Corebridge Financial Inc. · NYSE:CRBG
Corebridge Financial — Q4 2025 Earnings Presentation
40 slides from Corebridge Financial's earnings presentation, Feb 10, 2026
Slide 1: Fourth Quarter and Full Year 2025 Financial Results Presentation
Fourth Quarter and Full Year 2025 Financial Results Presentation February 10, 2026
Slide 2: Cautionary statement regarding forward-looking information, non-GAAP financial measures, key operating metrics and key terms
Cautionary statement regarding forward-looking information, non-GAAP financial measures, key operating metrics and key terms Certain statements in this presentation and other publicly available documents may include statements of historical or present fact, which, to the extent they are not statemen
Slide 3: Key full year 2025 highlights
Key full year 2025 highlights • Sales reached $42B, 4% higher than our 2024 record, highlighting the benefits of our diversified business model Driving organic • RILA achieved top 10 ranking with $2.4B of sales in 2025; demonstrating the strength of $4.42 growth our distribution Operating EPS 4% YoY
Slide 4: Strategic pillars prioritize long-term Customer and Shareholder value
Strategic pillars prioritize long-term Customer and Shareholder value Win with Drive Organic Optimize the Create Expense Active Capital Customers Growth Balance Sheet Efficiencies Management $ • Deliver innovative • Expand and deepen • Leverage our Bermuda • Maintain expense • Maintain payout ratio
Slide 5: Fourth quarter results
Fourth quarter results Adjusted return on average equity 4Q24 4Q24 -0.2% 9.8% 1.5% 11.1% APTOI Operating +50bps ($M) EPS ($) excluding VII & 4Q25 10.3% 1.2% 1.0% 12.5% Guaranty fund assessment (17) (0.02) notable items Notable items (17) (0.02) Alternative investments returns versus long- Operating
Slide 6: Diversified sources of income
Diversified sources of income Total Sources of income Spread income Fee income Underwriting margin +1% +4% +9% -10% excluding VII & notable items excluding VII & notable items excluding VII & notable items 944 956 95 76 1,618 1,651 79 103 388 384 880 311 8 3 849 286 380 341 286 311 1,532 1,515 40 4Q
Slide 7: Robust cash generation from diversified businesses support value creation
Robust cash generation from diversified businesses support value creation Insurance Company Distributions ($M) Capital Return1 ($M) Holding Company Liquidity2 ($B) 1,224 1,320 1,290 527 1,105 509 2.4 2.3 454 442 2.2 1.8 398 381 1.3 550 600 600 321 311 129 133 131 128 119 4Q24 1Q25 2Q25 3Q25 4Q25 4Q2
Slide 8: Appendix
Appendix 8
Slide 9: 2026 Outlook
2026 Outlook CRBG Historical Run Rate EPS Growth Continue to maintain our 10-15% EPS growth, though at the lower end, given Fed easing actions $5.32 Growing sources of income +18% 10-15% 1 • Individual Retirement base spread income supported by business growth in the CAGR Range range of ~$2.55B for
Slide 10: Individual Retirement
Individual Retirement Sources of income ($M) Fourth quarter highlights 746 • Core sources of income increased 6% YoY driven by underlying portfolio growth and favorable 724 36 20 demographic trends 87 67 • $4.3B of sales, with YTD sales of $20.6B, reflecting our ongoing pricing discipline, strong cu
Slide 11: Group Retirement
Group Retirement Sources of income ($M) Fourth quarter highlights 363 361 • Business continues to transition from spread to fee-based revenue stream 17 20 ◦ Fee income now represent 57% of the sources of income and are up both YoY and sequentially, a continued shift towards capital-light earnings 20
Slide 12: Life Insurance
Life Insurance Sources of income ($M) Fourth quarter highlights 370 368 • Underwriting margin excluding VII and notable items decreased 10% YoY as the prior year quarter 8 3 had ~$40M of favorable mortality experience versus the less favorable mortality experience this quarter ◦ Underwriting margin
Slide 13: Institutional Markets
Institutional Markets Sources of income ($M) Fourth quarter highlights 176 • Core sources of income increased 18% YoY, reflecting continued growth of the underlying business 161 • Generated over $10B of YTD premiums and deposits, up 24% YoY, as we took opportunities to 36 allocate capital to where w
Slide 14: High-quality, well-diversified investment portfolio
