Corebridge Financial, Inc. has reported its full-year 2025 results, highlighting higher shareholder returns and increased sales even as the company posted a full-year net loss.
The company said its board approved a quarterly dividend of $0.25 per share, up by one cent, payable on March 31, 2026, to shareholders on record as of March 17. Corebridge returned $2.6 billion to shareholders in 2025 through dividends and share repurchases, including $2.1 billion in buybacks.
For the fourth quarter, Corebridge reported net income of $814 million, or $1.59 per share, down from $2.2 billion a year earlier. Adjusted after-tax operating income for the quarter was $626 million, with operating earnings per share of $1.22. Premiums and deposits reached $10.1 billion, up 7% from the same period last year. Holding company liquidity stood at $2.3 billion at the end of the year.
Despite the headline loss, CEO Marc Costantini said the company recorded $42 billion in product sales for 2025.
The year-over-year decline in fourth-quarter net income was mainly due to lower investment gains, losses linked to Fortitude Re, and changes in the value of certain insurance liabilities. Adjusted pre-tax operating income for the quarter was $760 million, which is about the same as a year earlier.
For the full year, Corebridge reported a net loss of $366 million, or $0.68 per share, compared with net income of $2.2 billion in 2024. Adjusted after-tax operating income for the year totaled $2.4 billion, or $4.42 per share. Premiums and deposits for 2025 reached $41.7 billion, up 4% year over year.
Costantini said key performance measures improved from the prior year.
“Year over year, all of our key metrics were higher - operating earnings per share, return on equity, and capital returned to shareholders,” Costantini said, adding that the dividend increase reflected confidence in the company’s cash generation.
The full-year loss was largely due to investment losses, including higher losses tied to Fortitude Re and shifts in the value of certain insurance-related liabilities, along with the impact of the company’s annual review of its assumptions.
In the fourth quarter, premiums and deposits fell in individual retirement as sales of fixed and fixed index annuities slowed. They increased in group retirement on stronger registered index-linked annuity sales and rose in institutional markets due to new pension risk transfer and reinsurance business. Life insurance premiums were largely flat.
At the end of the year, Corebridge reported a Life Fleet capital ratio of about 430% to 440% and a financial leverage ratio of 30.8%.
Following the earnings release, Corebridge shares rose in after-hours trading, as fourth-quarter adjusted earnings and revenue reportedly exceeded analyst expectations.
Looking ahead, Costantini said, “I couldn’t be more excited about the future of this great franchise. Our opportunity - and commitment - to create sustained value for our customers, distribution partners and shareholders is as strong as it’s ever been.”
