Core Financial Performance - Corebridge Financial (CRBG) reported quarterly earnings of $1.36 per share, exceeding the Zacks Consensus Estimate of $1.15 per share, and up from $1.13 per share a year ago, representing an earnings surprise of +18.26% [1] - The company posted revenues of $4.42 billion for the quarter ended June 2025, which missed the Zacks Consensus Estimate by 6.7%, compared to year-ago revenues of $4.18 billion [2] - Over the last four quarters, Corebridge has surpassed consensus EPS estimates four times but has not beaten consensus revenue estimates [2] Stock Performance and Outlook - Corebridge shares have increased by approximately 15.2% since the beginning of the year, outperforming the S&P 500's gain of 6.1% [3] - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and future earnings expectations [3][4] - The current consensus EPS estimate for the upcoming quarter is $1.29 on revenues of $4.96 billion, and for the current fiscal year, it is $4.84 on revenues of $19.29 billion [7] Industry Context - The Zacks Industry Rank indicates that the Insurance - Multi line sector is currently in the top 35% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Corebridge's stock performance [5][6]

FOR IMMEDIATE RELEASE Corebridge Financial Announces Second Quarter 2025 Results HOUSTON – August 4, 2025 – Corebridge Financial, Inc. ("Corebridge" or the "Company") (NYSE: CRBG) today reported financial results for the second quarter ended June 30, 2025. Kevin Hogan, President and Chief Executive Officer, said, "Corebridge delivered another quarter with very strong financial results and remains focused on driving shareholder value, as demonstrated by our variable annuity reinsurance transaction that furth ...

Core Insights - Corebridge Financial, Inc. (CRBG) has entered into a reinsurance agreement with CS Life Re, a subsidiary of Venerable Holdings, Inc., to reinsure its entire block of variable annuities valued at $2.8 billion, expected to yield approximately $2.1 billion in net distributable proceeds after taxes [1][9] Transaction Details - The reinsurance transaction covers the entire in-force book of variable annuity contracts within the Individual Retirement segment, which had an account value (AV) of $51 billion as of March 31, 2025. This includes $5 billion of General Account assets and $46 billion of Separate Account assets [2] - The deal also involves the divestiture of SAAMCo, an investment adviser for Corebridge's variable annuity products, with the AGL transaction expected to close in Q3 2025 and the USL transaction and SAAMCo sale in Q4 2025 [3] Financial Impact - The transaction implies a valuation multiple of approximately 9-10 times Corebridge's expected operating earnings for 2026 and 2027. Although a decrease in adjusted after-tax operating income of around $300 million is anticipated in 2026, this impact is expected to lessen in subsequent years [4] - The transaction is projected to enhance the company's Life Fleet Risk-Based Capital ratio by over 50 points, prior to the effects of the share repurchase program [4] Strategic Motive - The reinsurance agreement allows Corebridge to exit a legacy business line characterized by volatile GAAP earnings and potential tail risk exposure, thereby reshaping its portfolio and enhancing shareholder value [5] Shareholder Returns - The majority of the proceeds from the transaction will be returned to shareholders through share repurchases, with a $2 billion increase in the existing share repurchase authorization approved by the board [6][7] Stock Performance - Corebridge shares have increased by 20.2% over the past year, outperforming the industry growth of 10.7% [8]

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]

Core Insights - Blackstone's total market value of holdings reached $24.1 billion for Q1 2025, up from $22.0 billion in the previous quarter, representing a 9% increase [1][2] - The investment portfolio included 47 new stocks, 36 stocks were increased, 25 stocks were reduced, and 39 stocks were completely sold out [1][2] - The top ten holdings accounted for 68.8% of the total market value [1][2] Holdings Overview - The largest holding is Cheniere Energy Partners (CQP.US) with approximately 102 million shares valued at about $6.759 billion, making up 28.07% of the portfolio, unchanged from the previous quarter [2][3] - Corebridge Financial Inc. (CRBG.US) is the second-largest holding with around 61.96 million shares valued at approximately $1.956 billion, also unchanged [2][3] - Williams (WMB.US) ranks third with about 20.08 million shares valued at approximately $1.200 billion, reflecting a 5.94% increase in holdings [3][4] Sector Focus - The portfolio shows a strong inclination towards energy stocks, with significant positions in companies like Targa Resources (TRGP.US), Energy Transfer Equity LP (ET.US), and MPLX LP (MPLX.US) [3][4] - The top five purchases included SPDR S&P 500 ETF put options, CoreWeave (CRWV.US), Kinder Morgan (KMI.US), Hess Midstream (HESM.US), and Enbridge (ENB.US) [4][5] - The top five sales included Expand Energy, First Industrial Realty (FR.US), Western Midstream (WES.US), Energy Transfer (ET.US), and NextEra Energy (NEE.US) [5][6]

