At a glance
Corebridge Financial Inc. is worth $15.74B. Revenue fell 1.2% to $18.48B in fiscal 2025, at a loss; over 3 years it has grown 9.2% a year. It pays a 2.8% dividend yield, and returned $8.06B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +15.0% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Corebridge Financial is one of the largest US providers of retirement products and life insurance. Its main products are annuities: contracts in which a customer hands an insurer savings in return for a set interest rate, returns tied to a market index, or a lifetime income. Individual annuity customers are mainly mass-affluent and wealthy Americans saving for or living in retirement. As of December 31, 2025, Corebridge managed or administered $386.4 billion in client assets.
The largest income source is spread income: the gap between what Corebridge earns investing customers' money and the interest it credits to them. In 2025, spread income was $3.9 billion, or 60% of its three main income sources. Fee income added $1.2 billion (18%), and underwriting margin, the profit from pricing insurance risks well, added $1.4 billion (22%). Partnerships with Blackstone and BlackRock help run parts of its investment portfolio.
Corebridge runs four businesses. Individual Retirement, which offers fixed, fixed index and registered index-linked annuities, produced 52% of adjusted pre-tax operating income (the company's measure of underlying profit) in 2025. Group Retirement, which works with retirement plan sponsors, produced 20%, Institutional Markets 16% and Life Insurance 12%. Individual annuities brought in $20.6 billion of premiums and deposits in 2025 through about 460 outside firms; banks accounted for 43.6% and broker-dealers 37.6%.
Price history
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CRBG +15.0% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $3.91B, up 43.6% from a year earlier, and net income was $2.0M.
- For fiscal 2025, revenue was $18.48B (-1.2% year over year; -9.2% a year from FY2022 to FY2025) with a -2% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | -9.2% weak |
|---|---|
| Return on equity (FY2025) | -2.8% weak |
| Return on assets (FY2025) | -0.1% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $15.06B | $642.0M | — |
| FY2021 | $23.26B | $8.24B | — |
| FY2022 | $24.70B | $8.16B | — |
| FY2023 | $18.80B | $1.10B | — |
| FY2024 | $18.71B | $2.23B | — |
| FY2025 | $18.48B | $-366.0M | — |
Valuation snapshot
| Market value | $15.74B |
|---|---|
| P/E ratio | — |
| Dividend yield | 2.8% |
Rank among 1514 US companies
Market value at each year end
Corebridge Financial’s market value went from $12.94B at the end of 2022 to $15.74B on Oct 28, 2026, up 22%; since the end of 2025 it is up 0%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $15.74B | +0.3% |
| 2025 | $15.70B | -7.8% |
| 2024 | $17.03B | +24.6% |
| 2023 | $13.67B | +5.6% |
| 2022 | $12.94B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CRBG price data to Oct 28, 2026 | +20.1% | +15.0% | +27.5% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +20.1% |
| 2025 | +3.9% |
| 2024 | +42.8% |
| 2023 | +24.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 31 open-market purchases ($267.0M) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 28, 2026 | Life Insurance Co Nippon 10% owner | buy (plan) | $25.1M |
| Oct 7, 2026 | Life Insurance Co Nippon 10% owner | buy (plan) | $20.9M |
| Oct 14, 2026 | Life Insurance Co Nippon 10% owner | buy (plan) | $20.5M |
| Oct 23, 2026 | Life Insurance Co Nippon 10% owner | buy (plan) | $13.9M |
| Oct 15, 2026 | Life Insurance Co Nippon 10% owner | buy (plan) | $12.1M |
Who owns it
Large shareholders (13G filings)
| American International Group, Inc. | 10.1% | Dec 31, 2025 |
| PZENA INVESTMENT MANAGEMENT LLC | 7.7% | Jun 30, 2026 |
| BlackRock, Inc. | 5.5% | Jun 30, 2026 |
| HARRIS ASSOCIATES L P | 5.2% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 2.3% | Dec 31, 2025 |
ETFs with the most weight in CRBG
| IPO Renaissance IPO ETF | 9.13% |
| LSAT Leadershares Alphafactor Tactical Focused ETF | 3.21% |
| BDIV AAM Brentview Dividend Growth ETF | 1.71% |
| FPX First Trust US Equity Opportunities ETF | 1.54% |
| KBE SPDR S&P Bank ETF | 1.03% |
| TPHD Timothy Plan High Dividend Stock ETF | 0.72% |
| FTA First Trust Large Cap Value AlphaDEX Fund | 0.7% |
| VAMO Cambria Value & Momentum ETF | 0.65% |
What could go wrong
- Heavy reliance on Blackstone and BlackRock. Blackstone and BlackRock manage parts of Corebridge's investment portfolio, including privately sourced fixed-income assets that can be hard to turn into cash quickly. Weak results or problems with these arrangements could cut investment income.
