Executive Summary

Q3 2025 Operating EPS was $0.96 vs S&P Global consensus ~$1.08, a miss, while revenue was ~$5.18B vs ~$4.76B consensus, a beat (net investment income steady; actuarial update and prior-year one-time items weighed on APTOI) . S&P Global values marked with asterisk; see disclaimer below.*
Adjusted pre-tax operating income (APTOI) fell 29% YoY to $654M as the annual actuarial assumption update reduced APTOI by $98M and prior-year included favorable one-time items; spread income was essentially flat YoY despite 2024 Fed rate cuts .
Premiums and deposits hit $12.3B (up 34% YoY), led by Institutional Markets (PRT/GIC), with record recent activity; holding company liquidity ended at $1.8B and leverage was 30.8% .
Capital return remained robust: $509M returned ($381M buybacks + $128M dividends); a $0.24 dividend was declared Nov 3, and the company participated in an AIG secondary by repurchasing ~16.1M shares; subsequently issued $500M Series A preferred at 6.875% .
CEO emphasized the VA reinsurance transaction as a de-risking catalyst and noted Corebridge is “simpler… lower risk profile, higher quality of earnings” with multiple income sources supporting sustainable cash flows .

What Went Well and What Went Wrong

What Went Well
- Record sales activity: Premiums and deposits of $12.3B (+34% YoY); ex-transactional, +10% on strength in fixed index annuity and RILA .
- Institutional Markets momentum: PRT/GIC drove $4.17B premiums & deposits (+230% YoY) with spread income up excluding VII/recaptures/assumptions; segment fee income also improved .
- Capital strength and returns: Life Fleet RBC above target; holding company liquidity $1.8B; $509M returned to shareholders; $0.24 dividend declared .
- Management framing: “VA reinsurance transaction has enhanced our position… lower risk profile, higher quality of earnings” — Kevin Hogan, CEO .
What Went Wrong
- Earnings quality headwinds: APTOI down 29% YoY; annual actuarial assumption update reduced APTOI by $98M; compensation-related expenses and a one-time medical accrual also increased costs .
- Life Insurance pressure: Life APTOI fell to $25M from $156M (–84% YoY), with prior-year benefiting from a $62M favorable recapture and higher assumption update impact this quarter .
- Individual Retirement APTOI decreased $96M YoY on lower VII and higher commissions/DAC from growth; base spread impacted by 2024 rate cuts .

Financial Results

Overall consolidated comparison (oldest → newest):

Metric	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Net income (loss) to common ($MM)	$(1,184)	$(664)	$(660)	$144
Adjusted after-tax operating income ($MM)	$724	$649	$750	$520
Operating EPS ($)	$1.23	$1.16	$1.36	$0.96
Adjusted pre-tax operating income ($MM)	$921	$810	$942	$654
Premiums & deposits ($MM)	$9,160	$9,323	$10,833	$12,290
Net investment income (APTOI basis) ($MM)	$2,767	$2,908	$3,050	$2,980
Adjusted revenues ($MM)	$4,193	$4,736	$4,420	$5,626
Adjusted ROAE (%)	13.1%	11.8%	14.3%	10.3%

Estimates vs actual (S&P Global) – Q3 2025:

Metric	Consensus	Actual	Surprise
Operating EPS	$1.08*	$0.96*	Miss
Revenue ($MM)	$4,761.4*	$5,183.0*	Beat

Values retrieved from S&P Global.*

Segment APTOI and drivers (Q3 2025 vs Q3 2024):

Segment	APTOI ($MM) Q3’24	APTOI ($MM) Q3’25	YoY Commentary
Individual Retirement	$547	$451	Down on lower VII and higher commissions/DAC; spread pressured by 2024 rate cuts .
Group Retirement	$188	$185	Slightly lower on higher one-time expenses; fee income grew .
Life Insurance	$156	$25	Down 84% YoY; prior-year had $62M favorable recapture; higher assumption update .
Institutional Markets	$154	$134	Down on underwriting margin (lap of recapture); ex-VII/recapture/assumptions APTOI +3% .
Corporate & Other	$(126)	$(151)	Higher interest expense, absence of prior-year legacy gain .

Select KPIs and capital:

KPI	Q3 2024	Q3 2025
Premiums & deposits ($MM)	$9,160	$12,290
Spread income total ($MM)	$993	$953
Fee income total ($MM)	$287	$307
Underwriting margin total ($MM)	$417	$342
Holding company liquidity ($B)	—	$1.8
Financial leverage ratio (%)	—	30.8%
Capital returned ($MM)	—	$509 ($381 buybacks, $128 dividends)
Dividend/share	—	$0.24 declared Nov 3, 2025

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Dividend per share	Quarterly	$0.24 (prior run-rate)	$0.24 declared for Dec 31, 2025 payment	Maintained
Life Fleet RBC	Ongoing	Above target	Above target	Maintained
Quantitative revenue/EPS guidance	—	Not provided	Not provided	No change disclosed

No other quantified guidance ranges were provided in the Q3 2025 8‑K; management reiterated capital strength and liquidity .

