A Business at a Glance
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Corebridge Financial, Inc.
CRBG
$16.8B
Mkt Cap
$31.29
+1.46%
Corebridge Financial, Inc. (CRBG) has a 5-year average return on invested capital (ROIC) of 16.7%. This indicates strong capital allocation and a potential competitive advantage.
Corebridge Financial, Inc. (CRBG) has a market capitalization of $14.3B. It is classified as a large-cap stock.
Yes, Corebridge Financial, Inc. (CRBG) pays a dividend with a trailing twelve-month yield of 3.44%. The company also returns capital through share buybacks, with a buyback yield of 21.32%.
Corebridge Financial, Inc. (CRBG) operates in the Life Insurance industry, within the Financials sector.
Corebridge Financial, Inc. (CRBG) reported annual revenue of $18.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Corebridge Financial, Inc. (CRBG) has a net profit margin of -2.0%. The company is currently unprofitable.
Corebridge Financial, Inc. (CRBG) generated $2.0 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the United States, managing or administering $386.4 billion in client assets as of December 31, 2025. The company operates through four diversified business segments—Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets—which collectively generated spread income of $3.9 billion, fee income of $1.2 billion, and underwriting margin of $1.4 billion in 2025, representing a balanced 60%, 18%, and 22% mix respectively. Individual Retirement offers fixed, fixed index, and registered index-linked annuities with optional lifetime income guarantees and death benefits, while Group Retirement provides retirement plan solutions and wealth management services; Life Insurance delivers mortality-based products; and Institutional Markets focuses on pension risk transfer transactions and guaranteed investment contracts. The company distributes through an extensive platform including its own financial advisors, direct-to-consumer channels, and third-party relationships with banks, broker-dealers, general agencies, independent marketing organizations, and insurance agents. Corebridge's competitive advantages include its scaled platform, diversified income sources, broad distribution relationships, proven product design expertise, and strategic partnerships with Blackstone and BlackRock that provide access to diverse asset classes and specialized investment capabilities. The business model emphasizes disciplined risk management, a high-quality liability profile, and consistent cash flow generation supported by favorable demographic trends including an aging U.S. population and growing demand for retirement solutions.
【Strong earnings trajectory ahead】 Management expects earnings to exceed $5 billion per year by 2027, with cash generation topping $4 billion annually, supported by favorable demographic tailwinds including the Peak 65 surge and a healthy pension risk transfer pipeline. The company anticipates continued growth in its Individual Retirement business driven by strong customer demand and successful product launches such as MarketLock, which is now available to more than 200 distribution partners, while Group Retirement is expected to benefit from increased financial advisor productivity and wealth management expansion through IRA rollovers. Base spread income in Individual Retirement is projected to level off by the end of 2026 assuming two additional Federal Reserve rate cuts, with margins expected to begin growing thereafter as the in-force portfolio matures and new business dynamics improve. The company plans to maintain disciplined capital allocation, targeting a 60%-65% payout ratio through dividends and share repurchases, while investing approximately $60 million in operating expenses to drive strategic growth initiatives including accelerated deployment of artificial intelligence capabilities to enhance distribution services and customer guidance.
| Metric | Target | Period |
|---|---|---|
| Earnings | exceed $5 billion per year | by 2027 |
| Cash generation | topping $4 billion per year | by 2027 |
| Individual Retirement base spread income | approximately $2.55 billion | FY2026 |
| Insurance company distributions | around $2.3 billion | 2026 |
| Operating expenses growth | approximately 4%-5%, or $60 million | 2026 |
| Share repurchases | approximately $900 million | first half of 2026 |
Earnings (by 2027): “By 2027, we expect earnings to exceed $5 billion per year.”
Cash generation (by 2027): “Cash generation will be strong and consistent, topping $4 billion per year.”
Individual Retirement base spread income (FY2026): “We also estimate that overall base spread income for the Individual Retirement business will be in the ZIP code of $2.55 billion for 2026.”
Insurance company distributions (2026): “Our expectation was that we would have insurance company distributions at around $2.3 billion in 2026.”
