Corebridge Financial Announces First Quarter 2025 Results
CRBG
Published on 05/05/2025 at 16:16
Net loss of $664 million, or $1.19 per share Adjusted after-tax operating income1 of $649 million and operating EPS1 of $1.16 per share Premiums and deposits1 of $9.3 billion Core sources of income2,3 increased 1% over the prior year quarter Holding company liquidity of $2.4 billion Returned $454 million to shareholders, including $321 million of share repurchases
Corebridge Financial, Inc. ("Corebridge" or the "Company") (NYSE: CRBG) today reported financial results for the first quarter ended March 31, 2025.
Kevin Hogan, President and Chief Executive Officer, said, "Corebridge generated strong earnings and delivered attractive capital return over the first quarter, executing on our strategic priorities. Our capital, liquidity and financial flexibility position us well to navigate the current environment.
"We reported operating earnings per share of $1.16, a 5% increase year over year, reflecting the benefits of our diversified business model, strong balance sheet and disciplined execution. We also returned $454 million of capital to shareholders, increasing 18% year over year and equating to a 70% payout ratio.
"Corebridge has a long track record of delivering on our commitments, and we remain steadfastly focused on creating significant value for our shareholders and clients. At times like this, when conditions are uncertain, our mission statement - to proudly partner with individuals, financial professionals and institutions to make it possible for more people to take action in their financial lives - becomes more relevant than ever."
CONSOLIDATED RESULTS
Three Months Ended
March 31,
($ in millions, except per share data)
2025
2024
Net income (loss) attributable to common shareholders
$
(664
)
$
878
Income (loss) per common share attributable to common shareholders
$
(1.19
)
$
1.41
Weighted average shares outstanding - diluted
558
625
Adjusted after-tax operating income
$
649
$
688
Operating EPS
$
1.16
$
1.10
Weighted average shares outstanding - operating
559
625
Total common shares outstanding
553
615
Pre-tax income (loss)
$
(862
)
$
1,016
Adjusted pre-tax operating income1
$
810
$
837
Core sources of income
$
1,794
$
1,845
Base spread income2
$
935
$
1,016
Fee income2
$
518
$
513
Underwriting margin excluding variable investment income2
$
341
$
316
Premiums and deposits
$
9,323
$
10,595
Net investment income
$
3,189
$
2,924
Net investment income (APTOI basis)1
$
2,908
$
2,629
Base portfolio income - insurance operating businesses
$
2,804
$
2,645
Variable investment income - insurance operating businesses
$
92
$
2
Corporate and other4
$
12
$
(18
)
Return on average equity
(22.7
%)
30.1
%
Adjusted return on average equity1
11.8
%
11.9
%
Net loss was $664 million compared to a gain of $878 million in the prior year quarter. The variance largely was a result of higher realized losses, including the Fortitude Re funds withheld embedded derivative, and an unfavorable change in the fair value of market risk benefits, partially offset by higher net investment income.
Adjusted pre-tax operating income ("APTOI") was $810 million, a 3% decrease from the prior year quarter. Excluding variable investment income ("VII"), notable items and the international businesses, APTOI decreased 10% from the same period largely due to the impact of changes in short-term interest rates and higher interest expense driven by the pre-funding of the April 2025 debt maturity.
Core sources of income was $1.8 billion, a 3% decrease from the prior year quarter largely due to the sale of our international businesses and more favorable notable items in 2024. Excluding notable items and the international businesses, core sources of income increased 1% over the same period as a result of higher fee income and underwriting margin, partially offset by lower base spread income.
Premiums and deposits were $9.3 billion, a 12% decrease from the historically strong prior year quarter. Excluding transactional activity (i.e., pension risk transfer, guaranteed investment contracts and Group Retirement plan acquisitions) and the sale of the international businesses, premiums and deposits decreased 6% from the same period primarily driven by lower fixed annuity deposits partially offset by higher fixed index annuity and registered index-linked annuity ("RILA") deposits.
