Corebridge Financial Inc. · NYSE:CRBG
Corebridge Financial — Q2 2025 Earnings Presentation
30 slides from Corebridge Financial's earnings presentation, Aug 5, 2025
Slide 1: Second Quarter 2025 Financial Results Presentation
Second Quarter 2025 Financial Results Presentation August 5, 2025
Slide 2: Corebridge value proposition
Corebridge value proposition icon icon icon tbd tbd tbd Diversified Strong Disciplined business model balance sheet execution We are well positioned to continue creating shareholder shareholdervalue value as demonstrated by growth in our earnings, cash generation and capital return 2
Slide 3: Key second quarter highlights
Key second quarter highlights Recently announced VA reinsurance transaction strategically repositions Corebridge • Successfully closed AGL portion of the transaction on 8/1, representing ~90% of transaction value $1.36 • Ongoing business portfolio remains well-diversified Operating EPS1 +20% year ov
Slide 4: Transformative transaction strategically repositions Corebridge
Transformative transaction strategically repositions Corebridge Achieves full exit of Individual Retirement variable annuity financial risk • Transfers $51B1 of account value – 100% of inforce business • Monetizes an undervalued book of business with a decreasing financial contribution to Corebridge
Slide 5: Strategic pillars support future growth and long-term value creation
Strategic pillars support future growth and long-term value creation $ Drive Optimize Create Active organic growth balance sheet expense efficiencies capital management • Harness customer • Simpler balance sheet • Improving operating leverage • 60-65% target payout ratio demographics (Peak 65, follo
Slide 6: Second quarter results
Second quarter results Adjusted return on average equity 2Q24 2Q24 11.3% 0.7% 12.0% APTOI Operating Flat ($M) EPS ($) excluding VII Notable items — — 2Q25 11.3% 3.0% 14.3% Alternative investments returns versus (59) (0.08) long-term return expectations Operating EPS ($) 2Q24 1.06 0.07 1.13 +2% exclu
Slide 7: Diversified sources of income, with 6% reported growth year over year
Diversified sources of income, with 6% reported growth year over year Sources of income ($M) Spread income 1 ($M) Fee income 1 ($M) Underwriting margin 1 ($M) -2% -6% -1% +9% excluding VII excluding VII (+3% excluding IR VA) excluding VII 1,959 1,845 1,093 198 54 1,002 47 191 514 509 357 329 7 7 1,7
Slide 8: Consistent cash generation driving shareholder value
Consistent cash generation driving shareholder value Insurance company dividends ($M) Capital and liquidity highlights • Strong cash generation with $600M dividend to the holding 500 550 550 600 600 company • Returned $442M of capital to shareholders 2Q24 3Q24 4Q24 1Q25 2Q25 ◦ H1'25 payout ratio of
Slide 9: Appendix
Appendix 9
Slide 10: Individual Retirement
Individual Retirement Sources of income ($M) Second quarter highlights • Sources of income grew YoY as the impact of Fed rate actions and hedging activities 1,031 1,052 were offset by strong VII 31 79 308 • Sequentially, base spread income excluding notable items continued to increase -3% 303 reflec
Slide 11: Group Retirement
Group Retirement Sources of income ($M) Second quarter highlights 382 • Business continues to transition from spread to capital-light, fee-based revenue stream 361 11 ◦ Base spread income decreased 18% YoY given ongoing shift in customer base and 24 resulting net outflows 191 -9% 190 ◦ Fee income fl
Slide 12: Life Insurance
Life Insurance Sources of income ($M) 344 Second quarter highlights 309 — 6 • Exceptional performance continues, providing both diversity and stability to the — 7 overall business profile • Underwriting margin excluding VII increased 12% YoY driven by pricing discipline supported by our automated un
Slide 13: Institutional Markets
Institutional Markets Sources of income ($M) Second quarter highlights 202 • Reserves increased 17% YoY, largely driven by strong GIC issuances and PRT transactions. This reserve growth supported total sources of income growth of 64% YoY 89 123 • Continue to grow GIC program; this quarter is the fif
Slide 14: High-quality, well-diversified investment portfolio
High-quality, well-diversified investment portfolio 3%1%2% 4% 15% Government obligations • Liability driven investment strategy supported by Public corporate debt disciplined asset-liability management process Private corporate debt RMBS 36% CMBS • Diversified across asset class, sector, geography 5
