10-K: Corebridge Financial Reports 2025 Net Loss Amid Higher Expenses

Sentiment:

Annual Report 11 February 2026 4:08 PM

📋All filings for Corebridge Financial, INC

Corebridge Financial, Inc. reported a net loss of $366 million for 2025, a significant decline from the prior year, driven by increased expenses and realized losses, despite growth in assets under management and administration.

Delay expectedThe effective date of the DOL's final rule updating the definition of an investment advice fiduciary, published on April 25, 2024, was stayed by U.S. District Courts on July 25 and 26, 2024, due to separate lawsuits challenging the rule.The DOL appealed these orders but has since withdrawn its appeal, and the matter is currently stayed, indicating an ongoing delay in implementation.

Capital raiseCorebridge Parent issued 500,000 shares of its 6.875% Fixed Rate Reset Non-Cumulative Preferred Stock, Series A, for aggregate net cash proceeds of $493 million on November 18, 2025.Corebridge Hold Cos. expect to access the debt and equity markets from time to time to meet funding requirements as needed.

Worse than expectedNet income (loss) attributable to Corebridge common shareholders was $(366) million in 2025, a significant decrease from $2,230 million in 2024.Pre-tax income (loss) was $(541) million in 2025, a substantial decline from $2,803 million in 2024.Total benefits and expenses increased significantly to $19,022 million in 2025 from $15,904 million in 2024.Net realized losses increased to $(3,958) million in 2025 from $(1,883) million in 2024, primarily due to Fortitude Re related balances and derivatives.The change in the fair value of market risk benefits, net, was an unfavorable $484 million in 2025 compared to a favorable $(227) million in 2024, driven by lower interest rates and higher equity markets.

Summary

Corebridge Financial, Inc. reported a net loss attributable to common shareholders of $366 million for the year ended December 31, 2025, a substantial decrease from a net income of $2,230 million in 2024.
Pre-tax income shifted to a loss of $541 million in 2025, compared to a pre-tax income of $2,803 million in 2024.
Adjusted Pre-Tax Operating Income (APTOI) decreased by $201 million to $2,966 million in 2025 from $3,167 million in 2024.
Total revenues were $18,481 million in 2025, a slight decrease from $18,707 million in 2024.
Total benefits and expenses significantly increased to $19,022 million in 2025 from $15,904 million in 2024.
Net realized losses increased to $3,958 million in 2025, up from $1,883 million in 2024, primarily due to Fortitude Re related balances and derivatives.
Assets Under Management and Administration (AUMA) grew by $36.7 billion to $386.4 billion as of December 31, 2025.
The company repurchased approximately 67 million shares of common stock for $2.1 billion in 2025.
Corebridge issued 500,000 shares of Series A Preferred Stock, generating net cash proceeds of $493 million in November 2025.
The Individual Retirement segment saw net inflows of $7,151 million in 2025, a slight decrease from $7,349 million in 2024.
The Group Retirement segment's negative net flows improved by $457 million, from $(9,086) million in 2024 to $(8,629) million in 2025.
The company launched Corebridge MarketLock Annuity, a registered index-linked annuity (RILA) contract, in October 2024, contributing to $1,874 million in net inflows for RILAs in 2025.
Elias Habayeb, Executive Vice President and Chief Financial Officer, notified the company of his intent to resign, effective April 24, 2026.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this filing with a cautious sentiment due to the reported net loss and significant increase in expenses for 2025, which overshadows positive AUMA growth and strategic capital actions. The ongoing legal and regulatory uncertainties further contribute to a mixed outlook.

Positives

Assets Under Management and Administration (AUMA) increased by $36.7 billion to $386.4 billion as of December 31, 2025, reflecting positive net flows and unrealized gains from fixed maturity securities.
Premiums increased by $1.3 billion to $5,864 million in 2025, primarily driven by new pension risk transfer business.
Net investment income increased by $896 million to $13,124 million in 2025, due to higher base portfolio and variable investment income.
The company demonstrated active capital management by repurchasing approximately 67 million shares of common stock for $2.1 billion in 2025.
Corebridge successfully issued 500,000 shares of Series A Preferred Stock, raising $493 million in net cash proceeds.
The launch of the Registered Index-Linked Annuity (RILA) in October 2024 generated $1,874 million in net inflows for RILAs in 2025.
Group Retirement's negative net flows improved by $457 million in 2025 compared to 2024, driven by a decrease in surrenders, withdrawals, and death benefits.
Strategic partnerships with Blackstone and BlackRock are expected to provide access to diverse asset classes and market-leading investment capabilities, enhancing investment management operating model and performance.

