Key Highlights

  • Net income to common shareholders was USD 1.4 billion, or USD 3.22 per share, versus USD 0.27.
  • Operating Earnings Per Share rose 27% to USD 1.22 on adjusted after-tax Operating Income of USD 545 million.
  • Premiums and deposits were USD 8.8 billion, and Holding Company Liquidity was USD 2.2 billion.
  • The company returned USD 295 million to shareholders, including USD 185 million of share repurchases.

Results

Corebridge Financial, Inc. (NYSE:CRBG) reported third-quarter 2026 Net Income available to common shareholders of USD 1,440 million, or USD 3.22 per share, compared with USD 144 million, or USD 0.27. The variance largely reflected favorable changes in net realized gains, including Fortitude Re funds withheld embedded Derivatives and Fair Value Market Risk benefits, and return on average Equity was 70.3% versus 4.5%.

Adjusted after-tax operating income was USD 545 million versus USD 520 million, and operating earnings per share were USD 1.22 versus USD 0.96, helped by a lower share count of 447 million diluted shares versus 541 million. Adjusted Return on Equity was 12.1% versus 10.3%.

Income Sources

Adjusted pre-tax operating income was USD 677 million versus USD 654 million, and core sources of income were USD 1,545 million versus USD 1,528 million. Base spread income was USD 876 million versus USD 880 million, fee income rose to USD 322 million from USD 307 million, and Underwriting Margin excluding variable Investment income was USD 347 million versus USD 341 million.

Net investment income was USD 3,270 million versus USD 3,320 million, while on an adjusted operating basis it rose to USD 3,226 million from USD 2,980 million, with base portfolio income of USD 3,061 million and variable investment income of USD 165 million versus USD 74 million. Premiums and deposits were USD 8,785 million versus USD 12,290 million.

Capital Return and Merger

Adjusted pre-tax operating income rose 4%, but excluding variable investment income and notable items it fell 9% on lower base spread income and higher expenses, partly offset by higher fee income. The annual actuarial assumption update reduced it by USD 99 million, mainly on life assumptions, versus a USD 98 million reduction a year earlier. Premiums and deposits fell 29%, or 19% excluding pension risk transfer, guaranteed investment contracts and group retirement plan acquisitions, on lower fixed index Annuity sales partly offset by higher RILA and out-of-plan fixed annuity deposits.

The company returned USD 295 million to shareholders, including USD 185 million of repurchases, and holding company liquidity stood at USD 2.2 billion, including USD 750 million of pre-funded debt maturing in April 2027. Of the Capital returned, USD 110 million was dividends, and the board declared a Dividend of USD 0.25 per share payable December 31. The financial Leverage Ratio was 34.2% and the life fleet risk-based capital ratio remains above target. President and chief executive Marc Costantini said the quarter delivered the strongest annuity sales of the year and growing momentum in advisory and brokerage.

He said the company made significant progress toward completing its Merger with Equitable, advancing the regulatory approval process, continuing Day 1 readiness work and selecting the members of its future board. More than USD 100 million of expense synergies have been identified, which management said would create greater scale and a lower unit cost structure.

Indicators for the Merger Period

Items to track include regulatory approvals, annuity sales momentum, spread income trends and the pace of repurchases.