Corebridge Swings to Profit After Two Loss Quarters

The Tip Desk · November 3, 2026 · 4 min read

Net income available to common shareholders was $1.4 billion, or $3.22 a share, as operating earnings per share rose 27% to $1.22.

Corebridge Financial (CRBG) reported net income available to common shareholders of $1.4 billion, or $3.22 a share, for the third quarter ended September 30, 2026, reversing a $16 million net loss, or $0.04 a share, in the prior quarter.

The company said the year-over-year increase in net income largely reflected favorable changes in net realized gains, including Fortitude Re funds withheld embedded derivatives and fair value market risk benefits. Pre-tax income was $2.32 billion, compared with a $42 million pre-tax loss a year earlier.

Adjusted after-tax operating income available to common shareholders was $545 million, and operating earnings per common share were $1.22. President and Chief Executive Officer Marc Costantini said the company increased operating earnings per share by 27%.

Adjusted pre-tax operating income was $677 million, up 4% from the year-ago quarter. Excluding variable investment income and notable items, APTOI decreased 9% from the same period, which the company attributed to lower base spread income and higher expenses, partially offset by increased fee income. The annual actuarial assumption update decreased APTOI by $99 million in the current year quarter, primarily due to updated life assumptions.

Core sources of income were $1.5 billion, up 2% from the year-ago quarter, largely due to higher fee income and underwriting margin, partially offset by lower base spread income. Base spread income was $876 million and fee income was $322 million.

Premiums and deposits were $8.8 billion, a 29% decrease from the prior year quarter. Excluding transactional activity—pension risk transfer, guaranteed investment contracts and Group Retirement plan acquisitions—premiums and deposits declined 19% from the same period, primarily driven by lower fixed index annuity sales, partially offset by higher RILA deposits and higher out-of-plan fixed annuity sales.

Individual Retirement premiums and deposits were $4.5 billion, down 19% from the year-ago quarter on lower fixed index annuity deposits, partially offset by higher RILA deposits. Segment APTOI rose 3% to $466 million from $451 million a year earlier. Excluding variable investment income and the annual assumption update, APTOI fell 4% on higher amortization of DAC and non-deferrable insurance commissions, partially offset by higher fee income.

Group Retirement premiums and deposits were $1.8 billion, up 1% from the year-ago quarter on higher out-of-plan fixed annuity deposits, partially offset by lower in-plan annuity deposits. APTOI fell 11% to $164 million from $185 million a year earlier. Excluding variable investment income and a notable item, APTOI decreased 12% on lower base spread income and higher expenses, partially offset by higher fee income.

Life Insurance premiums and deposits were $840 million, essentially flat versus $841 million a year earlier. Underwriting margin excluding variable investment income rose 1% to $329 million from $326 million, primarily driven by favorable mortality. APTOI fell 32% to $17 million from $25 million. Excluding variable investment income and the annual assumption update, APTOI was flat as higher underwriting margin offset higher general operating expenses.

Institutional Markets premiums and deposits were $1.7 billion, down 59% from the year-ago quarter on lower premiums on new PRT business and lower deposits in new GIC issuances. APTOI rose 48% to $198 million from $134 million a year earlier, primarily due to higher variable investment income. Excluding variable investment income and annual actuarial assumption updates, APTOI increased 5% on higher base spread income and underwriting margin. Corporate and Other APTOI loss widened to $168 million from a $141 million loss a year earlier.

Holding company liquidity was $2.2 billion as of September 30, 2026, including $750 million of pre-funded debt maturing in April 2027. The company returned $295 million to shareholders in the quarter, including $185 million of share repurchases and $110 million of dividends, and declared a $0.25 per share dividend payable December 31, 2026.

Costantini said the company made significant progress toward completing the merger with Equitable, advancing the regulatory approval process, continuing Day 1 readiness efforts and selecting members of the future Board, and identified more than $100 million of expense synergies already.