-for-sale, received in connection with pension risk transfer transactions	−2,782	−1,316	−4,317	−1,121	−2,284
Fixed maturity securities, designated fair value option, received in connection with reinsurance transactions	0	−232	−93	0	—
Fixed maturity securities, designated available-for-sale, transferred in connection with reinsurance transactions	1,312	210	439	204	647
Fixed maturity securities, designated fair value option, transferred in connection with reinsurance transactions	0	194	0	0	0
Other invested assets securities, transferred in connection with reinsurance transactions	0	43	111	0	0
Interest credited to policyholder contract deposits included in financing activities	6,156	5,141	4,501	3,676	3,642
Fee income debited to policyholder contract deposits included in financing activities	−2,987	−2,879	−2,122	−1,694	−1,690
Non-cash capital contributions	2	18	16	0	728

Filings

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Holdings (13F)

Portfolio as of 2025-12-31 · 1 positions

Reported AUM

$268.0K

Holdings

Top sector

$268.0K

Top sectors

Sector	Value	% of portfolio
Uncategorized	$268.0K	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
NRG ENERGY INC	—	1.7K	$268.0K	100.0%