Core Viewpoint - The article discusses the implications of rising national debt and suggests investing in life and retirement insurance companies as a protective measure against potential economic challenges posed by this debt [1][4]. Rising Debt and Economic Impact - The U.S. national debt has significantly increased, with a corresponding rise in the debt-to-GDP ratio, particularly during recessionary periods such as the 2008-2009 financial crisis and the pandemic [2]. - The response to rising debt has historically been increased spending and debt issuance, raising concerns about the sustainability of this approach [3]. Interest Rate Projections - Higher debt levels suggest that more debt issuance will occur, which could lead to rising long-term interest rates, potentially exceeding market expectations [6][7]. - The current market appears complacent regarding long-term interest rates, not pricing in significant risks associated with rising debt levels [7]. Investment Opportunities in Insurance Sector - In a rising interest rate environment, life and retirement insurers like Prudential Financial, MetLife, and Corebridge Financial may perform well, as they can invest in higher-yielding assets [8]. - These insurers typically hold a significant portion of their assets in low-risk investments, which will be affected by rising rates but will also allow them to purchase new assets at higher rates [10]. Asset Composition of Insurers - Prudential Financial holds 54.9% of its general account assets in publicly available fixed maturities, while MetLife has 31.6% in investment-grade corporate debt [12][13]. - Corebridge Financial has a substantial 97% of its assets in fixed income or short-term investments, positioning these companies favorably in a higher interest rate scenario [13]. Strategic Investment Considerations - While the debt issue is concerning, predicting interest rates remains challenging; however, investing in the insurance sector may be a prudent strategy for those worried about future public debt servicing costs [14].

Core Points - Corebridge Financial, Inc. (CRBG) shares increased by 7.6% following the release of first-quarter 2025 results, which showed better-than-expected earnings driven by higher investment income and reduced expenses, despite declines in Life Insurance and institutional market premiums and deposits [1][2] - The company reported operating earnings per share of $1.16, exceeding the Zacks Consensus Estimate by 0.9%, and reflecting a 5.5% year-over-year increase [2] - Adjusted revenues fell 19% year over year to $4.7 billion, missing the consensus estimate by 9.2% [2] Operational Performance - Premiums and deposits totaled $9.3 billion, down 12% year over year, with a 6% decline when excluding transactional activity and international business sales, primarily due to lower fixed annuity deposits [3] - Net investment income rose by 10.6% year over year to $2.9 billion, attributed to increased base portfolio income and variable investment income [3] - Total benefits and expenses decreased by 7.6% year over year to $4.5 billion, driven by lower policyholder benefits and general operating expenses [4] Segment Performance - **Individual Retirement**: Premiums and deposits were $4.7 billion, down 3% year over year, while fee income increased by 0.3% to $308 million [5] - **Group Retirement**: Premiums and deposits fell 11% year over year to $1.8 billion, with fee income improving by 2.6% to $195 million [7] - **Life Insurance**: Premiums and deposits decreased by 22% year over year to $856 million, but adjusted pre-tax operating income doubled to $108 million due to improved underwriting margins [8] - **Institutional Markets**: Premiums and deposits dropped 25% year over year to $1.9 billion, with fee income declining by 6.3% to $15 million [9] Financial Position - As of March 31, 2025, Corebridge had a cash balance of $393 million, down from $806 million at the end of 2024, while total investments increased to $250.2 billion from $243.8 billion [12] - Total assets rose to $390 billion from $389.4 billion at the end of 2024, with total equity increasing by 4.1% to $12.8 billion [13] Shareholder Returns - In the first quarter, Corebridge repurchased common shares worth $321 million and paid quarterly dividends totaling $133 million [14]

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41504 Corebridge Financial, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of i ...

Corebridge Financial Earnings Summary - Corebridge Financial (CRBG) reported quarterly earnings of $1.16 per share, exceeding the Zacks Consensus Estimate of $1.15 per share, and up from $1.10 per share a year ago, representing an earnings surprise of 0.87% [1] - The company posted revenues of $4.74 billion for the quarter ended March 2025, which missed the Zacks Consensus Estimate by 9.19% and decreased from $5.85 billion year-over-year [2] - Corebridge has surpassed consensus EPS estimates for the last four quarters but has not beaten revenue estimates during the same period [2] Stock Performance and Outlook - Corebridge shares have increased by approximately 2.4% since the beginning of the year, contrasting with a decline of 3.3% in the S&P 500 [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the earnings outlook [4][6] - Current consensus EPS estimate for the upcoming quarter is $1.25 on revenues of $5.05 billion, and for the current fiscal year, it is $5.09 on revenues of $21.53 billion [7] Industry Context - The Zacks Industry Rank indicates that the Insurance - Multi line sector is currently in the top 25% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - The performance of Corebridge's stock may also be influenced by the overall industry outlook [8] Competitor Insights - Fidelis Insurance Holdings (FIHL), another company in the same industry, is expected to report a quarterly loss of $0.43 per share, reflecting a year-over-year change of -158.1%, with revenues anticipated to be $656.08 million, up 26.2% from the previous year [9][10]

FOR IMMEDIATE RELEASE Corebridge Financial Announces First Quarter 2025 Results HOUSTON – May 5, 2025 – Corebridge Financial, Inc. ("Corebridge" or the "Company") (NYSE: CRBG) today reported financial results for the first quarter ended March 31, 2025. Kevin Hogan, President and Chief Executive Officer, said, "Corebridge generated strong earnings and delivered attractive capital return over the first quarter, executing on our strategic priorities. Our capital, liquidity and financial flexibility position us ...