Negatives

Corebridge reported a net loss attributable to common shareholders of $366 million in 2025, a significant decline from a net income of $2,230 million in 2024.
Pre-tax income shifted to a loss of $541 million in 2025, down from a pre-tax income of $2,803 million in 2024.
Total benefits and expenses increased significantly by $3.1 billion to $19,022 million in 2025.
Net realized losses increased by $2.1 billion to $3,958 million in 2025, primarily due to higher losses from Fortitude Re related balances and derivatives.
Interest credited to policyholder account balances increased by $693 million to $5,933 million in 2025, impacting profitability.
An unfavorable change in the fair value of market risk benefits, net, of $711 million in 2025 was primarily driven by lower interest rates and higher equity markets.
The company recognized a $167 million unfavorable impact to pre-tax income in 2025 due to the annual actuarial assumption review, mainly from lapse and mortality updates in Life Insurance.
Elias Habayeb, the Chief Financial Officer, announced his resignation effective April 24, 2026, indicating a key management change.

Risks

Changes in interest rates and credit spreads can materially adversely affect the value of the investment portfolio, investment income, and reserve calculations.
Deterioration of economic conditions, market volatility, and geopolitical tensions can lead to reduced business volumes, asset valuation declines, increased credit losses, and impacts on policyholder behavior.
The amount and timing of insurance liability claims are difficult to predict, and adverse experience could require additional reserves or increase the value of market risk benefits (MRBs) and embedded derivatives.
Reinsurance may not be available or economical, and reinsurers' non-performance could have a material adverse effect on the company's financial condition.
Corebridge Parent's ability to access funds from its subsidiaries is limited by regulatory restrictions and subsidiary earnings, potentially affecting its ability to meet obligations or return capital to shareholders.
The company's ability to incur indebtedness or refinance existing debt on favorable terms may be limited by market disruptions or credit rating downgrades.
Illiquidity of some investments could prevent the company from generating cash to meet its needs, forcing sales at significantly lower prices.
Valuation of investments and derivatives relies on methodologies and assumptions that may differ from actual experience, leading to volatility in profitability.
Downgrades in Insurer Financial Strength (IFS) ratings or credit ratings could increase financing costs, collateral requirements, and limit product sales.
Exposure to counterparty credit risk from investments, derivatives, and reinsurance recoverables could result in significant losses if counterparties default.
Inadequate pricing for products, or differences between estimated and actual experience for mortality, longevity, morbidity, and policyholder behavior, could materially affect profitability.
Guarantees within certain products (e.g., GMDBs, GMWBs) may increase earnings volatility due to capital market and insurance risks, and hedging strategies may not fully offset these impacts.
Difficulty in marketing and distributing Individual Retirement and Life Insurance products, or reliance on third-party distributors, could lead to reduced sales and additional liabilities.
Third parties providing business and administrative services may not perform as anticipated, leading to operational difficulties, increased costs, or reputational harm.
Arrangements with Blackstone and BlackRock, including compensation structures and exclusivity provisions, may not always maximize investment returns or meet investment needs.
Inability to maintain critical technology systems and data security, including from cyber-attacks, could disrupt operations, compromise data, and lead to legal/regulatory actions.
Increasing scrutiny and evolving expectations regarding environmental, social, and governance (ESG) matters could lead to additional compliance costs and restrictions on business activities.
Risk management policies and procedures may be ineffective or not evolve at the same pace as emerging risks, leading to unexpected losses.
Significant legal, governmental, or regulatory proceedings, including class actions, could result in substantial fines, penalties, or alterations in business practices.
Business or asset acquisitions and dispositions carry risks related to integration, undisclosed liabilities, and failure to realize anticipated benefits.
Inability to protect intellectual property or being subject to infringement claims could harm reputation and competitive position.
Heavy regulation by domestic and international authorities, and new interpretations of laws, could increase compliance costs, restrict business practices, and impact capital requirements.
Changes in U.S. federal income or other tax laws, or their interpretation, could affect product sales and the taxation of operations, including the Corporate Alternative Minimum Tax (CAMT).
Estimates, assumptions, or data used in financial statements and models may differ materially from actual experience, impacting financial results.
Deferred tax assets may not be realized, potentially requiring valuation allowances and impacting profitability.
Inability to attract and retain key employees and highly skilled personnel could adversely affect business operations.
Conflicts of interest may arise with AIG, Nippon, or Blackstone, potentially detrimental to Corebridge.
Indemnification obligations to AIG could be significant.
Inability to file a single U.S. consolidated federal income tax return for five years post-IPO could lead to higher U.S. federal income taxes.
An ownership change for U.S. federal income tax purposes under Section 382 of the Code could limit the utilization of pre-ownership change deferred tax assets.
Anti-takeover provisions in organizational documents could discourage, delay, or prevent a change in control, even if beneficial to shareholders.
Waiver of interest in corporate opportunities presented to AIG, Blackstone, or Nippon could result in fewer opportunities for Corebridge.

