Corebridge Financial

Overview

Corebridge Financial is a leading U.S. provider of retirement solutions and life insurance products. The company operates four core businesses—Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets—plus a Corporate and Other grouping that includes investment management, Fortitude Re, and holding company functions. Corebridge generates cash flow through a mix of spread income, fee income, and underwriting margin, and pursues liability-driven investing with a high-quality, diversified investment portfolio. Ownership and governance arrangements connect Corebridge with AIG and Nippon Life Insurance, and there are indemnification and tax arrangements with AIG.

Scale and workforce

• Employees: over 4,800 (as of December 31, 2025)
• Client assets: manages or administers $386.4 billion (as of December 31, 2025)
• Distribution footprint: Corebridge Distributors coordinates with about 460 third-party distributors (banks, broker-dealers, general agencies, IMOs, and independent agents) (as of December 31, 2025)
• In-plan participants: approximately 1.5 million in-plan participants did not have an out-of-plan product as of December 31, 2025

Business segments

Individual Retirement

• Products: fixed, fixed index, and registered index-linked annuities (RILA) with optional guarantees (GMDB, GMWB, etc.). Corebridge launched Corebridge MarketLock RILA in October 2024.
• Distribution: broad, multichannel network (approximately 460 partner firms as of 2025).
• 2025 revenue (total $2,975 million): spread income $2,665 million (includes $129 million of variable investment income); fee income $310 million. Spread income represented the majority of segment revenue.

Group Retirement

• Offerings: retirement plans and services for tax-exempt and public sector employers, including open-architecture recordkeeping, in-plan annuities, investment advisory services, and out-of-plan products (IRAs, brokerage, advisory).
• Revenue mix: spread income and asset-based fee income.
• 2025 revenue: total $1,485 million (spread income $683 million; fee income $802 million).

Life Insurance

• Products: term, indexed universal life (IUL), whole life (including GIWL/SIWL), with emphasis on protection-focused, lower-capital products; reduced emphasis on GUL and VUL.
• Risk management: underwriting discipline, hedging, and reinsurance.
• 2025 result: underwriting margin $1,364 million.

Institutional Markets

• Offerings: bespoke risk-management solutions, including Pension Risk Transfer (PRT), Guaranteed Investment Contracts (GICs), structured settlement annuities, stable value wraps, COLI/BOLI, and global assumed reinsurance.
• Revenue sources: spread income, fee income, and underwriting margin.
• 2025 revenue: total $717 million (spread income $587 million; fee income $65 million; underwriting margin $65 million).

Consolidated 2025 revenue profile

• Spread income: $3.9 billion
• Fee income: $1.2 billion
• Underwriting margin: $1.4 billion
• Total: approximately $6.5 billion
• Revenue mix: spread income ~60%, fee income ~18%, underwriting margin ~22%
• Segment totals (2025): Individual Retirement $2,975 million; Group Retirement $1,485 million; Life Insurance underwriting margin $1,364 million; Institutional Markets $717 million

Investment management and partnerships

• Blackstone: long-term asset management relationship; Blackstone managed about $71.2 billion in book value of assets as of December 31, 2025.
• BlackRock: manages liquid fixed income and certain private placement assets and provides hedging and risk-management capabilities; about $91.9 billion in book value of assets managed as of December 31, 2025.
• Fortitude Re: material reinsurance counterparty; related activity can affect GAAP earnings and is substantially reflected in other comprehensive income (OCI).

Regulatory, tax and governance context

• Regulatory environment: subject to state insurance regulation, SEC/FINRA oversight for securities products, and cross-border rules such as MiFID II and EMIR; NAIC framework, ORSA, RBC and VM-22 developments are part of the operating context.
• Tax and corporate structure: includes complex tax arrangements with AIG and Nippon; a five-year waiting period for consolidated U.S. tax filing after separation and potential limitations on net operating loss use due to ownership changes.
• ESG and compliance focus: attention to privacy, cybersecurity, and climate-related disclosure requirements, including SEC climate rules and state-level legislation such as California SB 253 and SB 261.

Leadership and offices

• CEO (as of December 31, 2025): Marc Costantini; other executive leadership includes CFO, CRO, CIO, General Counsel, and additional C-suite officers.
• Corporate footprint: headquarters campus in Houston, Texas, and major office presence in Jersey City, NJ; New York, NY; and Los Angeles, CA.

Summary

Corebridge Financial is a diversified, U.S.-focused provider of life, retirement, and institutional risk-management solutions. The company operates four primary segments and a Corporate/Other grouping that houses investment management relationships and Fortitude Re. Corebridge’s 2025 performance reflected a diversified revenue mix across spread income, fee income, and underwriting margin, supported by multi-channel distribution, scale in assets under management, and strategic partnerships with Blackstone and BlackRock.