High-quality, well-diversified investment portfolio 3% 2% 1% 4% 14% Government obligations • Liability driven investment strategy supported by Corporate debt disciplined asset-liability management process RMBS CMBS CLO • Diversified across asset class, sector, geography 5% 1,2 ABS and issuer / borro
Slide 15: High quality, diversified investment portfolio
High quality, diversified investment portfolio 4Q'25 Investment Portfolio1 Private Debt (Statutory basis2) Direct Middle Mkt. Lending 144A Bonds Mortgage Loans Private ABS $283B Private Debt $45B Private Corporate Debt Infrastructure Debt 3.2% Fortitude Re Public Bonds 3.3% ModCo Cash & Other Alts &
Slide 16: Our process embeds robust underwriting, execution & ongoing portfolio management
Our process embeds robust underwriting, execution & ongoing portfolio management Deep Credit Rigorous, Iterative Portfolio Focus on Long-Term, Expertise Process Management & Resiliency Monitoring • Private asset origination • Fundamentals-based, bottoms up • Ongoing portfolio management • Process fo
Slide 17: Corebridge Financial total investments – statutory basis
Corebridge Financial total investments – statutory basis (in billions) December 31, 2025 December 31, 2024 Public Bonds 84.8 29.9% 82.8 31.6% 144A Bonds 61.0 21.5% 55.4 21.2% Mortgage Loans 48.7 17.2% 46.3 17.7% Alternatives and Equities1 9.2 3.2% 6.4 2.4% Cash and Other 9.4 3.3% 8.1 3.1% Total excl
Slide 18: Disciplined asset liability management and reduced sensitivity to SOFR
Disciplined asset liability management and reduced sensitivity to SOFR SOFR Interest Rate Sensitivity • Liability-driven investment strategy. Investment decisions (per 25 bps reduction in SOFR) driven by liability profile and tight duration matching of assets and liabilities ~75% • Floaters play a p
Slide 19: Notable items
Notable items ($ in millions, except per share data) 4Q25 Notable items Alternative investments returns Business segment versus long-term return Total adjustments All other expectations Individual Retirement — (12) (12) Group Retirement — (10) (10) Life Insurance 40 (3) 37 Institutional Markets — (2
Slide 20: Notable items
Notable items ($ in millions, except per share data) 2025 Notable items Alternative investments Business segment returns versus long-term Total adjustments Annual unlocking All other return expectations Individual Retirement (7) 10 (62) (59) Group Retirement — 4 (29) (25) Life Insurance (85) 42 (16)
Slide 21: Modeling assumptions for 2026
Modeling assumptions for 2026 Total company Alternative investments returns Expect to be at long-term return assumption of 8 - 9% with lower 1Q real estate equity returns ~1 bps increase / decrease on average assets, or $20 - 25M, expected for every 25 bps increase / decrease in SOFR; Base spread in
Slide 22: Explanation of footnotes
Explanation of footnotes 1 Legacy liabilities defined as Long Term Care, Universal Life with Secondary Guarantees and VA written prior to 2009; all Long Term Care and Individual Retirement VA financial risk has been fully reinsurance as of January 2, 2026 Page 3 2 Percentage of adjusted after-tax op
Slide 23: Explanation of footnotes
Explanation of footnotes (continued from prior page) 1 2025 Alternatives and Equities numbers include a $2.6B investment in subsidiary Page 17 2 Fortitude Re ModCo includes $5.0B of private debt Page 1 Income tax expense 19 Page 1 Income tax expense 20 1 Combination of fee income and advisory fee ex
Slide 24: Important factors that could cause actual results to differ, possibly materially, from expectations or estimates
Important factors that could cause actual results to differ, possibly materially, from expectations or estimates Any forward-looking statements included herein are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actu
Slide 25: Important factors that could cause actual results to differ, possibly materially, from expectations or estimates
Important factors that could cause actual results to differ, possibly materially, from expectations or estimates (continued from prior page) • our ability to protect our intellectual property; • our ability to operate efficiently and compete effectively in a heavily regulated industry in light of ne
Slide 26: Use of non-GAAP financial measures
Use of non-GAAP financial measures Throughout this presentation, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are ‘‘Non-GAAP financial measures’’ under SEC rules
Slide 27: Use of non-GAAP financial measures