Future Outlook

Corebridge expects continued growth opportunities in the U.S. retirement market due to an aging population and reduced access to private pensions. The company plans to expand its advisory platform, increase penetration in core markets, and invest in technology and digitization to enhance client experience. It anticipates continued demand for institutional products, particularly in pension risk transfer and stable value wraps. The company will continue to monitor and assess the impact of evolving regulatory environments, including changes to risk-based capital requirements and the DOL fiduciary rule, and refine its CAMT liability calculations based on future guidance.

Management Comments

Management believes the company has an attractive business mix that balances spread-based income, fee income, and underwriting margin sources, diversified across its broad product suite.
Management states that the strategic partnerships with Blackstone and BlackRock provide access to diverse asset classes and market-leading capabilities, optimizing the investment management operating model.
Management believes the company has a strong balance sheet resulting from disciplined growth and effective risk management practices.
Management emphasizes prioritizing long-term value over sales volume and adapting product focus in the face of changing market dynamics for Individual Retirement.
Management intends to continue to grow the high-margin, capital-efficient in-plan and out-of-plan advisory platform in Group Retirement by providing comprehensive financial planning services.
Management plans to continue to target certain sub-markets with a strong need for in-plan advice, attractive profitability, and alignment to business strengths in Group Retirement.
Management expects to continue to develop meaningful, long-term relationships with clients earlier in their financial life cycle of accumulating retirement savings.
Management intends to continue to invest in technology and digitization to meet rapidly changing consumer expectations for responsiveness and personalization.
Management believes the company's distribution footprint and product suite position it well to address the life insurance protection gap prevalent across the United States.
Management seeks to streamline and improve the client and agent experience through digital engagement, process digitization, and continued implementation of underwriting innovation in Life Insurance.
Management believes the strategic partnerships provide a competitive advantage for PRT and GIC businesses by giving access to scaled and specialized assets.
Management expects to continue to expand its list of cedant insurers and asset origination capabilities to support UK PRT transactions.
Management believes the company has sufficient liquidity and capital resources to satisfy future requirements and meet its obligations.

Industry Context

StockSavvy.ai notes that Corebridge Financial operates within a U.S. retirement and insurance market characterized by an aging population and a growing need for retirement solutions, driving demand for annuities and life insurance products. The industry faces robust competition from traditional insurers, newer entrants (often backed by alternative asset managers), and substitute products. The company's strategic partnerships with Blackstone and BlackRock are a direct response to this competitive landscape, aiming to enhance investment capabilities and compete effectively. Regulatory scrutiny, particularly regarding ESG issues, cybersecurity, and fiduciary standards (like the DOL rule), continues to evolve, adding compliance costs and operational complexities across the financial services sector. The shift away from defined benefit plans continues to fuel the pension risk transfer market, which Corebridge is actively targeting.

