CRBG · Corebridge Financial Inc. 6.375

Corebridge Financial's Q1 2026 results showed a narrowed GAAP net loss of $53 million compared to $664 million in Q1 2025, primarily due to realized gains on the Fortitude Re funds withheld embedded derivative versus prior-year losses. Adjusted pre-tax operating income declined 11% to $629 million, with core sources of income stable at $1.5 billion, reflecting higher fee income offset by lower base spread income and underwriting margins. Premiums and deposits fell 10% to $8.0 billion, driven by reduced fixed annuity sales and transactional activity like pension risk transfers, though organic declines were milder at 2%.

Segment performance varied: Individual Retirement saw 1% premiums growth from fixed index annuities and RILAs, with APTOI down 9% but up 1% excluding VII/notables; Group Retirement APTOI dropped 28% on lower spreads; Life Insurance APTOI fell 11% due to mortality normalization; Institutional Markets APTOI rose 4% despite 45% premiums drop from absent large transactions. Corporate expenses improved with lower interest expense post-2025 debt repayments.

Capital strength supported aggressive shareholder returns of $1.4 billion, including $1.3 billion repurchases reducing shares outstanding to 457 million from 553 million. Holding company liquidity stood at $1.7 billion, financial leverage at 32.6%, and Life Fleet RBC above target. CEO Marc Costantini highlighted year-over-year EPS and ROE improvement, organic growth, and progress on the Equitable merger, with regulatory filings on track, leadership finalized, and integration underway. A $0.25/share dividend was declared. No forward guidance was provided.