CAPITAL AND LIQUIDITY HIGHLIGHTS
BUSINESS RESULTS
Individual Retirement
Three Months Ended
March 31,
($ in millions)
2025
2024
Premiums and deposits
$
4,701
$
4,861
Total sources of income
$
1,006
$
1,020
Core sources of income
$
979
$
1,016
Spread income
$
698
$
713
Base spread income
$
671
$
709
Variable investment income
$
27
$
4
Fee income
$
308
$
307
Adjusted pre-tax operating income
$
554
$
622
Group Retirement
Three Months Ended
March 31,
($ in millions)
2025
2024
Premiums and deposits
$
1,824
$
2,054
Total sources of income
$
387
$
390
Core sources of income
$
363
$
389
Spread income
$
192
$
200
Base spread income
$
168
$
199
Variable investment income
$
24
$
1
Fee income
$
195
$
190
Adjusted pre-tax operating income
$
195
$
200
Life Insurance
Three Months Ended
March 31,
($ in millions)
2025
2024
Premiums and deposits
$
856
$
1,094
Underwriting margin
$
325
$
297
Underwriting margin excluding variable investment income
$
321
$
298
Variable investment income
$
4
$
(1
)
Adjusted pre-tax operating income
$
108
$
54
Institutional Markets
Three Months Ended
March 31,
($ in millions)
2025
2024
Premiums and deposits
$
1,942
$
2,586
Total sources of income
$
168
$
140
Core sources of income
$
131
$
142
Spread income
$
132
$
106
Base spread income
$
96
$
108
Variable investment income
$
36
$
(2
)
Fee income
$
15
$
16
Underwriting margin
$
21
$
18
Underwriting margin excluding variable investment income
$
20
$
18
Variable investment income
$
1
$
—
Adjusted pre-tax operating income
$
137
$
112
Corporate and Other
Three Months Ended
March 31,
($ in millions)
2025
2024
Corporate expenses
$
(35
)
$
(39
)
Interest on financial debt
$
(125
)
$
(107
)
Asset management
$
(3
)
$
14
Consolidated investment entities
$
3
$
(1
)
Other
$
(24
)
$
(18
)
Adjusted pre-tax operating (loss)
$
(184
)
$
(151
)
____________________
1 This release refers to financial measures not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their most directly comparable GAAP measures can be found in "Non-GAAP Financial Measures" below
2 This release refers to key operating metrics and key terms. Information about these metrics and terms can be found in "Key Operating Metrics and Key Terms" below
3 Excludes notable items and international life businesses
4 Includes consolidations and eliminations
CONFERENCE CALL
Corebridge will host a conference call on Tuesday, May 6, 2025, at 10:00 a.m. EDT to review these results. The call is open to the public and can be accessed via a live, listen-only webcast in the Investors section of corebridgefinancial.com. A replay will be available after the call at the same location.
Supplemental financial data and our investor presentation are available in the Investors section of corebridgefinancial.com.
About Corebridge Financial
Corebridge Financial, Inc. makes it possible for more people to take action in their financial lives. With more than $400 billion in assets under management and administration as of March 31, 2025, Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the United States. We proudly partner with financial professionals and institutions to help individuals plan, save for and achieve secure financial futures. For more information, visit corebridgefinancial.com and follow us on LinkedIn, YouTube and Instagram. These references with additional information about Corebridge have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
In the discussion below, “we,” “us” and “our” refer to Corebridge and its consolidated subsidiaries, unless the context refers solely to Corebridge as a corporate entity.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements in this press release and other publicly available documents may include statements of historical or present fact, which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as “expects,” “believes,” “anticipates,” “intends,” “seeks,” “aims,” “plans,” “assumes,” “estimates,” “projects,” “is optimistic,” “targets," “should,” “would,” “could,” “may,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Also, forward-looking statements include, without limitation, all matters that are not historical facts. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Corebridge. There can be no assurance that future developments affecting Corebridge will be those anticipated by management.
Any forward-looking statements included herein are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected or implied in such forward-looking statements, including, among others, risks related to:
Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law. You are advised, however, to consult any further disclosures we make on related subjects in our filings with the Securities and Exchange Commission ("SEC").
NON-GAAP FINANCIAL MEASURES
Throughout this release, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are ‘‘non-GAAP financial measures’’ under SEC rules and regulations. We believe presentation of these non-GAAP financial measures allows for a deeper understanding of the profitability drivers of our business, results of operations, financial condition and liquidity. These measures should be considered supplementary to our results of operations and financial condition that are presented in accordance with GAAP and should not be viewed as a substitute for GAAP measures. The non-GAAP financial measures we present may not be comparable to similarly named measures reported by other companies.
Adjusted pre-tax operating income (“APTOI”) is derived by excluding the items set forth below from income (loss) before income tax expense (benefit). These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and recording adjustments to APTOI that we believe to be common in our industry. We believe the adjustments to pre-tax income are useful for gaining an understanding of our overall results of operations.