Comparison to Industry Standards

Corebridge's fixed maturity security portfolio of its insurance operating subsidiaries was 96% investment grade as of December 31, 2025, which is a strong credit quality indicator, generally aligning with or exceeding typical industry standards for conservative insurance investment portfolios.
The company's weighted average debt service coverage ratio for commercial mortgages was 1.9X at December 31, 2025, and the weighted average loan-to-value ratio was 60%, indicating a conservative lending approach compared to broader market averages, which often see higher leverage.
The Life Fleet Risk-Based Capital (RBC) ratio is expected to be above the target of 400% as of December 31, 2025, indicating a strong capital position relative to regulatory minimums and generally competitive within the life insurance industry for solvency.
The company's focus on less interest rate sensitive products like Term and Indexed Universal Life, and de-emphasis of Guaranteed Universal Life, reflects an industry trend towards managing interest rate risk more prudently, aligning with best practices in liability-driven investing for insurers.
The adoption of Actuarial Guideline LV (AG 55) by the NAIC, effective April 2026, for asset adequacy analysis in reinsurance treaties, indicates a move towards enhanced risk management standards across the industry, which Corebridge is actively monitoring for its life insurance subsidiaries.

Management Changes

Role	Previous Person	New Person	Effective Date	Reason
Director, President and Chief Executive Officer	Kevin T. Hogan (implied)	Marc Costantini	December 2025	Appointment to new role
Executive Vice President and Chief Financial Officer	Elias Habayeb	NA	April 24, 2026	Resignation to pursue another opportunity
President of Financial Distributors	NA	John Byrne	October 2023	Appointment to new role
Chief Risk Officer	NA	Doug Caldwell	July 2023	Appointment to new role
Chief Human Resources Officer	NA	Elizabeth Cropper	January 2024	Appointment to new role
Executive Vice President and General Counsel	NA	Polly Klane	February 2025	Appointment to new role
Chief Investment Officer	NA	Lisa Longino	February 2023	Appointment to new role
President of Individual Retirement and Life Insurance	President of Individual Retirement	Bryan Pinsky	September 2025	Expanded role to include President of Life Insurance
Chief Operating Officer	NA	Christopher Smith	July 2023	Appointment to new role

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Director Election Standard	In uncontested elections, directors are elected by a majority of votes cast. Incumbent candidates must tender irrevocable resignations effective upon failure to receive the required vote and Board acceptance. The Board will act within 90 days unless it causes non-compliance with applicable rules.	NA	Enhances accountability of directors to shareholders in uncontested elections.
Director Election Standard	In contested elections (more nominees than positions), directors are elected by a plurality of votes cast.	NA	Standardizes the election process for contested scenarios, ensuring a clear outcome.
Voting Rights	Stockholders do not have the right to cumulate their votes for the election of directors.	NA	Limits the ability of minority shareholders to elect directors, potentially favoring majority control.
Special Meeting Call Rights	A special meeting of stockholders may be called by the Chair of the Board, CEO, Secretary, or the Board. The Secretary shall call a special meeting upon written request of one or more record holders owning 25% or more of outstanding common stock entitled to vote.	NA	Provides a mechanism for significant shareholders to call special meetings, enhancing shareholder voice.
Stockholder Action by Written Consent	Any action required or permitted at a stockholder meeting may be taken without a meeting if written consent is signed by holders of outstanding stock having not less than the minimum number of votes necessary to authorize such action at a meeting. A request to fix a record date for written consent requires 25% of outstanding common stock.	NA	Allows for efficient corporate action without a physical meeting, but sets a high threshold for shareholder-initiated written consent.
Organizational Document Amendments	The Certificate of Incorporation may be amended by a majority vote of the Board followed by a majority vote of common stock shareholders. By-Laws may be amended or repealed by a majority vote of the Board or a majority vote of common stock shareholders.	NA	Provides a clear process for amending foundational corporate documents, requiring both Board and shareholder approval for the Certificate of Incorporation.
Anti-Takeover Provisions	Certain provisions in the Certificate of Incorporation and By-Laws, and Delaware law, may discourage or make takeover attempts more difficult. These include authorized but unissued shares (common and preferred), Board's ability to fill vacancies, and advance notice procedures for director nominations or other business.	NA	May protect the company from hostile takeovers but could also limit shareholder ability to effect a change in control or management.
AIG Board Designation Rights Waiver	AIG waived its right under the Separation Agreement to include a majority of the director candidates on each slate of candidates recommended by the Corebridge Board of Directors.	2024-06-09	Reduces AIG's direct influence over the composition of Corebridge's Board, potentially increasing the independence of the Board.
Long Term Incentive Plan Amendments	The Corebridge Financial, Inc. Long Term Incentive Plan was Amended and Restated on December 2, 2025, revising vesting, clawback, dispute, and confidentiality provisions, and the Change in Control definition.	2025-12-02	Aligns executive compensation and incentive structures with current corporate strategy and regulatory best practices, potentially impacting executive retention and performance incentives.