Earnings Call Themes & Trends

Note: A Q3 2025 earnings call transcript was not available in the document catalog at time of analysis; themes below reflect management commentary in press releases across Q1–Q3.

Topic	Previous Mentions (Q1 2025, Q2 2025)	Current Period (Q3 2025)	Trend
Interest rates/spread	Q1: Short-term rate changes pressured base spread; APTOI excluding VII down 10% . Q2: Cumulative short-term rate impact weighed on APTOI ex-VII .	Spread income essentially flat YoY despite 2024 rate cuts .	Pressure normalizing; mix and optimization offsets.
VA reinsurance	Q2: Closed AGL portion (~90% of value), de-risking and higher distributions .	VA transaction “enhanced our position… lower risk profile, higher quality of earnings” .	Strategic de-risking completed/advancing.
Actuarial assumption updates	—	—	Annual update reduced APTOI by $98M in Q3 .
Alternative investments (VII)	Q1: Below LT expectations (negative adj.) . Q2: VII tailwind in Institutional Markets .	Below LT expectations across segments (Total: –$74M vs LT) .	Volatile; Q3 drag.
Sales momentum	Q1: P&D $9.3B; solid annuity and RILA traction . Q2: P&D $10.8B; IR sales > last year’s record .	P&D $12.3B record recent; strong PRT/GIC and FIA/RILA growth .	Strengthening.
Capital/liquidity & distributions	Q1: Liquidity $2.4B; payout ratio ~70% . Q2: Liquidity $1.3B; paid $442M (64% H1 payout) .	Liquidity $1.8B; $509M returned; $0.24 dividend; post-quarter AIG secondary + issuer buyback; issued $500M preferred .	Active capital management.

Management Commentary

“Corebridge delivered another quarter of solid performance… The VA reinsurance transaction has enhanced our position, and we are now a simpler company with a lower risk profile, higher quality of earnings, and greater growth potential.” — Kevin Hogan, CEO .
“We have more than ample liquidity at the parent and have returned $1.4 billion to shareholders this year.” — Kevin Hogan, CEO .
Q2 perspective: “Adjusted pre-tax operating income was up 10%… Our transformative reinsurance transaction… reducing risk, improving the quality of earnings, and driving higher distributions.” — Kevin Hogan, CEO .
Q1 perspective: “We reported operating EPS of $1.16… reflecting the benefits of our diversified business model, strong balance sheet and disciplined execution.” — Kevin Hogan, CEO .

Q&A Highlights

An earnings call transcript for Q3 2025 was not available in the document catalog; no Q&A themes to report at this time. We searched for “earnings-call-transcript” and “other-transcript” in the Oct 25–Nov 20 window and found none.

Estimates Context

S&P Global consensus for Q3 2025: EPS $1.08 vs actual $0.96 (miss); Revenue $4.76B vs actual $5.18B (beat). Likely estimate revisions will cut near-term operating EPS assumptions (actuarial update, lower VII), while sales momentum and capital deployment (buybacks, preferred issuance) could support revenue and cash generation forecasts [GetEstimates]. Values retrieved from S&P Global.*

Key Takeaways for Investors

Mixed print: Strong top-line activity and record premiums/deposits contrasted with an EPS miss driven by actuarial updates, lower VII, and cost items; APTOI softness is largely idiosyncratic, not demand-driven .
Sales engine remains robust across Institutional Markets (PRT/GIC) and annuities (FIA/RILA), supporting fee and spread income durability across cycles .
Balance sheet/capital flexibility intact: RBC above target, $1.8B liquidity, ongoing buybacks/dividends, plus preferred issuance to optimize capital stack; company also opportunistically repurchased shares in AIG’s secondary .
Earnings quality: Expect some normalization as VII volatility and actuarial impacts subside; monitoring expense trajectory after one-time medical accrual and comp-related increases .
Strategic de-risking: VA reinsurance a multiquarter catalyst for simpler, lower-risk earnings, potentially improving valuation resilience vs peers through quality mix and cash returns .
Near-term modeling: Likely EPS estimate trims for Q4/FY on lower VII and assumption impacts; revenue estimates could move higher on strong P&D trajectory and fee income [GetEstimates].
Trading setup: Watch for follow-up disclosures (supplementals) on assumption sensitivity, VII cadence, and any updates on capital actions post preferred issuance to gauge EPS power vs capital return pace .

Footnotes and sources:

Q3 2025 8‑K press release and exhibits: .
Q2 2025 8‑K press release: .
Q1 2025 8‑K press release: .
CFO transition 8‑K: (context).
AIG secondary and issuer repurchase 8‑K (Underwriting Agreement): .
Series A Preferred issuance 8‑K: .
Estimates (consensus and actuals): S&P Global via GetEstimates (EPS and Revenue for Q3 2025). Values retrieved from S&P Global.*

Corebridge Financial, Inc. (CRBG)·Q3 2025 Earnings Summary