Use of non-GAAP financial measures (continued from prior page) BUSINESSES EXITED THROUGH REINSURANCE: Represents the results of businesses that have been or will be economically exited through reinsurance. This includes MRBs, along with changes in the fair value of derivatives used to hedge MRBs whi
Slide 28: Use of non-GAAP financial measures
Use of non-GAAP financial measures (continued from prior page) Adjusted Return on Average Equity Available to Common Shareholders (“Adjusted ROAE”) is derived by dividing AATOI by average Adjusted Book Value available to Common Shareholders and is used by management to evaluate our recurring profita
Slide 29: Key operating metrics and key terms
Key operating metrics and key terms Assets Under Management and Administration • Assets Under Management (“AUM”) include assets in the general and separate accounts of our subsidiaries that support liabilities and surplus related to our life and annuity insurance products. • Assets Under Administrat
Slide 30: Key operating metrics and key terms
Key operating metrics and key terms (continued from prior page) Life Fleet RBC ratio • Life Fleet means American General Life Insurance Company (“AGL”), The United States Life Insurance Company in the City of New York (“USL”) and The Variable Annuity Life Insurance Company (“VALIC”). • Life Fleet RB
Slide 31: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Pre-tax income to adjusted pre-tax operating income & after-tax income to adjusted after-tax operating income Three Months Ended December 31, 2025 2024 Total Tax Non- Total Tax Non- Pre-tax (Benefit) controlling After Tax Pre-tax (Benefit) con
Slide 32: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Pre-tax income to adjusted pre-tax operating income & after-tax income to adjusted after-tax operating income Twelve Months Ended December 31, 2025 2024 Total Tax Non- Total Tax Non- Pre-tax (Benefit) controlling After Tax Pre-tax (Benefit) co
Slide 33: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Adjusted pre-tax operating income by segment (in millions) Individual Retirement Group Retirement Life Insurance Institutional Markets Corporate & Other Total Corebridge Premiums $ 29 $ 3 $ 383 $ 2,188 $ — $ 2,603 Policy fees 87 114 356 53 — 6
Slide 34: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Adjusted pre-tax operating income by segment (in millions) Individual Retirement Group Retirement Life Insurance Institutional Markets Corporate & Other Total Corebridge Premiums $ 100 $ 10 $ 1,466 $ 4,260 $ — $ 5,836 Policy fees 310 441 1,443
Slide 35: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Sources of income Three Months Ended December 31, Twelve Months Ended December 31, (in millions) 2025 2024 2025 2024 Individual Retirement Spread income $ 659 $ 657 $ 2,665 $ 2,693 Fee income 87 67 310 267 Total Individual Retirement 746 724 2
Slide 36: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Sources of income Three Months Ended December 31, Twelve Months Ended December 31, (in millions) 2025 2024 2025 2024 Premiums $ 383 $ 366 $ 1,466 $ 1,483 Policy fees 356 371 1,443 1,465 Net investment income 329 337 1,323 1,321 Life Insurance
Slide 37: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Operating earnings per share Three Months Ended December 31, Twelve Months Ended December 31, (in millions, except per common share data) 2025 2024 2025 2024 GAAP Basis Numerator for EPS Net income (loss) $ 798 $ 2,222 $ (390) $ 2,203 Less: Ne
Slide 38: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Adjusted return on average equity Three Months Ended December 31, Twelve Months Ended December 31, (in millions, unless otherwise noted) 2025 2024 2025 2024 Actual or annualized net income (loss) available to Corebridge common shareholders (a)
Slide 39: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Premiums and deposits Three Months Ended December 31, Twelve Months Ended December 31, (in millions) 2025 2024 2025 2024 Individual Retirement Premiums $ 29 $ 22 $ 100 $ 107 Deposits 4,295 4,517 20,536 20,383 Other(1) (2) — (7) (7) Premiums an
Slide 40: Net insurance liabilities
Non-GAAP reconciliations and other financial disclosures Net Insurance liabilities December 31, (in billions) 2025 Future policy benefits for life and accident and health contracts $ 61.0 Policyholder contract deposits 188.9 Market risk benefit liabilities, at fair value 4.9 Other policyholder funds