olivLaw · US equity research
Corebridge Financial, Inc. CRBD
Life Insurance · SIC 6311 · Vertical: Life Insurance (SIC 6311)
Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the United States, with client assets managed or administered of more than 386 billion dollars at the end of 2025. In the second quarter of 2026 the company reported a small net loss and lower sales, while shareholders approved the merger with Equitable Holdings, a development that matters for the company's direction.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Corebridge Financial, Inc. (CRBD) stock was 21.25 USD (+4.32% on the day), with market capitalisation 9.3 bn USD, P/E 4.6 on diluted EPS of 4.67 USD over the last 12 months, dividend yield 4.66%, beta 0.18, 52-week range 20.15–24.95 USD. Latest reported quarter (Q3 2026): revenue of 6.2 bn USD (+13.8% YoY), net income of 1.4 bn USD (+900.0% YoY), diluted EPS 3.22 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.7
- strong (55–70)
- Bollinger (20, 2)
- 20.19 – 21.18
- above the upper band · %B 1.07 · band width 4.8%
- SMA 50 / 200
- 20.94 / 22.60
- mixed trend
- MACD (12, 26, 9)
- -0.05 / -0.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.6% | −1.1% | +1.7 pp | — |
| 3 months | −3.1% | −0.5% | −2.6 pp | — |
| 6 months | −11.1% | +4.4% | −15.5 pp | — |
| Year to date | −8.6% | +12.3% | −20.9 pp | — |
| 1 year | −14.2% | +13.5% | −27.8 pp | +5.9% |
| 3 years | unavailable | +76.4% | unavailable | +46.3% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.6 bn | 3.6 bn | 2.7 bn | 5.4 bn | 6.8 bn | 4.0 bn | 3.9 bn | 6.2 bn |
| SG&A | 475.0 m | 526.0 m | 517.0 m | 481.0 m | 478.0 m | 468.0 m | 466.0 m | 450.0 m |
| Depreciation & amortisation | 61.0 m | 89.0 m | 94.0 m ≈ | 199.0 m ≈ | 174.0 m | 165.0 m | 173.0 m ≈ | 194.0 m ≈ |
| Interest expense | 145.0 m | 148.0 m | 137.0 m | 135.0 m | 132.0 m | 131.0 m | 131.0 m | 134.0 m |
| Pre-tax income | 2.9 bn | -862.0 m | -608.0 m | -42.0 m | 971.0 m | 97.0 m | 52.0 m | 2.3 bn |
| Income tax | 703.0 m | -205.0 m | 60.0 m | -179.0 m | 173.0 m | 158.0 m | 50.0 m | 880.0 m |
| Net income | 2.2 bn | -664.0 m | -660.0 m | 144.0 m | 814.0 m | -53.0 m | 2.0 m | 1.4 bn |
| Diluted EPS | 3.80 ≈ | -1.19 | -1.20 | 0.27 | 1.60 ≈ | -0.11 | -0.04 | 3.22 |
| Operating cash flow | 1.5 bn | 375.0 m | -259.0 m ≈ | 24.0 m ≈ | 1.9 bn | -9.0 m | -44.0 m ≈ | 605.0 m ≈ |
| Dividends paid | 129.0 m | 133.0 m | 131.0 m ≈ | 128.0 m ≈ | 119.0 m | 114.0 m | 112.0 m ≈ | 110.0 m ≈ |
| Share repurchases | 398.0 m | 321.0 m | 311.0 m ≈ | 380.0 m ≈ | 1.1 bn | 1.3 bn | 300.0 m ≈ | 185.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 17 percentile of its own 6-quarter history (min 4.4, median 14.0, max 41.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 15.1 bn | 23.3 bn | 24.7 bn | 18.8 bn | 18.7 bn | 18.5 bn |
| Revenue YoY | unavailable | +54.4% | +6.2% | −23.9% | −0.5% | −1.2% |
| Net income | 642.0 m | 8.2 bn | 8.2 bn | 1.1 bn | 2.2 bn | -366.0 m |
| Net income YoY | unavailable | +1,184.0% | −1.0% | −86.5% | +102.0% | −116.4% |
| Diluted EPS | unavailable | unavailable | 12.60 | 1.71 | 3.72 | -0.68 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −86.4% | +117.5% | −118.3% |
| net % | 4.3% | 35.4% | 33.0% | 5.9% | 11.9% | -2.0% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 453.0 m USD
- Financial debt
- 0 USD
- Net debt
- -453.0 m USD
- Equity
- 14.0 bn USD
- Total assets
- 413.5 bn USD
- Debt / equity
- 0.00x
- Current ratio
- unavailable
- ROE
- -2.8%
- ROA