APTOI excludes the impact of the following items:
FORTITUDE RE RELATED ADJUSTMENTS:
The modified coinsurance (“modco”) reinsurance agreements with Fortitude Re transfer the economics of the invested assets supporting the reinsurance agreements to Fortitude Re. Accordingly, the net investment income on Fortitude Re funds withheld assets and the net realized gains (losses) on Fortitude Re funds withheld assets are excluded from APTOI. Similarly, changes in the Fortitude Re funds withheld embedded derivative are also excluded from APTOI.
The ongoing results associated with the reinsurance agreement with Fortitude Re have been excluded from APTOI as these are not indicative of our ongoing business operations.
INVESTMENT RELATED ADJUSTMENTS:
APTOI excludes “Net realized gains (losses)”, except for gains (losses) related to the disposition of real estate investments. Net realized gains (losses), except for gains (losses) related to the disposition of real estate investments, are excluded as the timing of sales on invested assets or changes in allowances depend largely on market credit cycles and can vary considerably across periods. In addition, changes in interest rates may create opportunistic scenarios to buy or sell invested assets. Our derivative results, including those used to economically hedge insurance liabilities, or those recognized as embedded derivatives at fair value, are also included in Net realized gains (losses) and are similarly excluded from APTOI except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedges or for asset replication. Earned income on such economic hedges is reclassified from Net realized gains and losses to specific APTOI line items based on the economic risk being hedged (e.g., Net investment income and Interest credited to policyholder account balances).
MARKET RISK BENEFIT ADJUSTMENTS (“MRBs”):
Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain guaranteed minimum withdrawal benefits (“GMWBs”) and/or guaranteed minimum death benefits (“GMDBs”) which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs, along with changes in the fair value of derivatives used to hedge MRBs are recorded through “Change in the fair value of MRBs, net” and are excluded from APTOI. Changes in the fair value of securities used to economically hedge MRBs are excluded from APTOI.
OTHER ADJUSTMENTS:
Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income (losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable:
Adjusted after-tax operating income attributable to our common shareholders (“Adjusted After-tax Operating Income” or “AATOI”) is derived by excluding the tax effected APTOI adjustments described above, as well as the following tax items from net income attributable to us:
Adjusted Book Value is derived by excluding AOCI, adjusted for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re.
Adjusted Return on Average Equity (“Adjusted ROAE”) is derived by dividing AATOI by average Adjusted Book Value and is used by management to evaluate our recurring profitability and evaluate trends in our business. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re.
Adjusted revenues exclude Net realized gains (losses) except for gains (losses) related to the disposition of real estate investments, income from non-operating litigation settlements (included in Other income for GAAP purposes) and changes in fair value of securities used to hedge guaranteed living benefits (included in Net investment income for GAAP purposes).
Net investment income (APTOI basis) is the sum of base portfolio income and variable investment income. We believe that presenting net investment income on an APTOI basis is useful for gaining an understanding of the main drivers of investment income.
Operating Earnings per Common Share ("Operating EPS") is derived by dividing AATOI by weighted average diluted shares.
Premiums and deposits is a non-GAAP financial measure that includes direct and assumed premiums received and earned on traditional life insurance policies and life-contingent payout annuities, as well as deposits received on universal life insurance, investment-type annuity contracts and GICs. We believe the measure of premiums and deposits is useful in understanding customer demand for our products, evolving product trends and our sales performance period over period.
KEY OPERATING METRICS AND KEY TERMS
Assets Under Management and Administration
Base net investment spread means base yield less cost of funds, excluding the amortization of deferred sales inducement assets.
Base spread income means base portfolio income less interest credited to policyholder account balances, excluding the amortization of deferred sales inducement assets.
Base yield means the returns from base portfolio income including accretion and impacts from holding cash and short-term investments.
Core sources of income means the sum of base spread income, fee income and underwriting margin, excluding variable investment income, in our Individual Retirement, Group Retirement, Life Insurance and Institutional Markets segments.
Cost of funds means the interest credited to policyholders excluding the amortization of deferred sales inducement assets.
Fee and Spread Income and Underwriting Margin
Financial leverage ratio means the ratio of financial debt to the sum of financial debt plus Adjusted Book Value plus non-redeemable noncontrolling interests.