Financial Performance - Total revenues for Q1 2025 were $3,590 million, a decrease of 38.4% compared to $5,836 million in Q1 2024[14] - Net income attributable to Corebridge for Q1 2025 was a loss of $664 million, compared to a profit of $878 million in Q1 2024[14] - Premiums collected in Q1 2025 were $889 million, down from $2,295 million in Q1 2024, reflecting a decline of 61.2%[14] - Total net investment income for Q1 2025 was $3,189 million, an increase of 9.1% from $2,924 million in Q1 2024[14] - Policyholder benefits for Q1 2025 amounted to $1,457 million, a decrease of 48.0% from $2,807 million in Q1 2024[14] - The company reported net realized losses of $1,414 million in Q1 2025, compared to $320 million in Q1 2024[14] - Comprehensive income attributable to Corebridge was $968 million in Q1 2025, up from $235 million in Q1 2024, indicating a strong recovery in other comprehensive income[15] - Corebridge Financial reported a net loss of $657 million for Q1 2025, compared to a net income of $827 million in Q1 2024, representing a significant decline[15] - Adjusted pre-tax operating income for the three months ended March 31, 2025, was $810 million, compared to $837 million for the same period in 2024[37] Cash Flow and Investments - Cash flows from operating activities provided $375 million in Q1 2025, down from $598 million in Q1 2024, reflecting challenges in generating cash from operations[17] - The company experienced a total adjustment of $1,032 million in Q1 2025, contrasting with a negative adjustment of $229 million in Q1 2024, highlighting improved operational cash flow[17] - Corebridge's net cash used in investing activities was $3,873 million in Q1 2025, compared to $2,645 million in Q1 2024, reflecting increased investment activity[17] - The company reported policyholder contract deposits of $9,145 million in Q1 2025, an increase from $8,504 million in Q1 2024, indicating growth in customer investments[17] - The total cash and restricted cash at the end of Q1 2025 was $399 million, a decrease from $426 million at the end of Q1 2024[18] Shareholder Information - The company repurchased $321 million of common stock in Q1 2025, compared to $243 million in Q1 2024, demonstrating a commitment to returning value to shareholders[17] - As of March 31, 2025, AIG Parent owned approximately 23.0% of Corebridge's outstanding common stock, while Nippon Life Insurance Company owned about 22.0% following a significant transaction[21][22] Asset and Liability Management - As of March 31, 2025, total assets measured at fair value amounted to $275.266 billion, with $88.146 billion in Level 1 assets, $158.796 billion in Level 2 assets, and $34.720 billion in Level 3 assets[41] - The total bonds available-for-sale reached $174.352 billion, with corporate debt contributing $109.115 billion, representing 62.5% of the total bonds available-for-sale[41] - Total liabilities measured at fair value were $18.769 billion, with derivative liabilities comprising $106 million and market risk benefit liabilities at $6.339 billion[41] - The company reported $6.3 billion in investments measured at fair value using net asset value (NAV) as of March 31, 2025, compared to $6.1 billion as of December 31, 2024[43] Market Risk and Valuation - The change in the fair value of market risk benefits for Q1 2025 was a gain of $385 million, compared to a loss of $369 million in Q1 2024[14] - The company emphasizes the unpredictability of insurance liability claims and market conditions affecting future performance[6] - The company recorded a change in the fair value of market risk benefits resulting in a net loss of $577 million for the three months ended March 31, 2025[50] Segment Performance - The company operates through five reportable segments: Individual Retirement, Group Retirement, Life Insurance, Institutional Markets, and Corporate and Other[29][30] - The company plans to continue restructuring initiatives aimed at reducing operating expenses and improving efficiency, with costs primarily related to severance and modernization efforts[38]

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]