Corebridge Financial Reports Third Quarter 2026 Results, Operating Earnings Per Share Increase 27%
Corebridge Financial, Inc. (NYSE: CRBG), a leading provider of retirement solutions and insurance products, has announced its financial results for the third quarter ended September 30, 2026. The company reported higher net income, improved operating earnings per share and continued progress across its retirement and insurance businesses, reflecting the strength of its diversified business model and disciplined approach to financial management.
During the third quarter, Corebridge Financial delivered net income available to common shareholders of $1.44 billion, compared with $144 million in the corresponding period of 2025. Operating earnings per common share increased to $1.22 from $0.96 a year earlier, representing growth of approximately 27%.
The company’s adjusted pre-tax operating income reached $677 million, an increase of 4% compared with the prior-year quarter. Core sources of income also improved, reaching approximately $1.5 billion, supported primarily by higher fee income and underwriting margin, which helped offset lower base spread income.
Commenting on the results, Marc Costantini, President and Chief Executive Officer of Corebridge Financial, highlighted the company’s diversified business model, resilient earnings profile and disciplined capital allocation strategy.
Costantini noted that the company achieved its strongest annuity sales performance of the year during the third quarter while continuing to build momentum in its advisory and brokerage businesses. He attributed the improvement in operating earnings per share to growing demand for retirement solutions, disciplined risk management and a continued focus on customer needs.
The company also reported progress toward its proposed merger with Equitable, including regulatory approval activities, operational preparations and the selection of members for the future company’s board of directors. Management believes the combination will create a larger financial services organization with improved operating scale, lower unit costs, an extensive distribution network and a broad portfolio of products.
Net Income Increases Significantly Compared with Prior Year
Corebridge Financial reported net income available to common shareholders of $1.44 billion for the third quarter of 2026, compared with $144 million in the third quarter of 2025.
Earnings per common share available to common shareholders increased to $3.22 from $0.27 in the prior-year period.
The substantial improvement in reported net income was largely attributable to favorable changes in net realized gains. These changes included movements associated with Fortitude Re funds withheld embedded derivatives and fair value market risk benefits.
The comparison was also influenced by the company’s annual actuarial assumption update, which was completed during the third quarter.
The latest actuarial review increased pre-tax income by approximately $2 million in the third quarter of 2026. In comparison, the annual assumption update during the same period of 2025 resulted in a $167 million reduction in pre-tax income.
Actuarial assumptions are important to insurance companies because they influence estimates of future claims, policyholder benefits, liabilities and other financial obligations. Changes in assumptions can affect reported earnings and the measurement of insurance-related liabilities.
The different impacts of the annual updates in 2026 and 2025 contributed to the significant year-over-year variation in reported financial performance.
The company also reported a reduction in its weighted average diluted shares outstanding. The figure declined to 447 million shares in the third quarter of 2026 from 541 million shares in the corresponding quarter of 2025.
Total common shares outstanding decreased to 440 million from 532 million over the same period.
These reductions reflect changes in the company’s share count and are relevant to understanding the movement in earnings per share and its capital allocation activities.
Adjusted Pre-Tax Operating Income Records Growth
Corebridge Financial reported adjusted pre-tax operating income (APTOI) of $677 million in the third quarter of 2026, representing a 4% increase compared with $654 million in the third quarter of 2025.
APTOI is one of the company’s important performance measures because it provides insight into operating performance by focusing on adjusted results from its business activities.
However, excluding variable investment income and notable items, adjusted pre-tax operating income declined approximately 9% compared with the prior-year quarter.
The decline primarily reflected lower base spread income and higher operating expenses. These factors were partially offset by increased fee income.
The annual actuarial assumption update also affected adjusted operating performance. The update reduced APTOI by $99 million during the third quarter of 2026, primarily because of changes to life insurance assumptions.
During the third quarter of 2025, the annual actuarial update resulted in a $98 million reduction in APTOI.
Although the adjusted pre-tax operating income figure increased year over year, the underlying performance excluding certain investment-related and notable items indicates that the company continues to face pressure in some areas of its operating business.
Management’s focus on pricing discipline, risk management and expense control remains important as the company works to maintain earnings stability and respond to changing financial market conditions.