Life Fleet RBC Ratio
Net Investment Income
RECONCILIATIONS
The following table presents a reconciliation of pre-tax income (loss)/net income (loss) attributable to Corebridge to adjusted pre-tax operating income (loss)/adjusted after-tax operating income (loss) attributable to Corebridge:
Three Months Ended March 31,
2025
2024
(in millions)
Pre-tax
Total Tax (Benefit) Charge
Non- controlling Interests
After Tax
Pre-tax
Total Tax (Benefit) Charge
Non- controlling Interests
After Tax
Pre-tax income (loss)/net income (loss), including noncontrolling interests
$
(862
)
$
(205
)
$
—
$
(657
)
$
1,016
$
189
$
—
$
827
Noncontrolling interests
—
—
(7
)
(7
)
—
—
51
51
Pre-tax income (loss)/net income (loss) attributable to Corebridge
(862
)
(205
)
(7
)
(664
)
1,016
189
51
878
Fortitude Re related items
Net investment (income) on Fortitude Re funds withheld assets
(331
)
(71
)
—
(260
)
(332
)
(71
)
—
(261
)
Net realized (gains) losses on Fortitude Re funds withheld assets
(4
)
(1
)
—
(3
)
164
35
—
129
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative
596
127
—
469
(22
)
(5
)
—
(17
)
Subtotal Fortitude Re related items
261
55
—
206
(190
)
(41
)
—
(149
)
Other reconciling Items
Reclassification of disproportionate tax effects from AOCI and other tax adjustments
—
21
—
(21
)
—
26
—
(26
)
Deferred income tax valuation allowance (releases) charges
—
(8
)
—
8
—
(17
)
—
17
Changes in fair value of market risk benefits, net
385
81
—
304
(369
)
(77
)
—
(292
)
Changes in fair value of securities used to hedge guaranteed living benefits
(1
)
—
—
(1
)
1
—
—
1
Changes in benefit reserves related to net realized gains (losses)
31
7
—
24
(3
)
(1
)
—
(2
)
Net realized (gains) losses(1)
905
190
—
715
222
47
—
175
Separation costs
—
—
—
—
67
14
—
53
Restructuring and other costs
97
20
—
77
47
10
—
37
Non-recurring costs related to regulatory or accounting changes
1
—
—
1
—
—
—
—
Net (gain) on divestiture
—
—
—
—
(5
)
(1
)
—
(4
)
Noncontrolling interests
(7
)
—
7
—
51
—
(51
)
—
Subtotal Non-Fortitude Re reconciling items
1,411
311
7
1,107
11
1
(51
)
(41
)
Total adjustments
1,672
366
7
1,313
(179
)
(40
)
(51
)
(190
)
Adjusted pre-tax operating income/Adjusted after-tax operating income attributable to Corebridge
$
810
$
161
$
—
$
649
$
837
$
149
$
—
$
688
(1) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Additionally, gains (losses) related to the disposition of real estate investments are also excluded from this adjustment
The following table presents Corebridge’s adjusted pre-tax operating income by segment:
(in millions)
Individual Retirement
Group Retirement
Life Insurance
Institutional Markets
Corporate & Other
Eliminations
Total Corebridge
Three Months Ended March 31, 2025
Premiums
$
27
$
4
$
340
$
500
$
18
$
—
$
889
Policy fees
198
108
364
50
—
—
720
Net investment income
1,486
485
336
589
16
(4
)
2,908
Net realized gains (losses)(1)
—
—
—
—
13
—
13
Advisory fee and other income
110
87
1
1
7
—
206
Total adjusted revenues
1,821
684
1,041
1,140
54
(4
)
4,736
Policyholder benefits
32
5
636
742
11
—
1,426
Interest credited to policyholder account balances
800
296
80
230
—
—
1,406
Amortization of deferred policy acquisition costs
164
22
85
4
—
—
275
Non-deferrable insurance commissions
106
30
14
5
1
—
156
Advisory fee expenses
37
33
—
—
—
—
70
General operating expenses
128
103
118
22
76
(1
)
446
Interest expense
—
—
—
—
146
(6
)
140
Total benefits and expenses
1,267
489
933
1,003
234
(7
)
3,919
Noncontrolling interests
—
—
—
—
(7
)
—
(7
)
Adjusted pre-tax operating income (loss)
$
554
$
195
$
108
$
137
$
(187
)
$
3
$
810
(in millions)
Individual Retirement
Group Retirement
Life Insurance
Institutional Markets
Corporate & Other
Eliminations
Total Corebridge
Three Months Ended March 31, 2024
Premiums
$
41
$
5
$
434
$
1,796
$
19
$
—
$
2,295
Policy fees
191
107
368
48
—
—
714
Net investment income
1,339
495
326
487
(10
)
(8
)
2,629
Net realized gains (losses)(1)
—
—
—
—
(8
)
—
(8
)
Advisory fee and other income
116
83
—
1
23
—
223
Total adjusted revenues
1,687