Legal Proceedings

Moriarty v. American General Life Insurance Co. (S.D. Cal.): A putative class action regarding California Insurance Code sections 10113.71 and 10113.72. The District Court denied class certification and granted partial summary judgment for AGL on the implied covenant claim. The Ninth Circuit vacated the summary-judgment order and remanded for further proceedings. The U.S. Supreme Court denied certiorari. A jury trial on the plaintiff's individual breach of contract claim began on January 12, 2026, and a verdict for the plaintiff (approx. $1 million plus interest) was rendered on January 13, 2026. AGL is evaluating post-trial motions and/or another appeal. A related UCL claim was remanded to state court and remains stayed.
Other similar actions in California: AGL is defending against Gevorgyan v. American General Life Insurance Co., Delgado v. American General Life Insurance Co., Rocklage v. American General Life Insurance Co., and Eisenberg v. American General Life Insurance Co., all involving similar issues and in early stages. People of the State of California v. American General Life Insurance Co., et al. was filed on October 17, 2024, seeking civil penalties and equitable relief, with AGL filing an answer to an amended complaint.
PBI Security Incident: On June 16, 2023, a former vendor, PBI, notified Corebridge of a data compromise affecting Corebridge customers due to a MOVEit Transfer Application vulnerability. Multi-district litigation is pending, but Corebridge does not currently believe this incident or litigation will have a material adverse impact on its business, operations, or financial results.

Related Party Transactions

AIG (10.1% common stock ownership): Corebridge subsidiaries provide Investment Services to AIG, generating $6 million in fees in 2025. Services are exchanged at cost under a Transition Services Agreement (TSA), with $7 million in expenses incurred by Corebridge in 2025. AIG guarantees CRBGLH debt, with Corebridge indemnifying AIG for related liabilities and potentially collateralizing the debt. Corebridge is responsible for pre-separation taxes and potentially AIG's federal income tax liability for periods as a member of the AIG Consolidated Tax Group. Corebridge repurchased 16.1 million shares from AIG for $500 million in November 2025.
Nippon Life Insurance Company (24.6% common stock ownership): Nippon acquired 122 million shares from AIG in December 2024. Nippon waived AIG's transfer restriction on Corebridge common stock in February 2026. Corebridge is considered an affiliate for Japanese regulatory purposes, potentially requiring compliance with Japanese guidelines.
Blackstone Inc. (12.5% common stock ownership via Argon Holdco LLC): Blackstone affiliates acquired AIG's interests in certain real estate funds managed by Corebridge in December 2025. Corebridge incurred $323 million in investment expenses to Blackstone for asset management in 2025. Blackstone manages approximately $71.2 billion of Corebridge's investment portfolio, with a commitment to increase to $92.5 billion by Q3 2027, subject to minimum management fees and exclusivity provisions.
Variable Interest Entities (VIEs): Corebridge has variable interests in consolidated VIEs, with total debt of consolidated VIEs held by related parties at $24 million in 2025. Noncontrolling interest in consolidated VIEs held by related parties was $334 million in 2025. Commitments for funding from related parties to VIEs totaled $0.6 billion in 2025.

