Lisa Longino
About Lisa Longino
Lisa Longino is Executive Vice President and Chief Investment Officer of Corebridge Financial, serving in the role since February 2023. She is 58 years old as of December 31, 2024, and has more than three decades investing for insurance companies, including senior investment leadership roles at Prudential Financial and MetLife focused on fixed income portfolios matched to insurance liabilities . 2024 pay-for-performance constructs linked to company outcomes include a Business Performance Score of 109% based on Normalized ROAE, Normalized GOE, and Normalized Operating EPS, with actuals of 13.2% ROAE, $1.52 billion GOE, and $4.99 Operating EPS, driving her STI payout; Corebridge’s cumulative TSR since IPO implies $176.40 value per $100 by year-end 2024 and reported net income of $2,203 million in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Prudential Financial | Head of Global Investment Strategy | Not disclosed | Led global investment strategy; senior leadership in insurance asset management |
| MetLife | Head of Insurance Asset Management; Head of Portfolio Management; Head of Investment Grade Trading | 20+ years | Built and managed insurance fixed income portfolios matched to liabilities |
External Roles
- No public-company directorships or external board positions disclosed for Ms. Longino in Corebridge’s executive officer biographies .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | 676,924 | 800,000 |
| Target STI ($) | 1,240,000 | 1,240,000 |
| Actual STI ($) | 1,720,000 | 1,420,000 |
| Cash Bonus ($) | 2,181,265 | — |
| All Other Compensation ($) | 29,931 | 31,323 |
Performance Compensation
2024 Short-Term Incentive (STI) scorecard
| Metric | Weighting | Threshold (50%) | Target (100%) | Stretch (125%) | Max (150%) | Actual | Percent Achieved |
|---|---|---|---|---|---|---|---|
| Normalized ROAE | 35% | 11% | 13% | 14% | 15% | 13.2% | 106% |
| Normalized GOE | 30% | $1.62B | $1.54B | $1.48B | $1.44B | $1.52B | 109% |
| Normalized Operating EPS | 35% | $4.35 | $4.85 | $5.10 | $5.40 | $4.99 | 114% |
| Total Business Performance Score | — | — | — | — | — | — | 109% |
| STI Component | 2024 |
|---|---|
| Target STI ($) | 1,240,000 |
| Business Performance Score | 109% |
| Individual Performance Score | 105% |
| Actual STI Payout ($) | 1,420,000 |
Long-Term Incentives (LTI)
| Award | Grant Date | Quantity | Fair Value ($) | Terms |
|---|---|---|---|---|
| Corebridge RSUs | 2/20/2024 | 41,666 | 1,055,816 | Vest in equal annual installments over three years on each anniversary of grant; accrue cash dividend equivalents, paid only upon vest |
| Corebridge Stock Options | 2/20/2024 | 72,805 | 339,999 | 10-year term; exercise price $25.34; vest in equal annual installments over three years |
| Option Detail | Strike | Expiration | Exercisable | Unexercisable |
|---|---|---|---|---|
| 2024 Options | $25.34 | 2/20/2034 | — | 72,805 |
- 2025 PSU program: approved for NEOs with performance tied to Adjusted ROAE and relative TSR objectives; award structure introduced in Q1 2025 to enhance long-term alignment .