Corebridge Financial Overview - Corebridge Financial (CRBG) is anticipated to report a year-over-year earnings increase of +4.6% with earnings per share (EPS) of $1.15, despite a revenue decline of 10.9% to $5.22 billion for the quarter ended March 2025 [3][12] - The stock's movement may be influenced by whether the actual results exceed or fall short of these expectations, with the earnings report scheduled for May 5 [2][3] Earnings Estimates and Revisions - The consensus EPS estimate has been revised down by 2.21% over the last 30 days, indicating a bearish sentiment among analysts regarding Corebridge's earnings prospects [4][10] - The Most Accurate Estimate is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -0.38%, which complicates predictions of an earnings beat [10][11] Earnings Surprise History - Corebridge has a history of beating consensus EPS estimates, having surpassed expectations in the last four quarters, including a +3.36% surprise in the most recent quarter [12][13] - Despite this history, the current combination of a negative Earnings ESP and a Zacks Rank of 4 suggests that predicting an earnings beat is challenging [11][16] Industry Context - In comparison, Prudential (PRU), another player in the insurance industry, is expected to report an EPS of $3.21, reflecting a year-over-year change of +2.9%, with revenues projected to decline by 33% to $14.54 billion [17][18] - Prudential's consensus EPS estimate has also been revised down by 2.9% over the last 30 days, and it holds an Earnings ESP of 0.00%, indicating uncertainty in beating the consensus estimate [18]

Group 1 - Corebridge Financial's shares have increased by 35% over the past year, driven by solid financial results and capital returns to shareholders [1] - The successful divestment by AIG has positively impacted Corebridge Financial [1] Group 2 - The article emphasizes the importance of macro views and stock-specific turnaround stories for achieving outsized returns with a favorable risk/reward profile [1]

Core Insights - The market cycle has revealed distinct winners and losers, particularly highlighting the peak of speculative stocks in March 2021, which included microcaps and small tech firms [1] Group 1: Market Trends - The peak of speculative stocks occurred four years ago, with significant highs in March 2021 [1] - Areas such as microcaps and small tech firms, often associated with Cathie Wood's investment strategies, were notably affected during this peak [1] Group 2: Investment Strategies - The article emphasizes the importance of thematic investing and understanding macro drivers of various asset classes, including stocks, bonds, commodities, currencies, and crypto [1]

Core Points - Corebridge Financial, Inc. (CRBG) reported a 5.9% decline in shares following the release of fourth-quarter 2024 results on February 12, 2025, despite beating earnings expectations [1] - The quarterly earnings were positively impacted by higher investment income and improved Life Insurance performance, but negatively affected by a decline in Life Insurance premiums and deposits, as well as lower guaranteed investment contract deposits [1] Financial Performance - CRBG's fourth-quarter 2024 operating earnings per share were $1.23, exceeding the Zacks Consensus Estimate by 3.4%, and reflecting an 18.3% year-over-year increase [2] - Adjusted revenues fell 15.2% year over year to $5 billion, missing the consensus mark by 16.7% [2] - Premiums and deposits totaled $9.9 billion, down 6% year over year, with a more significant decline of 8% when excluding transactional activity and international business sales [3] Investment Income and Expenses - Net investment income rose 12.1% year over year to $2.9 billion, driven by increased base portfolio income [3] - Total benefits and expenses decreased 20.1% year over year to $4.1 billion, attributed to lower policyholder benefits and general operating expenses [4] - Adjusted pre-tax operating income increased 7.1% year over year to $878 million, with an adjusted return on average equity of 12.8%, up 160 basis points year over year [4] Segment Performance - Individual Retirement segment reported premiums and deposits of $5 billion, down 5% year over year, while fee income increased 9.4% to $315 million [5] - Group Retirement premiums and deposits fell 22% year over year to $1.6 billion, with fee income improving 12.2% to $203 million [7] - Life Insurance premiums and deposits decreased 20% year over year to $879 million, but adjusted pre-tax operating income surged 97% to $156 million, exceeding the consensus estimate [8] - Institutional Markets saw premiums and deposits rise 18% year over year to $2.4 billion, with adjusted pre-tax operating income increasing 43% to $133 million [9] Financial Position - As of December 31, 2024, Corebridge had a cash balance of $806 million, up 31.7% from the end of 2023, and total investments of $243.8 billion, an increase of 4.8% [11] - Total assets rose 2.7% to $389.4 billion, while total equity declined 2.4% to $12.3 billion [11] - Adjusted book value per share was $39.80, reflecting an 8.1% year-over-year increase [12] Share Repurchase and Dividends - In the fourth quarter, Corebridge repurchased common shares worth $398 million and paid quarterly dividends of $129 million [14] - The company increased its share repurchase authorization by $2 billion and raised the dividend to 24 cents per share [14]

Fourth Quarter and Full Year 2024 Financial Results Presentation February 13, 2025 Corebridge value proposition Diversified business model Strong balance sheet We are well positioned to continue creating shareholder value as demonstrated by growth in our earnings, cash generation and capital return Disciplined execution shareholder value icon tbd icon tbd icon tbd 2 Successfully delivered on financial targets set at initial public offering Profitability Capital return Balance sheet 13.2% Adjusted run rate R ...