Corebridge Financial — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income available to common shareholders was $1.44 billion ($3.22 per share), compared to $144 million ($0.27 per share) in the prior year quarter.
• Adjusted after-tax operating income (AATOI) available to common shareholders was $545 million ($1.22 operating EPS), compared to $520 million ($0.96 operating EPS) in the prior year quarter.
• Adjusted pre-tax operating income (APTOI) was $677 million, a 4% increase from the prior year quarter; excluding variable investment income (VII) and notable items, APTOI decreased 9%.
• Core sources of income were $1.545 billion, a 2% increase from the prior year quarter.
• Premiums and deposits were $8.785 billion, a 29% decrease from the prior year quarter; excluding transactional activity, they declined 19%.
• Net investment income was $3.270 billion, compared to $3.320 billion in the prior year quarter.
• Net investment income on an APTOI basis was $3.226 billion, compared to $2.980 billion in the prior year quarter.
• Return on average equity was 70.3%, compared to 4.5% in the prior year quarter.
• Adjusted return on average equity was 12.1%, compared to 10.3% in the prior year quarter.
• Financial leverage ratio was 34.2%.

Guidance and Future Outlook:

• The company is advancing the regulatory approval process for the merger with Equitable and continuing Day 1 readiness efforts.
• The transaction is expected to create a company with greater scale, a lower unit cost structure, a formidable distribution network, and one of the industry's broadest product portfolios.
• More than $100 million of expense synergies have already been identified.
• Management highlighted growing demand for retirement solutions supported by a disciplined approach to risk, pricing, and capital management.

Business Segments and Product Lines:

• Individual Retirement: Premiums and deposits decreased 19% to $4.467 billion, driven by lower fixed index annuity deposits, partially offset by higher RILA deposits. APTI increased 3% to $466 million.
• Group Retirement: Premiums and deposits increased 1% to $1.780 billion, driven by higher out-of-plan fixed annuity deposits, partially offset by lower in-plan annuity deposits. APTI decreased 11% to $164 million.
• Life Insurance: Premiums and deposits were flat at $840 million. Underwriting margin excluding VII increased 1% to $336 million, driven by favorable mortality. APTI decreased 32% to $17 million.
• Institutional Markets: Premiums and deposits decreased 59% to $1.698 billion, driven by lower premiums on new pension risk transfer (PRT) business and lower deposits in new guaranteed investment contract (GIC) issuances. APTI increased 48% to $198 million, primarily due to higher VII.
• Corporate and Other: APTI loss increased to $168 million from $141 million in the prior year quarter, primarily due to higher other expenses and corporate expenses.

Market and Competitive Landscape:

• The company reported the strongest annuity sales of the year.
• Momentum continued to build in advisory and brokerage segments.
• The company maintains a Life Fleet RBC ratio above its target.

Risks and Challenges:

• The annual actuarial assumption update decreased APTOI by $99 million in the current year quarter, primarily due to updated life assumptions.
• APTOI excluding VII and notable items was driven by lower base spread income and higher expenses.
• The company faces risks related to the completion of the Equitable merger, including regulatory approvals and integration difficulties.
• Risks include changes in interest rates, credit spreads, economic conditions, and the unpredictability of insurance liability claims.

Management Commentary and Tone:

• Marc Costantini, President and CEO, stated that results highlight the strength of the diversified business model, resilient earnings profile, and disciplined capital allocation.
• Management emphasized a commitment to putting customers at the center of operations and noted that results reflect growing demand for retirement solutions.

Other Key Points:

• Holding company liquidity was $2.2 billion as of September 30, 2026, including $750 million of pre-funded debt maturing in April 2027.
• The company returned $295 million to shareholders, consisting of $185 million in share repurchases and $110 million in dividends.
• A dividend of $0.25 per share of common stock was declared on November 2, 2026, payable on December 31, 2026.
• The company completed its annual actuarial assumption update during the quarter, which increased pre-tax income by $2 million in the current year compared to a $167 million decrease in the prior year.
• The variance in net income was largely the result of favorable changes in net realized gains, including Fortitude Re funds withheld embedded derivatives and fair value market risk benefits.