Retention Equity
| Award | Grant Date | Grant Value ($) | Vesting | Acceleration |
|---|---|---|---|---|
| Special Retention RSUs | 9/19/2025 | 1,500,000 | 100% cliff vest on 9/30/2027, subject to continued employment | Accelerated vesting upon termination without Cause or resignation for Good Reason, per 2022 Plan |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (shares) | 61,983 |
| Shares Outstanding (Record Date for special meeting) | 549,704,830 |
| Ownership as % of Outstanding | ~0.0113% (61,983 / 549,704,830) |
| Unvested RSUs (Dec 31, 2024) | 41,666 (2024 grant) and 24,760 (2023 grant) |
| Market Value of Unvested RSUs (Dec 31, 2024) | $1,247,063 (2024 grant); $741,067 (2023 grant) |
| Unexercisable Options (Dec 31, 2024) | 72,805 @ $25.34 expiring 2/20/2034 |
| Executive Stock Ownership Guidelines | 3x base salary for executives (5x for CEO); retain 50% of net shares until guideline met; performance awards and options excluded from guideline calculation |
| Guideline Compliance | Company states CEO and all executive officers are in compliance |
| Anti-Hedging / Anti-Pledging | Hedging and pledging of Corebridge securities prohibited by Insider Trading Policy |
| 10b5-1 / Trading Controls | Section 16 officers must pre-clear trades; blackout periods apply; Rule 10b5-1 plan guidelines in policy |
Employment Terms
| Scenario (as of 12/31/2024) | 2024 STI Award ($) | Severance ($) | Medical & Life Insurance ($) | Unvested Options ($) | Unvested Stock Awards ($) | Total ($) |
|---|---|---|---|---|---|---|
| Involuntary Termination w/o Cause | 1,351,600 | 2,520,000 | 40,000 | — | 924,684 | 4,836,284 |
| By Executive with Good Reason | 1,351,600 | 2,520,000 | 40,000 | — | — | 3,911,600 |
| Qualifying CIC Termination (Double-trigger) | 1,351,600 | 3,780,000 | 40,000 | 334,175 | 2,210,080 | 7,715,855 |
| Death | 1,240,000 | — | — | 334,175 | 2,210,080 | 3,784,255 |
| Disability | 1,351,600 | — | — | 334,175 | 2,210,080 | 3,895,855 |
- Change-in-control benefits follow “double-trigger” acceleration design to promote retention and morale; clawback policies in place for restatements, materially inaccurate metrics, and risk management failures, plus SEC/NYSE-compliant accounting restatement clawback policy .
Performance & Track Record
- 2024 CIO achievements: exceeded base Net Investment Income target supporting $10.8 billion investments plan; optimized external manager value-add and oversight; implemented Aladdin IBOR to drive capital management efficiencies; expanded asset classes and pricing tools; strengthened first-line risk and operational models post-AIG separation .
- 2023 CIO highlights: delivered strong NII; enabled strong credit performance; expanded portfolio trading/hedging; executed loan modifications; built Manager-of-Managers model and partnerships with Blackstone/BlackRock; enhanced risk governance and leadership development .
- Company-level performance linkage: CAP correlated with TSR and Normalized ROAE (2024 TSR $176.40 per $100 since IPO; net income $2,203 million; Normalized ROAE 13.2%) .
Governance & Policies Relevant to Compensation Alignment
- Compensation allocation emphasizes variable and equity-based pay; capped payouts; robust clawbacks; prohibition on hedging/pledging; ownership guidelines; and structured vesting to mitigate excessive risk-taking .
- Equity grant policy avoids timing awards around MNPI releases; Section 16 Sub-Committee oversight of LTI awards .
Equity Vesting Calendar Snapshot
- 2024 RSUs: vest on 2/20/2025, 2/20/2026, 2/20/2027 (equal installments) .
- 2024 Options: become exercisable in equal annual installments over three years; expire 2/20/2034; strike $25.34 .
- Retention RSUs: cliff vest 9/30/2027; subject to acceleration on no-cause termination or Good Reason resignation .
Investment Implications
- Alignment: Ms. Longino’s pay is heavily at-risk, tied to STI scorecard metrics and multi-year RSU/options vesting; 2025 PSU program adds ROAE and relative TSR rigor, increasing performance sensitivity to shareholder outcomes .
- Retention and selling pressure: Significant unvested equity (RSUs from 2023/2024 and 2024 options) plus a $1.5 million cliff-vesting retention RSU in 2027 reduce near-term selling pressure and incent continuity; policy requires retention of 50% of net shares until ownership guidelines are met .
- Change-of-control economics: Double-trigger CIC terms with equity acceleration and severance create potential event-driven payouts; clawbacks and anti-hedge/pledge policies mitigate adverse alignment risks .
- Ownership: Direct ownership of 61,983 shares (~0.011%) is small relative to float but complemented by substantial unvested equity and strict ownership/retention policies; compliance with guidelines reported for all executives .
- Execution track record: Documented 2023–2024 achievements in NII, credit performance, risk governance, and platform modernization support value creation in investment income and capital efficiency—key levers for ROAE and Operating EPS metrics embedded in incentives .