- -0.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Pre-tax income | 851.0 m | 11.3 bn | 10.5 bn | 940.0 m | 2.8 bn | -541.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Net income | 642.0 m | 8.2 bn | 8.2 bn | 1.1 bn | 2.2 bn | -366.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Diluted EPS | — | — | 12.60 | 1.71 | 3.72 | -0.68 | SEC (XBRL)· 11 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 918.0 m | 601.0 m | 633.0 m | 628.0 m | 824.0 m | 453.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Loans | — | 39.4 bn | 44.6 bn | 46.9 bn | 52.8 bn | 54.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| Total assets | 422.4 bn | 416.2 bn | 360.3 bn | 379.3 bn | 389.4 bn | 413.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| Short-term debt | — | 8.3 bn | 1.5 bn | 250.0 m | 1.1 bn | 0 | SEC (XBRL)· 11 Feb 2026verified |
| Long-term debt | — | 427.0 m | 7.9 bn | — | — | — | SEC (XBRL)· 24 Feb 2023verified |
| Total liabilities | 383.8 bn | 387.3 bn | 350.0 bn | 366.6 bn | 377.1 bn | 399.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Equity | 39.8 bn | 29.0 bn | 10.3 bn | 12.6 bn | 12.3 bn | 14.0 bn | SEC (XBRL)· 11 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 0 | 0 | 876.0 m | 1.7 bn | 544.0 m | 511.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Share repurchases | — | 0 | 0 | 498.0 m | 1.8 bn | 2.1 bn | SEC (XBRL)· 11 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Insurance
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 56 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 9.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation47
- Returns90
- Quality89
- Balance sheet2
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.06 – 78.53 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income19.53 – 20.44 (Mid 19.98)
- Justified P/B37.85 – 50.90 (Mid 43.41)
- Dividend discount (DDM)unavailable · input data missing
- Peers: P/E16.37 – 78.53 (Mid 51.22)16 companies used · median multiple 11.0x · quartiles 3.5x – 16.8xAAME, ANG-PD, ATHS, BHF, CIA, FG, GL, GNW, JXN, LNC, MET, PFH, PRI, PUK, RGA, VOYA
- Peers: P/B5.06 – 30.36 (Mid 12.21)16 companies used · median multiple 0.8x · quartiles 0.3x – 2.0xAAME, ANG-PD, ATHS, BHF, CIA, FG, GL, GNW, JXN, LNC, MET, PFH, PRI, PUK, RGA, VOYA
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 56/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 21.7% | 89 (vs peers) | 23% |
| Loss ratio · Quality | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -9.2% | 0 (on a fixed band) | 10% |
| ROA · Balance sheet | 0.5% | 2 (on a fixed band) | 10% |
| P/B · Valuation | 1.4x | 31 (vs peers) | 18% |
| P/E (TTM) · Valuation | 4.6x | 63 (vs peers) | 18% |
| Dividend yield · Returns | 4.7% | 85 (vs peers) | 13% |
| Payout ratio (EPS) · Returns | 21.2% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet2/100 · 1/1 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial89/100 · 1/2 factors with a value
- Returns90/100 · 2/2 factors with a value
- Valuation47/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Corebridge Financial, Inc. (CRBD). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: YoY growth -1.2%; net margin 10.6%; ROE 21.7%.
The estimated value range is 17.95–40.63 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 31.70 USD, the price of 21.25 USD leaves a potential of 49.2% (value / price − 1) and a margin of safety of 33.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 56/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, quality. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROE: 21.7%
- Dividend yield: 4.7%
- Payout ratio (EPS): 21.2%
What contradicts it
- Revenue CAGR 3Y: -9.2%
- ROA: 0.5%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Loss ratio, EPS CAGR 3Y.