690
1,128
2,332
24
(8
)
5,853
Policyholder benefits
36
3
748
2,023
—
—
2,810
Interest credited to policyholder account balances
639
298
83
169
—
—
1,189
Amortization of deferred policy acquisition costs
149
21
94
3
—
—
267
Non-deferrable insurance commissions
90
29
19
5
—
—
143
Advisory fee expenses
35
33
—
—
—
—
68
General operating expenses
116
106
130
20
86
—
458
Interest expense
—
—
—
—
137
(5
)
132
Total benefits and expenses
1,065
490
1,074
2,220
223
(5
)
5,067
Noncontrolling interests
—
—
—
—
51
—
51
Adjusted pre-tax operating income (loss)
$
622
$
200
$
54
$
112
$
(148
)
$
(3
)
$
837
(1) Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments
The following table presents a summary of Corebridge's spread income, fee income and underwriting margin:
Three Months Ended March 31,
(in millions)
2025
2024
Individual Retirement
Spread income
$
698
$
713
Fee income
308
307
Total Individual Retirement
1,006
1,020
Group Retirement
Spread income
192
200
Fee income
195
190
Total Group Retirement
387
390
Life Insurance
Underwriting margin
325
297
Total Life Insurance
325
297
Institutional Markets
Spread income
132
106
Fee income
15
16
Underwriting margin
21
18
Total Institutional Markets
168
140
Total
Spread income
1,022
1,019
Fee income
518
513
Underwriting margin
346
315
Total
$
1,886
$
1,847
The following table presents Life Insurance underwriting margin:
Three Months Ended March 31,
(in millions)
2025
2024
Premiums
$
340
$
434
Policy fees
364
368
Net investment income
336
326
Other income
1
—
Policyholder benefits
(636
)
(748
)
Interest credited to policyholder account balances
(80
)
(83
)
Underwriting margin
$
325
$
297
The following table presents Institutional Markets spread income, fee income and underwriting margin:
Three Months Ended March 31,
(in millions)
2025
2024
Premiums
$
508
$
1,805
Net investment income
551
449
Policyholder benefits
(725
)
(2,006
)
Interest credited to policyholder account balances
(202
)
(142
)
Spread income(1)
$
132
$
106
SVW fees
15
16
Fee income
$
15
$
16
Premiums
(8
)
(9
)
Policy fees (excluding SVW)
35
32
Net investment income
38
38
Other income
1
1
Policyholder benefits
(17
)
(17
)
Interest credited to policyholder account balances
(28
)
(27
)
Underwriting margin(2)
$
21
$
18
(1) Represents spread income from Pension Risk Transfer, Guaranteed Investment Contracts and Structured Settlement products
(2) Represents underwriting margin from Corporate Markets products, including corporate-and bank-owned life insurance, private placement variable universal life insurance and private placement variable annuity products
The following table presents Operating EPS:
Three Months Ended March 31,
(in millions, except per common share data)
2025
2024
GAAP Basis
Numerator for EPS
Net income (loss)
$
(657
)
$
827
Less: Net income (loss) attributable to noncontrolling interests
7
(51
)
Net income (loss) attributable to Corebridge common shareholders
$
(664
)
$
878
Denominator for EPS
Weighted average common shares outstanding - basic(1)
558.0
624.0
Dilutive common shares(2)
—
0.9
Weighted average common shares outstanding - diluted
558.0
624.9
Income per common share attributable to Corebridge common shareholders
Common stock - basic
$
(1.19
)
$
1.41
Common stock - diluted
$
(1.19
)
$
1.41
Operating Basis
Adjusted after-tax operating income attributable to Corebridge common shareholders
$
649
$
688
Weighted average common shares outstanding - diluted
559.4
624.9
Operating earnings per common share
$
1.16
$
1.10
Common Shares Outstanding
Common shares outstanding, beginning of period
561.5
621.7
Share repurchases
(10.0
)
(9.5
)
Newly issued shares
1.6
3.2
Common shares outstanding, end of period
553.1
615.4
(1) Includes vested shares under our share-based employee compensation plans
(2) Potential dilutive common shares include our share-based employee compensation plans
The following table presents the reconciliation of Adjusted Book Value:
At Period End
March 31,
2025
December 31,
2024
March 31,
2024
(in millions, except per share data)