Slide 15: Notable items
Notable items ($ in millions, except per share data) 2Q25 Notable items Alternative investments Business segment returns versus long-term Total adjustments Investments All other return expectations Individual Retirement — — 13 13 Group Retirement — — (6) (6) Life Insurance — — 1 1 Institutional Mark
Slide 16: Modeling assumptions for 2025
Updated in 2Q25 Modeling assumptions for 2025 Total company Alternative investments returns Expect to be below long-term return assumption of 8-9% Approximately 2 bps increase / decrease on average assets expected for every 25 bps increase / Base portfolio income decrease in SOFR; impact of each rat
Slide 17: Explanation of footnotes
Explanation of footnotes 1 This presentation refers to financial measures not calculated in accordance with generally accepted accounting principles (Non-GAAP). Definitions of Non-GAAP measures and reconciliations to their most directly comparable GAAP measures are included in the Appendix Page 3 2
Slide 18: 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 19: 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) • a downgrade in our Insurer Financial Strength (“IFS”) ratings or credit ratings; • exposure to credit risk due to non-performance or defaults by our counterp
Slide 20: 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 21: Use of non-GAAP financial measures
Use of non-GAAP financial measures (continued from prior page) OTHER ADJUSTMENTS: Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income (losses) from noncontrolling interests related to consolidated investment entities. The exclu
Slide 22: Use of non-GAAP financial measures
Use of non-GAAP financial measures (continued from prior page) Adjusted revenues exclude Net realized gains (losses) except for gains (losses) related to the disposition of real estate investments, income from non-operating litigation settlements (included in Other income for GAAP purposes) and chan
Slide 23: Key operating metrics and key terms
Key operating metrics and key terms (continued from prior page) Cost of funds means the interest credited to policyholders excluding the amortization of deferred sales inducement assets. Fee and Spread Income and Underwriting Margin • Fee income is defined as policy fees plus advisory fees plus othe
Slide 24: 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 June 30, 2025 2024 Total Tax Non- Total Tax Non- Pre-tax (Benefit) controlling After Tax Pre-tax (Benefit) control
Slide 25: 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 Eliminations Total Corebridge Premiums $ 44 $ — $ 377 $ 25 $ 18 $ — $ 464 Policy fees 199
Slide 26: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Sources of income Three Months Ended June 30, (in millions) 2025 2024 Individual Retirement Spread income $ 749 $ 723 Fee income 303 308 Total Individual Retirement 1,052 1,031 Group Retirement Spread income 171 191 Fee income 190 191 Total Gr
Slide 27: Institutional Markets
Non-GAAP reconciliations and other financial disclosures Sources of income Three Months Ended June 30, (in millions) 2025 2024 Premiums $ 377 $ 331 Policy fees 366 366 Net investment income 335 322 Life Insurance Other income — 1 Policyholder benefits (650) (627) Interest credited to policyholder ac
Slide 28: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Operating earnings per share Three Months Ended June 30, (in millions, except per common share data) 2025 2024 GAAP Basis Numerator for EPS Net income (loss) $ (668) $ 341 Less: Net income (loss) attributable to noncontrolling interests (8) (2
Slide 29: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Adjusted return on average equity Three Months Ended June 30, (in millions, unless otherwise noted) 2025 2024 Actual or annualized net income (loss) attributable to Corebridge shareholders (a) $ (2,640) $ 1,460 Actual or annualized adjusted af
Slide 30: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Premiums and deposits Three Months Ended June 30, (in millions) 2025 2024 Individual Retirement Premiums $ 44 $ 30 Deposits 6,811 6,761 Other(1) (1) (4) Premiums and deposits $ 6,854 $ 6,787 Group Retirement Premiums $ — $ — Deposits 1,976 1,9