Versus the vertical median
Life Insurance (SIC 6311) · same industry (4-digit SIC) · compared with 19 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PUKPrudential PLC | 67.2 bn | 17.2 | 21.2% | 34.6% | +7.0% | −10% / +20% |
| METMetLife, Inc. | 65.4 bn | 19.5 | 13.2% | 4.6% | +8.6% | +34% / +62% |
| RGAReinsurance Group Of America, Incorporated | 17.4 bn | 11.7 | 11.7% | 5.8% | +7.2% | +40% / +64% |
| GLGlobe Life Inc. | 12.2 bn | 10.8 | 19.3% | 18.9% | +3.7% | +20% / +31% |
| VOYAVoya Financial, Inc. | 9.3 bn | 16.7 | 14.3% | 7.8% | +1.7% | +49% / +46% |
| CRBDCorebridge Financial, Inc. | 9.3 bn | 4.6 | 21.7% | 10.6% | −1.2% | −14% / unavailable |
| JXNJackson Financial Inc. | 9.1 bn | 11.1 | 9.5% | 13.4% | +104.3% | +40% / +188% |
| PRIPrimerica, Inc. | 8.8 bn | 11.4 | 33.0% | 23.2% | +6.6% | +11% / +36% |
| LNCLincoln National Corp | 8.0 bn | 3.6 | 22.6% | 12.2% | −1.2% | +1% / +75% |
| PFHPrudential Financial, Inc. | 5.3 bn | 1.4 | 12.6% | 6.3% | −13.7% | −11% / −20% |
| GNWGenworth Financial, Inc. | 3.5 bn | 17.5 | 2.4% | 2.9% | +0.1% | +6% / +56% |
| FGF&G Annuities & Life, Inc. | 2.9 bn | 7.4 | 9.2% | 6.9% | −0.2% | −32% / −46% |
| BHFBrighthouse Financial, Inc. | 2.4 bn | 3.3 | 13.6% | 12.5% | +43.2% | −35% / −18% |
| CIACitizens, Inc. | 209.2 m | 18.0 | 5.0% | 4.5% | +4.3% | −31% / +25% |
| AAMEAtlantic American Corporation | 24.3 m | 4.3 | 5.2% | 2.9% | +11.9% | −51% / −39% |
| ATHSAthene Holding Ltd | 4.7 m | 0.0 | 4.5% | 2.9% | +24.1% | −8% / unavailable |
| ANG-PDAmerican National Group Inc. | 215.5 k | 0.0 | 8.4% | 12.6% | −0.4% | −15% / unavailable |
| SLFSun Life Financial Inc | — | — | 14.2% | 8.5% | +8.0% | +39% / +62% |
| MFCManulife Financial Corporation | — | — | 11.0% | 68.5% | +7.1% | +31% / +135% |
| AEGAegon Ltd. | — | — | 10.5% | — | +1.1% | +7% / +56% |
1- and 3-year price returns: for CRBD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 12.24 Total return -39% · Per year -39% | 21.74 Total return 7% · Per year 7% | 32.90 Total return 61% · Per year 61% |
| 3 years | 9.72 Total return -45% · Per year -18% | 19.62 Total return 6% · Per year 2% | 32.90 Total return 72% · Per year 20% |
| 5 years | 7.71 Total return -49% · Per year -13% | 17.71 Total return 5% · Per year 1% | 32.90 Total return 84% · Per year 13% |
- Exit P/E± 4.91
- Net margin± 3.43
- Annual revenue growth± 3.10
- Annual dilution± 0.29
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (02 Nov 2026 · results), 10-Q (05 Aug 2026).
In brief
Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the United States, with client assets managed or administered of more than 386 billion dollars at the end of 2025 1. In the second quarter of 2026 the company reported a small net loss and lower sales, while shareholders approved the merger with Equitable Holdings 2, a development that matters for the company's direction.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Interest rate riskhigh
Sudden interest rate changes could affect spread margins and the value of guarantees in annuities.
- Merger execution riskhigh
Completing the merger with Equitable Holdings could face operational or integration obstacles.
- Sales decline riskmedium
Premiums and deposits fell in 2026 and could continue to fall if demand weakens 2.
- Regulatory riskmedium
Retirement plan advice and administration are tightly regulated, which could add costs 1.
- Operational risklow
Reliance on technology and complex processes could expose the company to errors or incidents 1.
Investment thesis
What would need to be true (bull case)
- If the merger closes as planned, the combined company could gain greater scale and growth capacity.
- A large base of client assets and diversified income could support steady cash flows.
