Corebridge misses Q3 profit estimates, revenue also short

Corebridge Financial (CRBG) said on Nov. 2 that its adjusted operating earnings for the third quarter of 2026 were $1.22 per share, below the $1.25 consensus estimate. Adjusted revenue of $4.50 billion also trailed the $5.44 billion estimate.

The company is one of the largest providers of retirement solutions and insurance products in the United States, with more than $380 billion in assets under management and administration as of Sept. 30, according to its results release.

Here's how the company did:

• Operating earnings per share: $1.22 vs. 96 cents a year earlier, against the $1.25 consensus estimate
• Adjusted revenue: $4.50 billion vs. $5.63 billion a year earlier, against the $5.44 billion estimate
• Net income available to common shareholders: $1.44 billion vs. $144 million a year earlier
• Earnings per common share, diluted: $3.22 vs. 27 cents a year earlier

Net income rose largely because of favorable changes in net realized gains, including Fortitude Re funds withheld embedded derivatives and fair value market risk benefits, the company said.

Adjusted pre-tax operating income was $677 million, a 4% increase from the prior year quarter. Core sources of income were $1.55 billion, up 2% from the prior year quarter, largely due to higher fee income and underwriting margin.

The annual actuarial assumption update decreased adjusted operating income by $99 million in the quarter, primarily due to updated life assumptions.

Premiums and deposits

Premiums and deposits were $8.79 billion, a 29% decrease from $12.29 billion a year earlier. Excluding transactional activity, premiums and deposits fell 19%, primarily on lower fixed index annuity sales.

Institutional Markets premiums and deposits were $1.70 billion, down $2.5 billion, or 59%, from the prior year quarter. The company said the decline was primarily driven by lower premiums on new pension risk transfer business and lower deposits in new guaranteed investment contract issuances.

Capital and shareholder returns

The company returned $295 million to shareholders, including $185 million of share repurchases and $110 million of dividends to common shareholders.

Holding company liquidity was $2.20 billion as of Sept. 30, including $750 million of pre-funded debt maturing in April 2027.

The company declared a dividend of 25 cents per share on Nov. 2, payable Dec. 31 to shareholders of record at the close of business on Dec. 17.

Pending merger with Equitable

President and Chief Executive Officer Marc Costantini said the quarter brought progress on the pending transaction. "We made significant progress toward completing the merger with Equitable, advancing the regulatory approval process, continuing Day 1 readiness efforts and selecting the members of our future Board."

The company said it has already identified more than $100 million of expense synergies from the transaction.

Net income has swung from a profit of $814.0 million in the fourth quarter of 2025 to a loss of $53.0 million in the first quarter of 2026, according to its SEC filings.