Core Sources of Income Improve to $1.5 Billion
Core sources of income reached approximately $1.545 billion in the third quarter of 2026, compared with $1.528 billion in the same period of 2025.
The 2% increase was primarily driven by higher fee income and improved underwriting margin. These improvements were partly offset by a reduction in base spread income.
Base spread income was $876 million in the third quarter of 2026, compared with $880 million in the prior-year quarter.
Fee income increased to $322 million from $307 million, demonstrating improvement in income generated through the company’s fee-based business activities.
Underwriting margin, excluding variable investment income, reached $347 million compared with $341 million in the third quarter of 2025.
These results indicate that Corebridge maintained relatively stable contributions from its core income sources despite variations across individual business components.
Fee income growth is particularly relevant as financial services companies continue expanding advisory and distribution activities. These businesses can provide additional revenue opportunities while diversifying the sources of earnings.
The improvement in underwriting margin also contributed positively to core income performance, helping offset the modest decline in base spread income.
Investment Income and Portfolio Performance
Investment income remained an important component of Corebridge Financial’s financial performance during the third quarter.
Total net investment income was approximately $3.27 billion, compared with $3.32 billion in the corresponding period of 2025.
On an adjusted pre-tax operating income basis, net investment income increased to $3.226 billion from $2.98 billion in the prior-year quarter.
Base portfolio income from insurance operating businesses reached $3.061 billion, compared with $2.88 billion a year earlier.
Variable investment income from insurance operating businesses increased to $165 million from $74 million in the third quarter of 2025.
The improvement in base portfolio income reflects a stronger contribution from the company’s investment portfolio on the adjusted operating basis.
Investment income is a significant earnings driver for insurance companies, particularly those providing retirement and annuity products. These businesses invest premiums and deposits to generate returns that help support future policyholder obligations and operating profitability.
Changes in interest rates, credit conditions, asset valuations and investment opportunities can influence portfolio income and the overall financial performance of insurers.
Corebridge’s investment portfolio therefore remains an important component of its broader risk and capital management strategy.
Premiums and Deposits Decline as Sales Mix Changes
Corebridge Financial reported premiums and deposits of $8.785 billion in the third quarter of 2026, compared with $12.29 billion in the third quarter of 2025.
This represented a decline of approximately 29% year over year.
Excluding transactional activities, including pension risk transfer transactions, guaranteed investment contracts and Group Retirement plan acquisitions, premiums and deposits declined 19%.
The reduction was primarily driven by lower fixed index annuity sales.
However, the company experienced higher deposits in registered index-linked annuities (RILAs) and increased sales of out-of-plan fixed annuity products, which partially offset the decline.
Annuity products remain an important component of Corebridge Financial’s retirement solutions business. These products are designed to help individuals address retirement income needs, manage financial risks and plan for long-term financial security.
Fixed index annuities generally provide returns linked to the performance of a market index, subject to contractual terms and limitations. RILAs provide market-linked investment exposure with defined downside protection features, depending on the specific contract.
Changes in customer preferences, market conditions and interest rate expectations can influence demand across different annuity categories.
Although total premiums and deposits declined during the quarter, management emphasized that the company achieved its strongest annuity sales performance of the year.
The increase in RILA deposits and out-of-plan fixed annuity sales also demonstrates continued activity across selected product categories.
Stronger Capital Position and Liquidity Management
Capital strength and liquidity management remain central to Corebridge Financial’s financial strategy.
At September 30, 2026, the company’s Life Fleet risk-based capital (RBC) ratio remained above its target level.
The RBC ratio is an important measure used in the insurance industry to evaluate the relationship between an insurer’s capital resources and the risks associated with its business activities.
Maintaining adequate capital is essential for insurance companies because they must be able to meet policyholder obligations while managing investment, underwriting and market-related risks.
Corebridge also reported holding company liquidity of $2.2 billion as of September 30, 2026.
This amount included $750 million of pre-funded debt scheduled to mature in April 2027.
Holding company liquidity provides financial flexibility to support corporate requirements, manage debt obligations and maintain capital allocation priorities.