- Powerful shareholders with their own interests. AIG, Nippon and Blackstone are its largest stockholders, and their interests may conflict with those of other shareholders. Nippon's relationship with Corebridge may also bring extra regulatory requirements.
- Limits on cash for dividends. The parent company depends on its regulated insurance subsidiaries for cash, and its access to their funds is limited. Its outstanding Series A preferred stock may also restrict dividends on common shares.
- Annuity guarantees and hedges can misfire. Lifetime income and death-benefit guarantees leave Corebridge exposed when markets fall. It offsets this with derivatives (hedging contracts), which can cost more or work less well than planned, making results swing.
- Interest rates cut both ways. Sharp rate rises lower bond values and tempt customers to cash in annuities for better yields elsewhere. Long stretches of low rates shrink the spread between investment income and credited interest.
- Credit losses in the bond portfolio. Bonds make up a substantial part of its investments. If borrowers look riskier or default, those bonds lose value, paper losses can become real ones, and investment income falls.
Recent events
- Quarterly results released
- Shareholder vote results
- New debt or financial obligation; Other company announcement
- Quarterly results released
- Shareholder vote results; Other company announcement
- Other company announcement
- Other company announcement
- Other company announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Corebridge pays a dividend, but its record is short and uneven. Dividends per share went from $2.67 in 2023 to $0.91 in 2024 and $0.95 in 2025, a one-year streak of increases. In 2025 it paid $511 million in dividends despite a $366 million net loss, so earnings did not cover the payout. Buybacks have been larger: $2.1 billion in 2025, helping cut the share count about 31% between November 2022 and July 2026. The dividend yield was 2.8% as of October 28, 2026.
Corebridge's share price history is too short to show how it held up in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop from a peak since listing was 36% as of October 28, 2026, and over the year to that date it swung about 1.27 times as much as the broad market. A single stock like Corebridge carries more risk than a diversified fund spread across many companies.
Questions investors ask
How does Corebridge Financial make money?
Mostly from spread income. Corebridge invests customers' annuity savings and keeps the gap between what those investments earn and the interest it credits to customers. In 2025, spread income was $3.9 billion, or 60% of its three main income sources. Fee income added $1.2 billion (18%), and underwriting margin, the profit from pricing insurance risks, added $1.4 billion (22%). The Individual Retirement business alone produced 52% of adjusted pre-tax operating income, the company's measure of underlying profit.
Does Corebridge raise its dividend every year?
No. Corebridge has paid a dividend each year since 2022, but the amount has not risen steadily. Dividends per share were $1.35 in 2022, $2.67 in 2023, $0.91 in 2024 and $0.95 in 2025, a one-year streak of increases. Regular dividends shrank about 11% a year over 2022–2025. The dividend yield was 2.8% as of October 28, 2026. The company has leaned more on buybacks, spending $4.4 billion on them from 2021 through 2025, against $3.7 billion in dividends.
Does AIG still own Corebridge?
Partly. AIG, Corebridge's former parent, held 10.1% of the shares as of December 31, 2025, and the company's 10-K names AIG, Nippon and Blackstone as its largest stockholders. Other big holders included Pzena Investment Management (7.7%) and BlackRock (5.5%) as of June 30, 2026. Insider filings between October 29, 2025, and October 29, 2026, showed at least 32 share purchases worth about $268 million and no insider sales, led by a series of purchases by Nippon, a 10% owner.
Is Corebridge Financial profitable?
It lost money in 2025, its latest full year. Corebridge posted a net loss of $366 million, or $0.68 per share, on revenue of $18.5 billion, after net income of $2.2 billion in 2024. Return on equity was -2.8%. In the quarter ended June 30, 2026, revenue rose 43.6% from a year earlier to $3.9 billion, but net income was just $2 million. The company warns that interest rates, stock market moves and the cost of hedging make its reported results volatile.
How has Corebridge stock performed?
Strongly over three years, but with big swings. As of October 28, 2026, the share price had gained 15% over one year, 20.1% year to date and 107% over three years, about 27.5% a year. Calendar-year price gains were 24.7% in 2023, 42.8% in 2024 and 3.9% in 2025. Its deepest drop from a peak over three years was 36%, and over one year it moved about 1.27 times as much as the broad market. Past gains do not predict future results.