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Corebridge Financial (CRBG) FY2025 results: revenue $18.5 billion, down 1.2% on the year

Corebridge Financial, Inc. (CRBG) reported revenue of $18.5 billion for fiscal 2025, the year ended 31 December 2025, down 1.2% on the year before. Net income was -$366 million, and diluted earnings per share $-0.68. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2026.

Revenue
$18.5 billion
-1.2% on the year
FY2020FY2025
Operating margin
-2.9%
15.0% a year earlier
FY2020FY2025
Net income
-$366 million
FY2020FY2025
Diluted EPS
-$0.68
FY2020FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 raised.

  • Fourth-quarter net income fell to $814 million: Fourth-quarter net income was $814 million, against $2.2 billion a year earlier. The company attributed the variance largely to lower net realized gains and related derivative and benefit reserve changes.
  • Full-year net loss of $366 million: Full-year net loss was $366 million, or $0.68 per share, compared with net income of $2.2 billion in the prior year.
  • Assumption review cut pre-tax income: The annual actuarial assumption review reduced full-year pre-tax income by $167 million, against $79 million a year earlier. It reduced APTOI by $98 million.
  • Full-year premiums and deposits $41.7 billion: Full-year premiums and deposits were $41.7 billion, up 4%. Excluding pension risk transfer, GICs and Group Retirement plan acquisitions, they rose 1%, mainly on higher RILA deposits.
  • Full-year payout ratio of 110%: Full-year returns were $2.6 billion, a 110% payout ratio, including $2.1 billion of share repurchases and $511 million of dividends.
Read the Q4 FY2025 earnings call summary

From this 10-K

Corebridge Financial provides retirement solutions and insurance products in the United States. It runs four businesses: Individual Retirement, Group Retirement, Life Insurance and Institutional Markets. Nippon Life Insurance Company, a Japanese mutual company, held an approximately 24.6% interest in its common stock as of December 31, 2025.

Corebridge Financial, Inc., the 10-K for 2025

Corebridge Financial provides retirement solutions and insurance products in the United States. It runs four businesses: Individual Retirement, Group Retirement, Life Insurance and Institutional Markets. Nippon Life Insurance Company, a Japanese mutual company, held an approximately 24.6% interest in its common stock as of December 31, 2025.

Individual Retirement

The business sells three product categories: fixed, fixed index and registered index-linked annuities, with optional benefits that include lifetime income guarantees and death benefits. Fixed index annuities give returns linked to the returns of market indices, and virtually all of the policies in force at December 31, 2025 were single premium contracts. In October 2024 the company launched Corebridge MarketLock Annuity, a registered index-linked annuity whose returns are linked to market indices, with an optional guaranteed minimum death benefit. The company typically re-prices its full fixed annuity product suite on a weekly basis.

Group Retirement

Group Retirement provides retirement plans and services to employees of tax-exempt and public sector organizations, both inside employer defined contribution plans and outside them. In-plan products include an open architecture recordkeeping platform, which lets participants choose among mutual funds and other investment options alongside a fixed interest account, and group annuities supported by plan administration and compliance services. Its subsidiary broker-dealer, VALIC Financial Advisors, works directly with individual employees through employee financial advisors, and its brokerage offering covers securities accounts, life, disability and long term care insurance, mutual funds and 529 plans.

Life Insurance and Institutional Markets

The life business develops and distributes term life, index universal life and smaller face amount whole life insurance in the U.S. market, and has reduced its exposure to guaranteed universal life and guaranteed variable universal life. Institutional Markets sells annuities through the pension risk transfer and structured settlements markets, corporate-owned and bank-owned life insurance, and capital market products such as guaranteed investment contracts and stable value wrap contracts. It also runs a global assumed reinsurance business focused mainly on reinsuring pension liabilities in the United Kingdom.

How it reaches customers and invests

Corebridge Financial Distributors, its retail sales platform, works with banks, broker-dealers, general agencies, independent marketing organizations and independent insurance agents, alongside the company's own employee financial advisors and a direct-to-consumer platform. Its investment portfolio is managed through its own internal capabilities and third-party managers, including strategic partnerships with Blackstone and BlackRock.

Portfolio changes

On October 31, 2023 the company sold Laya Healthcare to AXA, and on April 8, 2024 it sold AIG Life U.K. to Aviva. In 2025 its subsidiaries American General Life Insurance Company and The United States Life Insurance Company in the City of New York agreed to cede 100% of their in-force individual variable annuity contracts to Corporate Solutions Life Reinsurance Company. The first reinsurance agreement closed on August 1, 2025 and the second on January 2, 2026, and the sale of SunAmerica Asset Management to Venerable closed on January 1, 2026.

People

As of December 31, 2025 the company had over 4,800 employees, the majority based in the United States, with a smaller number in Ireland, the United Kingdom and Bermuda.

From Corebridge Financial's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 11 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue18,48118,70718,800-1.2%
Selling, general and administrative2,0022,0162,282-0.7%
Operating income-5412,803940
Operating margin-2.9%15.0%5.0%
Interest expense552554580-0.4%
Pre-tax income-5412,803940
Income tax-151600-96.0
Effective tax raten/a21.4%-10.2%
Net income-3662,2301,104
Net margin-2.0%11.9%5.9%
Diluted EPS-$0.68$3.72$1.71
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow2,0212,1513,357-6.0%
Cash from investing-13,332-11,536-5,476
Cash from financing10,9399,5802,114+14.2%
Depreciation and amortisation556193366+188.1%
Share-based compensation67.058.060.0+15.5%
Buybacks2,1181,792498+18.2%
Dividends paid5115441,722-6.1%
Diluted shares, weighted539m599m645m-10.0%
Shares outstanding at period end496m561m622m-11.6%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity13,20111,46211,766+15.2%
Non-controlling interest759864869-12.2%
Debt10,90612,39211,872-12.0%
Other liabilities388,681364,679354,763+6.6%
Total liabilities and equity413,547389,397379,270+6.2%
Goodwilln/an/a117
Intangible assetsn/an/a0.0
Securities held for sale or to maturity189,381170,840166,527+10.9%
Loans54,48152,76846,867+3.2%
Cash and equivalents453824628-45.0%
Other assets169,232164,965165,131+2.6%
Total assets413,547389,397379,270+6.2%

10-K for the year ended 31 December 2025, filed 11 February 2026: the filing.