Stakeholder Impact

Shareholders: Experienced a net loss in 2025, impacting earnings per share. However, the company's share repurchase program and preferred stock issuance aim to manage capital and potentially enhance shareholder value. The ongoing legal proceedings and regulatory uncertainties could introduce volatility.
Employees: The company emphasizes competitive compensation and benefits, talent development, and a culture of inclusion. Changes in management, such as the CFO's resignation, could create uncertainty but also opportunities for others. The Long Term Incentive Plan amendments aim to align incentives with long-term performance.
Customers (Policyholders): The company continues to offer a broad range of retirement solutions and insurance products. The variable annuity reinsurance transaction and focus on risk management aim to ensure long-term financial security. However, market volatility and changes in interest rates can affect product performance and crediting rates.
Creditors/Debt-holders: The company's ability to meet debt obligations is supported by its liquidity and capital resources, including a new revolving credit facility and preferred stock issuance. Credit ratings are important for financing costs and availability. The subordination of junior subordinated notes to senior indebtedness impacts their risk profile.
Regulatory Authorities: The company is subject to extensive U.S. and international regulation, with ongoing scrutiny on areas like cybersecurity, ESG, and fiduciary standards. Compliance with evolving regulations may lead to increased costs and operational changes.
Distribution Partners: The company's strategy focuses on deepening distribution relationships and innovating products, which could benefit partners. However, competition and changes in product offerings or commission structures could impact these relationships.

Next Steps

Corebridge Parent will pay a cash dividend of $0.25 per share on March 31, 2026, to shareholders of record on March 17, 2026.
The company will continue to monitor the progress and potential impact of the DOL fiduciary rule litigation.
Corebridge will continue to monitor developments associated with the NAIC's Risk-Based Capital Model Governance Task Force and its potential impacts on life insurance subsidiaries.
The company will implement Actuarial Guideline LV (AG 55) disclosure for applicable reinsurance treaties, with first reports due in April 2026.
Corebridge will continue to assess the impact of NAIC revisions to clarify statutory risk transfer on combination reinsurance contracts, effective immediately for new/amended contracts and by December 31, 2026, for existing contracts.
The Invested Assets (E) Task Force, effective January 2026, will continue its work, potentially leading to changes in accounting policies and risk-based capital requirements.
Corebridge will continue to refine its Corporate Alternative Minimum Tax (CAMT) liability calculations based on future guidance.
AGL is evaluating options for post-trial motions and/or another appeal to the Ninth Circuit in the Moriarty litigation.
The company will continue to monitor potential liabilities arising from the PBI security incident and related multi-district litigation.
Corebridge Hold Cos. may access the debt and equity markets from time to time to meet funding requirements.

