Financial Performance - GAAP earnings reached $168 million, translating to $234 per share[8,9,10,11] - Adjusted Operating Earnings, a non-GAAP measure, amounted to $350 million, or $487 per share[11] - Free cash flow stood at $290 million[11] - The company returned $216 million to shareholders through dividends and share repurchases[11] Capital & Liquidity - Jackson National Life Insurance Company (JNLIC) estimated risk-based capital (RBC) ratio was 566%[11] - Holding company cash and highly liquid securities exceeded $700 million[15] Sales & Flows - Retail annuity sales increased by 9% compared to the first quarter of 2025[12,13] - Fixed and fixed index annuity sales totaled $470 million[30] Investment Portfolio - The investment portfolio totaled $49 billion under U S GAAP[62] - The statutory investment portfolio totaled $48 billion[67]

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]