CRBDNYSELife InsuranceUS GAAP · USD

Corebridge Financial, Inc.

Corebridge Financial is a U.S.-focused retirement solutions and insurance company formed around four operating businesses: Individual Retirement, Group Retirement, Life Insurance and Institutional Markets. It sells annuities, life insurance and pension-risk transfer solutions through a broad distribution network and manages or administers large pools of client assets tied to retirement and protection products.

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Revenue18.5bn USD
−1.2 %y/y
Net income-366m USD
−116.4 %y/y
Free cash flow2,021m USD
−6.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

0102030bn USD2020: 15.1 bn USD20202021: 23.4 bn USD20212022: 26.7 bn USD20222023: 18.8 bn USD20232024: 18.7 bn USD20242025: 18.5 bn USD202518.5
RevenueOperating profit (EBIT)

Business

Share of revenue
Individual Retirement35 %

Deferred and income-oriented annuity products sold to consumers seeking retirement savings and guaranteed income.

Group Retirement20 %

Employer-sponsored retirement solutions, including plan services and related retirement products.

Life Insurance30 %

Term, indexed universal life, guaranteed universal life and senior-market life products.

Institutional Markets15 %

Pension risk transfer and other institutional solutions for plan sponsors and related counterparties.

Customers

Corebridge sells to individual consumers, employers, retirement plan sponsors and institutional counterparties. Its life insurance products are aimed at middle-market, mass affluent, affluent and high-net-worth households, while retirement and institutional offerings serve employers and pension plan sponsors seeking savings, income and liability transfer solutions.

Middle-market consumers

Buy term and universal life products through direct and intermediary channels to protect income and family needs.

Mass affluent and affluent households

Buy more customized life and retirement products for protection, tax deferral and retirement income planning.

Retirement plan sponsors

Buy group retirement solutions and related services for employee savings and retirement administration.

Pension plan sponsors and institutions

Buy pension risk transfer and institutional solutions to de-risk liabilities and manage plan obligations.

Distribution partners

Broker-dealers, banks, BGAs, MGAs and agents place Corebridge products because of channel-specific product fit and wholesaling support.

Strategy

Corebridge is focused on expanding in underserved, higher-growth middle-market segments while preserving its risk-adjusted return profile. It also emphasizes channel-specific product design, coordinated wholesaling and long-term distribution relationships to improve placement, relevance and sales efficiency.

Grow middle-market life and retirement salesMedium term

This segment is large, underpenetrated and aligned with the company's distribution strengths.

Optimize channel mix and product fitShort term

Tailoring products to broker-dealers, banks and MGAs improves placement and retention.

Preserve risk-adjusted returns and cash generationMedium term

The business depends on disciplined pricing, hedging and capital management in volatile markets.

Geography

Corebridge is primarily a U.S. business, with its products and distribution network centered on American consumers, employers and institutional clients. The company also discloses some international life underwriting margin, but the core operating footprint and revenue exposure remain concentrated in the United States.

Risks

Corebridge is exposed to interest-rate, equity-market, credit and lapse risks because its products embed long-duration guarantees and asset-liability matching requirements. It also faces operational and cyber risk from legacy systems, data dependence and third-party connectivity, while tax and estimate uncertainty can materially affect reported results and capital.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Interest-rate risk1Equity-market and volatility risk2Cybersecurity and technology disruption3Pricing and actuarial assumption risk4Credit and counterparty risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Interest-rate riskImpact: HighLikelihood: High

    The company earns spread income and manages long-duration liabilities, so rate moves affect asset yields, reserves and product economics.

    ExposureAnnuitiesRetirement productsHedging programs
  2. Equity-market and volatility riskImpact: HighLikelihood: High

    Guarantee features and hedges can become more expensive when markets fall or volatility rises.

    Exposure: Variable-style guarantees and hedging programs

  3. Cybersecurity and technology disruptionImpact: HighLikelihood: Medium

    Operations depend on legacy systems, customer data and third-party networks; outages can impair servicing and compliance.

    ExposurePolicy administrationDistributionData security
  4. Pricing and actuarial assumption riskImpact: HighLikelihood: Medium

    Underpricing or adverse mortality, lapse or longevity experience can reduce underwriting margin.

    Exposure: Life insurance and retirement guarantees

  5. Credit and counterparty riskImpact: MediumLikelihood: Medium

    Investment portfolios, derivative counterparties and collateral reinvestment expose the company to defaults and spread widening.

    Exposure: General account assets and hedging counterparties

Accounting

Judgemental items
Insurance reserves and actuarial estimates

Mortality, lapse, longevity and policyholder behavior assumptions materially affect liabilities and earnings.

Impact: Can change underwriting margin and equity through reserve updates

Derivatives and hedging

The company hedges equity and interest-rate exposures, and hedge effectiveness affects reported volatility.

Impact: Can create mark-to-market gains or losses in earnings

Deferred tax assets

Management must assess whether future taxable income will support realization of net deferred tax assets.

Impact: May require valuation allowances and charges to profitability

Fair value of investments and credit impairments

General account assets and collateral investments are sensitive to market and credit conditions.

Impact: Affects investment income, OCI and capital

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Last updated: 24/09/2026