Key Dates

Date	Description
2022-09-19	Common stock began trading on the NYSE under the symbol CRBG.
2023-05-04	Board of Directors authorized a $1.0 billion Share Repurchase Program.
2023-10-31	Completed the sale of its subsidiary, Laya Healthcare Limited.
2023-12-08	Corebridge Parent issued $750 million of 5.750% Senior Notes due 2034.
2024-04-08	Completed the sale of its subsidiary, AIG Life Limited (AIG Life U.K.).
2024-04-25	The DOL published a final rule updating the definition of an investment advice fiduciary for ERISA qualified plans and IRAs.
2024-04-30	Board of Directors authorized an additional $2.0 billion increase in the share repurchase amount under the Program.
2024-05-16	Stock Purchase Agreement between AIG and Nippon for Nippon to purchase approximately 122 million shares of Corebridge Parent common stock.
2024-06-09	AIG waived its right under the Separation Agreement to include a majority of the director candidates on each slate of candidates recommended by the Corebridge Board of Directors.
2024-07-25	U.S. District Court for the Eastern District of Texas issued an order staying the DOL fiduciary rule's initial September 23, 2024 effective date.
2024-07-26	U.S. District Court for the Northern District of Texas issued an order staying the DOL fiduciary rule's initial September 23, 2024 effective date.
2024-09-12	Corebridge Parent issued $750 million aggregate principal amount of its 6.375% fixed-to-fixed reset rate junior subordinated notes due 2054.
2024-09-12	The Three-Year Delayed Draw Term Loan Agreement was terminated after the final loan repayment.
2024-10-01	Corebridge launched Corebridge MarketLock Annuity, a registered index-linked annuity (RILA) contract.
2024-11-22	Corebridge Parent issued $600 million aggregate principal amount of its 6.375% junior subordinated notes due 2064.
2024-12-09	Nippon Life Insurance Company completed its purchase of approximately 122 million shares of Corebridge Parent common stock from AIG.
2024-12-20	DOL filed a consolidated opening brief, appealing the stay orders for the fiduciary rule to the United States Court of Appeals for the Fifth Circuit.
2025-01-27	AGL filed a demurrer to the complaint in People of the State of California v. American General Life Insurance Co., et al.
2025-02-11	Board of Directors authorized an additional $2.0 billion increase in the share repurchase amount under the Program.
2025-02-25	NAIC announced the creation of a new Risk-Based Capital Model Governance (EX) Task Force.
2025-03-04	The Ninth Circuit panel in Moriarty v. American General Life Insurance Co. issued a memorandum disposition, vacating the District Court's 2023 summary-judgment order and remanding for further proceedings.
2025-03-07	Delgado v. American General Life Insurance Co. was filed in federal court.
2025-03-26	The 2022 Revolving Credit Agreement was terminated without penalty, and Corebridge Parent entered into the 2025 Revolving Credit Agreement for a $3.0 billion revolving credit facility.
2025-03-27	Gevorgyan v. American General Life Insurance Co. was removed to federal court.
2025-04-01	Corebridge Parent repaid the aggregate principal and accrued interest of the $1.0 billion 3.50% Senior Notes.
2025-04-21	Rocklage v. American General Life Insurance Co. was filed in state court.
2025-06-23	Board of Directors authorized an additional $2.0 billion increase in the share repurchase amount under the Program.
2025-06-25	AGL and USL entered into a Master Transaction Agreement with Corporate Solutions Life Reinsurance Company (CSLR) for variable annuity reinsurance.
2025-06-30	The U.S. Supreme Court denied the plaintiffs' petition for a writ of certiorari in the Moriarty case.
2025-07-01	AGL recognized an admitted asset related to the notional value of coverage defined in an XOL reinsurance agreement for certain fixed index annuities (Block 4).
2025-07-01	CRBGLH repaid the aggregate principal and accrued interest of the $101 million 7.50% notes.
2025-07-10	The demurrer in People of the State of California v. American General Life Insurance Co., et al. was heard.
2025-07-13	NAIC Executive and Plenary adopted Actuarial Guideline LV (AG 55) updates.
2025-08-01	The closing with respect to the AGL Reinsurance Agreement with CSLR occurred.
2025-08-25	The trial court sustained AGL's demurrer as to misjoinder in People of the State of California v. American General Life Insurance Co., et al., but granted leave to amend.
2025-09-02	Eisenberg v. American General Life Insurance Co. was filed in state court.
2025-09-03	The District Court entered an order remanding the plaintiffs' claim for restitution under the UCL to state court in the Moriarty case.
2025-09-05	Marc Costantini's Employment Agreement became effective.
2025-09-05	Kevin T. Hogan's Transition and Advisory Agreement became effective.
2025-09-11	The plaintiff filed an Amended Complaint in People of the State of California v. American General Life Insurance Co., et al.
2025-09-30	The IRS issued Notice 2025-46 and Notice 2025-49 providing interim guidance on the application of the Corporate Alternative Minimum Tax (CAMT).