Operating expenses growth (2026): “Accordingly, in 2026, we expect the ratio of our operating expenses to normalized run-rate revenues to remain consistent with 2025. This reflects modest growth in our operating expenses in the near term, approximately 4%-5%, or $60 million in operating GOE before the full benefits of these strategic investments begin to be realized.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 18.9B | 18.5B | 18.7B | 18.8B | 24.7B | 23.3B |
| Net Income | 245M | -366M | 2.2B | 1.1B | 8.2B | 8.2B |
| EPS | $0.58 | $-0.68 | $3.72 | $1.71 | $12.60 | - |
| Free Cash Flow | 0 | 2.0B | 2.2B | 3.4B | 2.6B | 2.4B |
| ROIC | 0.0% | -2.9% | 18.0% | 7.5% | 36.5% | 24.5% |
| Gross Margin | - | -2.9% | 15.0% | 5.0% | 42.5% | 48.4% |
| Debt/Equity | 0.00 | 0.00 | 0.18 | 0.78 | 1.00 | 0.32 |
| Dividends/Share | $1.08 | $0.95 | $0.91 | $2.67 | $1.35 | - |
| Operating Income | 0 | -541M | 2.8B | 940M | 10.5B | 11.3B |
| Operating Margin | 0.0% | -2.9% | 15.0% | 5.0% | 42.5% | 48.4% |
| ROE | 2.3% | -3.0% | 19.2% | 10.4% | 44.7% | 24.7% |
| Shares Outstanding | 457M | 538M | 599M | 646M | 648M | - |
| Metric | |||||||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 15.1B | 23.3B | 24.7B | 18.8B | 18.7B | 18.5B | 18.9B |
| Gross Margin | 5.6% | 48.4% | 42.5% | 5.0% | 15.0% | -2.9% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 2.0B | 2.1B | 2.3B | 2.3B | 2.0B | 2.0B | 1.9B |
| EBIT | 851M | 11.3B | 10.5B | 940M | 2.8B | -541M | 0 |
| Op. Margin | 5.6% | 48.4% | 42.5% | 5.0% | 15.0% | -2.9% | 0.0% |
| Net Income | 642M | 8.2B | 8.2B | 1.1B | 2.2B | -366M | 245M |
| Net Margin | 4.3% | 35.4% | 33.0% | 5.9% | 11.9% | -2.0% | 1.3% |
| Non-Recurring | 80M | 32M | 25M | 69M | 69M | 52M | 52M |
| Returns on Capital | |||||||
| ROIC | N/A | 24.5% | 36.5% | 7.5% | 18.0% | -2.9% | 0.0% |
| ROE | N/A | 24.7% | 44.7% | 10.4% | 19.2% | -3.0% | 2.3% |
| ROA | N/A | 4.0% | 2.1% | 0.3% | 0.6% | -0.1% | 0.1% |
| Cash Flow | |||||||
| Op. Cash Flow | 3.3B | 2.4B | 2.6B | 3.4B | 2.2B | 2.0B | 1.6B |
| Free Cash Flow | 3.3B | 2.4B | 2.6B | 3.4B | 2.2B | 2.0B | 0 |
| Owner Earnings | 3.2B | 2.3B | 2.5B | 2.6B | 1.6B | 1.5B | 1.3B |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 6.0M | 7.0M | 4.0M | 680M | 528M | 406M | 301M |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 6.0M | 7.0M | 4.0M | 680M | 528M | 406M | 301M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 876M | 1.7B | 544M | 511M | 492M |
| Dividend Yield | N/A | N/A | 8.0% | 16.5% | 3.4% | 3.0% | 3.4% |
| Share Buybacks | 0 | 0 | 0 | 498M | 1.8B | 2.1B | 3.0B |
| Buyback Yield | 0.0% | N/A | N/A | 3.8% | 10.3% | 12.9% | 21.3% |
| Stock-Based Comp | 74M | 88M | 75M | 60M | 58M | 67M | 1.4M |
| Debt Repayment | 11M | 568M | 1.2B | 535M | 982M | 1.1B | 1.1B |
| Balance Sheet | |||||||
| Net Debt | -2.2B | 2.7B | 4.3B | 4.2B | -3.7B | -6.1B | -4.7B |
| Cash & Equiv. | 918M | 601M | 633M | 628M | 824M | 453M | 4.7B |
| Long-Term Debt | 0 | 427M | 7.9B | 535M | 982M | N/A | N/A |
| Debt/Equity | N/A | 0.32 | 1.00 | 0.78 | 0.18 | 0.00 | 0.00 |
| Interest Coverage | 1.7 | 28.9 | 19.6 | 1.6 | 5.1 | -1.0 | -1.0 |
| Equity | N/A | 27.1B | 9.4B | 11.8B | 11.5B | 13.2B | 10.8B |
| Total Assets | N/A | 416.2B | 360.3B | 379.3B | 389.4B | 413.5B | 407.1B |
| Total Liabilities | N/A | 387.3B | 350.0B | 366.6B | 377.1B | 399.6B | 395.5B |
| Intangibles | N/A | 18M | 12M | 0 | N/A | N/A | N/A |
| Retained Earnings | N/A | 8.9B | 18.2B | 17.6B | 19.3B | 18.4B | 18.2B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||
| EPS | N/A | N/A | 12.60 | 1.71 | 3.72 | -0.68 | 0.58 |
| Owner EPS | N/A | N/A | 3.93 | 4.05 | 2.61 | 2.88 | 2.92 |
| Book Value | N/A | N/A | 14.49 | 18.22 | 19.12 | 24.53 | 23.66 |
