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 (CRBG) reported $4.74 billion in revenue for the quarter ended March 2025, representing a year-over-year decline of 19.1%. EPS of $1.16 for the same period compares to $1.10 a year ago. The reported revenue represents a surprise of -9.19% over the Zacks Consensus Estimate of $5.22 billion. With the consensus EPS estimate being $1.15, the EPS surprise was +0.87%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to d ...

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 ...