- Growth in US retirement markets could bring sustained demand for the company's products.
What would break the thesis
- The drop in annuity sales in 2026 could signal loss of traction in some products.
- Integration risks from the merger could reduce the benefits expected by shareholders.
- Competitive pressure and the interest rate environment could limit margins over the long term.
What to watch
- Completion of the merger with Equitable Holdings and the structure of the combined leadership2026
- Trend in premiums and deposits by segment, especially annuitiesQ3 2026
- Trend in APTOI and fee income in Group RetirementQ3 2026
- Holding company liquidity level and capital return policynext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (02 Nov 2026 · results), 10-Q (05 Aug 2026).
The business
Corebridge Financial, Inc. runs four business segments: Individual Retirement, Group Retirement, Life Insurance and Institutional Markets 1. Its revenue comes from a mix of spread income, fee income and underwriting margin, which in 2025 were 3.9 billion, 1.2 billion and 1.4 billion dollars respectively 1. The company relies on partnerships with Blackstone and BlackRock for investment management 1.
Distribution is central to the model: Individual Retirement annuities are sold through a network of about 460 partner firms, including banks, broker-dealers and independent agencies 1. Corebridge Financial Distributors coordinates these relationships, while employee financial advisors give planning support to plan participants 1.
In the second quarter of 2026, premiums and deposits fell 13 percent from the prior year, mainly because of lower fixed and fixed index annuity sales, partly offset by higher GIC issuances 2. The company returned 412 million dollars to shareholders in that quarter 2.
Segments
Individual Retirement
The segment sells fixed, fixed index and registered index-linked annuities to mass affluent and high net worth customers. In 2025 it recorded 20.6 billion dollars in premiums and deposits 1. In the second quarter of 2026 volumes fell sharply, while base spread income rose 2.
Group Retirement
The segment serves tax-exempt and public sector employers, such as schools and universities, and also offers out-of-plan products for IRAs 1. The share of fee income has grown in recent years, and in the second quarter of 2026 fee income rose while deposits fell 2.
Life Insurance
The segment develops and distributes term, index universal and whole life insurance in the US market 1. The company has reduced its exposure to interest-sensitive products such as GUL and extended products for the middle market 1. In the second quarter of 2026 underwriting margin edged down 2.
Market context
The company targets a growing US retirement market, driven by an aging population, reduced access to private pensions and longer life expectancy 1. Demand for retirement savings and income products could expand as the retirement-age population grows 1.
Competition comes from traditional insurers, newer entrants backed by alternative asset managers, and substitute products such as certificates of deposit and mutual funds 1. Several competitors have shifted focus away from the individual life and retirement market, which gives the company room to gain share 1.
Trends
- Population ageingtailwind
A rising number of people approaching retirement supports demand for annuities and income products, if this continues 1.
- Interest rates and fee pressuremixed
Interest rate levels and fee pressure could affect new sales and profitability, especially in retirement plans 1.
- Merger consolidationmixed
The merger with Equitable Holdings, approved by shareholders in July 2026, could change the company's structure and strategic priorities 2.
- Volatile annuity salesheadwind
The drop in fixed and fixed index annuity sales in 2026 shows how volumes are sensitive to market conditions 2.
Competitive position
Competition includes traditional life insurers, banks, asset managers and new entrants backed by alternative managers 1. Rivalry is based on pricing, product design, distribution, financial strength and service quality 1.
In retirement plans, Group Retirement competes with other insurers, recordkeepers and asset managers, while in the out-of-plan market it faces broker-dealers and registered investment advisors 1.
- Equitable HoldingsEQH
Company with which Corebridge agreed a merger, approved by shareholders in July 2026 2.
- Other traditional life and retirement insurers
Direct competition in annuity and life insurance products, named as a general category in the company's filing 1.
- Banks and broker-dealers
Compete for customer savings through certificates of deposit, mutual funds and investment products 1.
- New entrants backed by alternative asset managers
Affiliated with alternative managers that offer more diversified investment strategies 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Nippon Life set to gain from affiliate Corebridge's merger with EquitableNikkei Asia · 02 Oct 2026 · EN
- A GAAP Loss Masks What Corebridge (CRBG) Actually Earned This QuarterYahoo Finance — News · 18 Sept 2026 · EN
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Corebridge Financial, Inc. · 11 Feb 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Corebridge Financial, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.