| Cash Flow/Share | N/A | N/A | 4.05 | 5.20 | 3.59 | 3.75 | 1.20 |
| Dividends/Share | N/A | N/A | 1.35 | 2.67 | 0.91 | 0.95 | 1.08 |
| Shares Out. | N/A | N/A | 647.5M | 645.6M | 599.5M | 538.2M | 456.7M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | 1.3 | 12.0 | 7.8 | N/A | 54.0 |
| P/FCF | N/A | N/A | 4.0 | 3.9 | 8.1 | 8.1 | N/A |
| EV/EBIT | N/A | N/A | 1.4 | 17.8 | 8.3 | N/A | N/A |
| Price/Book | N/A | N/A | 1.1 | 1.1 | 1.5 | 1.2 | 1.3 |
| Price/Sales | N/A | N/A | 0.4 | 0.6 | 0.9 | 0.9 | 0.8 |
| FCF Yield | N/A | N/A | 25.2% | 25.4% | 12.3% | 12.3% | N/A |
| Market Cap | 0 | N/A | 10.4B | 13.2B | 17.5B | 16.5B | 14.3B |
| Avg. Price | 0.00 | N/A | 16.84 | 16.12 | 26.83 | 31.54 | 31.29 |
| Year-End Price | 0.00 | N/A | 16.05 | 20.47 | 29.13 | 30.59 | 31.29 |
Corebridge Financial, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 8.3x vs a median of 6.0x. The company's 5-year average ROIC is 16.7% with a gross margin of 21.6%. Total shareholder yield (dividends + buybacks) is 24.8%. At current prices, the estimated annualized return to fair value is +0.2%.
Corebridge Financial, Inc. (CRBG) has a debt-to-equity ratio of 0.00. This indicates a conservatively financed balance sheet.
Corebridge Financial, Inc. (CRBG) reported earnings per share (EPS) of $-0.68 in its most recent fiscal year.
Corebridge Financial, Inc. (CRBG) has a return on equity (ROE) of -3.0%. A negative ROE may indicate losses or negative equity.
Corebridge Financial, Inc. (CRBG) has a 5-year average gross margin of 21.6%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 6 years of financial data for Corebridge Financial, Inc. (CRBG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Corebridge Financial, Inc. (CRBG) has a book value per share of $24.53, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects earnings to exceed $5 billion per year by 2027, with cash generation topping $4 billion annually, supported by favorable demographic tailwinds including the Peak 65 surge and a healthy pension risk transfer pipeline. The company anticipates continued growth in its Individual Retirement business driven by strong customer demand and successful product launches such as MarketLock, which is now available to more than 200 distribution partners, while Group Retirement is expected to benefit from increased financial advisor productivity and wealth management expansion through IRA rollovers. Base spread income in Individual Retirement is projected to level off by the end of 2026 assuming two additional Federal Reserve rate cuts, with margins expected to begin growing thereafter as the in-force portfolio matures and new business dynamics improve. The company plans to maintain disciplined capital allocation, targeting a 60%-65% payout ratio through dividends and share repurchases, while investing approximately $60 million in operating expenses to drive strategic growth initiatives including accelerated deployment of artificial intelligence capabilities to enhance distribution services and customer guidance.
Based on recent SEC filings and earnings calls, Corebridge Financial, Inc. (CRBG) has provided the following forward guidance: Earnings: exceed $5 billion per year (by 2027); Cash generation: topping $4 billion per year (by 2027); Individual Retirement base spread income: approximately $2.55 billion (FY2026); Insurance company distributions: around $2.3 billion (2026); Operating expenses growth: approximately 4%-5%, or $60 million (2026), plus 1 additional metric.
Share repurchases (first half of 2026): “In the first half of 2026, we expect approximately $900 million worth of share repurchases associated with the VA reinsurance transaction, an amount that's above our normal 60%-65% payout ratio.”