The company’s financial leverage ratio stood at 34.2%, including approximately 1.7 percentage points associated with pre-funded debt.
These capital and liquidity figures demonstrate the company’s continued focus on maintaining financial flexibility while supporting its operating businesses and shareholder return strategy.
Returns $295 Million to Shareholders
Corebridge Financial continued returning capital to shareholders during the third quarter of 2026.
The company distributed a total of $295 million through share repurchases and common stock dividends.
This included $185 million in share repurchases and $110 million in dividends paid to common shareholders.
Share repurchases reduce the number of outstanding shares and can contribute to higher earnings per share, depending on the company’s financial performance and the price at which shares are repurchased.
Dividend payments provide shareholders with a direct return on their investment and reflect management’s capital allocation priorities.
The company also announced a new quarterly dividend on November 2, 2026.
The declared dividend is $0.25 per share of common stock and is scheduled to be paid on December 31, 2026.
Shareholders of record as of the close of business on December 17, 2026, will be eligible to receive the payment.
The dividend announcement reflects the company’s continued commitment to providing shareholder returns while maintaining sufficient capital to support business operations and future opportunities.
Progress Toward Proposed Merger with Equitable
In addition to its quarterly financial performance, Corebridge Financial reported continued progress toward completing its proposed merger with Equitable.
The company said it had advanced the regulatory approval process and continued preparations for Day 1 readiness.
Day 1 readiness refers to the operational and organizational preparations required to ensure that the combined company can begin operating effectively once the transaction is completed.
The companies have also selected members of the future board of directors, representing another step in preparations for the proposed combination.
Management highlighted that the transaction is expected to create a financial services organization with greater operating scale, a lower unit cost structure, an extensive distribution network and one of the industry’s broadest product portfolios.
Corebridge has already identified more than $100 million in potential expense synergies associated with the transaction.
Expense synergies generally arise when organizations combine operations, streamline overlapping functions, improve technology infrastructure or achieve greater efficiencies through a larger operating platform.
If achieved, these savings could contribute to improved cost efficiency and support the combined company’s long-term profitability.
The proposed merger is also expected to strengthen the companies’ ability to serve customers through a broader range of retirement and insurance products.
An expanded distribution network could provide additional opportunities to reach financial professionals, institutional clients and individual customers.
However, the transaction remains subject to the applicable regulatory approval process and other closing requirements.
Management Emphasizes Long-Term Growth and Customer Focus
CEO Marc Costantini said the third-quarter results demonstrate the resilience of Corebridge Financial’s business model and its ability to generate earnings across different operating activities.
He highlighted the company’s annuity sales performance, improving advisory and brokerage momentum and 27% growth in operating earnings per share.
Costantini also emphasized the importance of disciplined risk management, pricing and capital allocation in supporting the company’s financial performance.
The company intends to continue focusing on customer needs while developing retirement solutions that address changing financial requirements.
As retirement planning becomes increasingly important for individuals and institutions, demand for annuity products, insurance protection and long-term financial solutions remains a significant opportunity for financial services providers.
Corebridge’s strategy is centered on using its diversified business operations, investment capabilities and distribution relationships to address these market requirements.
Corebridge Financial’s third-quarter 2026 results demonstrate significant growth in reported net income and operating earnings per share, alongside continued progress in its capital management and strategic initiatives.
The company generated $1.44 billion in net income available to common shareholders and $677 million in adjusted pre-tax operating income.
Core sources of income increased to approximately $1.5 billion, while operating earnings per share rose 27% compared with the prior-year period.
At the same time, lower premiums and deposits, declining base spread income and higher expenses remain important areas for management to monitor.
The company’s focus on annuity products, advisory and brokerage activities, disciplined investment management and shareholder returns will continue to shape its business strategy.
Progress toward the proposed merger with Equitable also represents a significant development in the company’s longer-term plans.
With more than $100 million in identified potential expense synergies and preparations advancing toward regulatory approval and operational readiness, the proposed combination could provide opportunities to strengthen scale and operating efficiency.
As Corebridge Financial moves into the final months of 2026, its priorities include maintaining a strong capital position, supporting retirement product demand, improving operating performance and delivering long-term value for customers and shareholders.
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