Total Corebridge shareholders' equity (a)
$
11,980
$
11,462
$
11,576
Less: Accumulated other comprehensive income (AOCI)
(12,049
)
(13,681
)
(14,139
)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets
(2,553
)
(2,798
)
(2,497
)
Total adjusted book value (b)
$
21,476
$
22,345
$
23,218
Total common shares outstanding (c)(1)
553.1
561.5
615.4
Book value per common share (a/c)
$
21.66
$
20.41
$
18.81
Adjusted book value per common share (b/c)
$
38.83
$
39.80
$
37.73
(1) Total common shares outstanding are presented net of treasury stock
The following table presents the reconciliation of Adjusted ROAE:
Three Months Ended March 31,
(in millions, unless otherwise noted)
2025
2024
Actual or annualized net income (loss) attributable to Corebridge shareholders (a)
$
(2,656
)
$
3,512
Actual or annualized adjusted after-tax operating income attributable to Corebridge shareholders (b)
2,596
2,752
Average Corebridge Shareholders’ equity (c)
11,721
11,671
Less: Average AOCI
(12,865
)
(13,799
)
Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets
(2,676
)
(2,415
)
Average Adjusted Book Value (d)
$
21,910
$
23,055
Return on Average Equity (a/c)
(22.7
)%
30.1
%
Adjusted ROAE (b/d)
11.8
%
11.9
%
The following table presents the reconciliation of net investment income (net income basis) to net investment income (APTOI basis):
Three Months Ended March 31,
(in millions)
2025
2024
Net investment income (net income basis)
$
3,189
$
2,924
Net investment (income) on Fortitude Re funds withheld assets
(331
)
(332
)
Change in fair value of securities used to hedge guaranteed living benefits
(14
)
(18
)
Other adjustments
(8
)
(6
)
Derivative income recorded in net realized gains (losses)
72
61
Total adjustments
(281
)
(295
)
Net investment income (APTOI basis)
$
2,908
$
2,629
The following table presents notable items and alternative investment returns versus long-term return expectations:
Three Months Ended March 31,
(in millions)
2025
2024
Individual Retirement:
Alternative investments returns versus long-term return expectations
$
(26
)
$
(46
)
Investments
10
45
Total adjustments
$
(16
)
$
(1
)
Group Retirement:
Alternative investments returns versus long-term return expectations
$
2
$
(27
)
Investments
4
8
Total adjustments
$
6
$
(19
)
Life Insurance:
Alternative investments returns versus long-term return expectations
$
(6
)
$
(11
)
Investments
2
8
Reinsurance
—
(30
)
Total adjustments
$
(4
)
$
(33
)
Institutional Markets:
Alternative investments returns versus long-term return expectations
$
(15
)
$
(51
)
Investments
4
17
Total adjustments
$
(11
)
$
(34
)
Total Corebridge:
Alternative investments returns versus long-term return expectations
$
(45
)
$
(135
)
Investments
20
78
Reinsurance
—
(30
)
Corporate & other
(12
)
—
Total adjustments
$
(37
)
$
(87
)
Discrete tax items - income tax expense (benefit)
$
—
$
—
The following table presents premiums and deposits:
Three Months Ended March 31,
(in millions)
2025
2024
Individual Retirement
Premiums
$
27
$
41
Deposits
4,679
4,822
Other(1)
(5
)
(2
)
Premiums and deposits
$
4,701
$
4,861
Group Retirement
Premiums
$
4
$
5
Deposits
1,820
2,049
Premiums and deposits(2)(3)
$
1,824
$
2,054
Life Insurance
Premiums
$
340
$
434
Deposits
397
393
Other(1)
119
267
Premiums and deposits
$
856
$
1,094
Institutional Markets
Premiums
$
500
$
1,796
Deposits
1,433
781
Other(1)
9
9
Premiums and deposits
$
1,942
$
2,586
Total
Premiums
$
871
$
2,276
Deposits
8,329
8,045
Other(1)
123
274
Premiums and deposits
$
9,323
$
10,595
(1) Other principally consists of ceded premiums, in order to reflect gross premiums and deposits
(2) Includes premiums and deposits related to in-plan mutual funds of $775 million and $791 million for the three months ended March 31, 2025 and March 31, 2024, respectively
(3) Excludes client deposits into advisory and brokerage accounts of $707 million and $730 million for the three months ended March 31, 2025 and March 31, 2024, respectively
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