2025-10-14	AGL filed an answer to the Amended Complaint in People of the State of California v. American General Life Insurance Co., et al.
2025-10-27	Elias Habayeb notified the Company of his intent to resign from his role as Chief Financial Officer.
2025-11-04	The Company, AIG, and J.P. Morgan Securities LLC entered into an underwriting agreement for AIG to sell shares, and Corebridge purchased approximately 16 million shares of common stock for $500 million.
2025-11-06	Corebridge Parent adopted a Rule 10b5-1 repurchase plan, which expired on February 9, 2026.
2025-11-10	David Ditillo, Executive Vice President and Chief Information Officer, entered into a new trading plan.
2025-11-14	Eisenberg v. American General Life Insurance Co. was removed to federal court.
2025-11-18	Corebridge Parent closed the public offering of 500,000 shares of its Series A Preferred Stock, receiving net cash proceeds of $493 million.
2025-12-01	Dividends on Series A Preferred Stock will accrue semi-annually, commencing on June 1, 2026.
2025-12-02	The Corebridge Financial, Inc. Long Term Incentive Plan was Amended and Restated.
2025-12-12	The state court denied the plaintiff's motion to lift the stay of state-court proceedings under the UCL in the Moriarty case.
2025-12-18	The District Court denied the plaintiff's motion to give notice to former putative class members of the denial of class certification in the Moriarty case.
2025-12-30	Funds managed by affiliates of Blackstone acquired AIG's interests in certain real estate funds and other investments managed by Corebridge.
2025-12-31	Fiscal year end for the 10-K filing.
2026-01-01	The sale of all outstanding membership interests in SunAmerica Asset Management, LLC (SAAMCo) by AGL to Venerable Holdings, Inc. closed.
2026-01-02	The USL Reinsurance Agreement with CSLR closed, ceding 100% of its in-force individual variable annuity contracts.
2026-01-05	Corebridge Parent made a capital contribution of $75 million to CRBGLH.
2026-01-12	A jury trial began in the District Court on the plaintiff's individual breach of contract claim in the Moriarty case.
2026-01-13	The jury rendered a verdict for the plaintiff in the Moriarty case, awarding approximately $1 million plus interest.
2026-02-06	As of this date, approximately $2.1 billion remained under the share repurchase program authorizations.
2026-02-09	The company declared a cash dividend on Corebridge Parent common stock of $0.25 per share.
2026-02-10	Nippon Life Insurance Company agreed to irrevocably waive AIG's transfer restriction on Corebridge common stock.
2026-02-11	Filing date of the Annual Report on Form 10-K.
2026-03-17	Record date for the $0.25 per share cash dividend declared on February 9, 2026.
2026-03-31	Payment date for the $0.25 per share cash dividend declared on February 9, 2026.
2026-04-15	Covered entities must certify compliance with the final phases of the NYDFS Cybersecurity Regulation.
2026-04-24	Elias Habayeb's employment with the Company will cease.
2026-12-31	The NAIC's interim proposal to allow some portion of net negative interest maintenance reserve to be an admitted asset of an insurer expires.
2027-09-30	Blackstone's managed assets are expected to increase to an aggregate of $92.5 billion by the third quarter of 2027.
2028-01-01	The AGC Group is expected to join the U.S. consolidated tax return with the Non-Life Group.
2029-01-01	Compliance required for VM-22 updates.
2029-12-15	Corebridge may elect to redeem the 6.375% Junior Subordinated Notes in whole or in part on or after this date.
2030-03-26	Loans under the 2025 Revolving Credit Agreement will mature.
2030-12-01	The Series A Preferred Stock is redeemable at Corebridge's option, in whole or in part, on any dividend payment date on or after this date.
2064-12-15	The 6.375% Junior Subordinated Notes will mature.

Recommendation

hold

Corebridge Financial's 2025 performance, marked by a net loss and increased expenses, indicates significant headwinds. While strategic capital management through share repurchases and preferred stock issuance, along with AUMA growth, are positive, they do not fully offset the financial downturn. The ongoing legal challenges, particularly the Moriarty litigation, and regulatory uncertainties, such as the delayed DOL fiduciary rule, add a layer of risk. The company's long-term strategic partnerships and diversified business model offer potential, but the immediate financial results and unresolved issues suggest a 'hold' recommendation until there is clearer evidence of a return to sustained profitability and resolution of key operational and legal risks.

Keywords

Retirement Solutions, Life Insurance, Annuities, SEC Filing, Financial Performance, Investment Management, Risk Management, Corporate Governance, Capital Management, Share Repurchase, Preferred Stock, Net Loss, Adjusted Pre-Tax Operating Income, AUMA, Pension Risk Transfer, Fixed Index Annuities, Registered Index-Linked Annuities, Blackstone, BlackRock, Fortitude Re, CSLR, Cybersecurity, ESG, Legal Proceedings, DOL Fiduciary Rule, NAIC, Credit Ratings

Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.