Corebridge Financial, Inc. (CRBG)

Price$34.73Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because expected merger benefits are already reflected in the market.

At the observed market value, Corebridge trades at about 6.2 times management’s merger-proxy estimate of $5.25 operating earnings per share for 2026 and about 5.5 times the $5.94 estimate for 2027. Operating earnings are a profit measure that removes major market-value and other non-core swings. June adjusted book value, a balance-sheet measure that also removes certain accounting swings, was $39.93 per share. Morgan Stanley’s $28.25-$38.45 dividend-value range and Goldman Sachs’s $24.82-$40.43 range broadly bracket the observed value, so the price requires decent execution but not unusually optimistic assumptions.

Big pictureCore business earnings remain solid, but reported profit and cash flow still swing widely.

The supplied history shows cash generated by operating activities stayed positive from 2020 through 2025, ranging from about $2.0 billion to $3.4 billion, although the first two 2026 quarters were slightly negative. Reported net income is much noisier: 2025 showed a $366 million loss while adjusted operating income was $2.4 billion. In the second quarter of 2026, adjusted after-tax operating income was $512 million versus $672 million a year earlier, with weaker market-sensitive investment income explaining much of the decline.

Business strengthThe company has retired many shares while keeping capital reserves above its stated target.

Corebridge spent about $2.1 billion on share repurchases in 2025 after $1.8 billion in 2024, then another $1.55 billion in the first half of 2026. Shares outstanding fell from about 645 million at 2022 year-end to 446 million by June 2026, far outweighing modest stock compensation and limiting dilution. Annual total debt also fell from $15.3 billion in 2022 to $10.9 billion in 2025. June holding-company liquidity was $1.4 billion, financial leverage was 33%, and the life-insurance capital ratio remained above target.

What could change the storyThe merger’s promised cost savings are the main upside, while weaker retirement sales remain the clearest risk.

The Equitable combination would leave Corebridge holders with about 51% of a larger company and targets more than $500 million of annual cost savings, with over 10% earnings-per-share improvement by the end of 2028. That is the strongest bull case. The bear case is that investors are already paying near the middle of adviser valuation ranges while second-quarter premiums and deposits fell 13%, including a 41% decline in Individual Retirement. Stable core earnings and delivered savings would strengthen the thesis; delays, failed approvals, or persistent sales weakness would weaken it.

AI: News

Second-quarter resultsSecond-quarter results showed steadier core earnings than headline profit, and shares rose sharply the next session.

On August 4, Corebridge reported a small common-shareholder loss but $512 million of adjusted after-tax operating income, $1.12 of operating earnings per share, $9.1 billion of premiums and deposits, and $412 million returned to shareholders. Shares rose about 6% the next trading day on roughly 8.5 million shares of volume. That timing is consistent with investors welcoming the operating picture, but it does not prove the earnings release was the only cause.

Major holders reshuffleA large Blackstone sale increased near-term share supply while Nippon Life prepared to buy more stock.

Blackstone-linked Argon sold 14.5 million Corebridge shares on August 10 for roughly $491 million, reducing its holding to about 47.5 million shares. Separately, Nippon Life disclosed an August 7 trading plan to buy up to 10.9 million shares after required approvals and waiting periods. The stock fell about 3% on August 11 with unusually heavy volume. The timing suggests share supply may have mattered, but it cannot establish causation; longer term, the ownership shift does not change operating cash generation.

Equitable merger announcedThe Equitable merger reset Corebridge’s valuation around a larger, more diversified combined company.

On March 26, Corebridge and Equitable announced an all-stock merger creating a company valued around $22 billion at announcement, with more than $1.5 trillion of managed and administered assets. Corebridge holders are due one new-parent share for each Corebridge share and would own about 51% of the combined company. Management targets more than $500 million of annual cost savings and over 10% earnings-per-share improvement by end-2028. Corebridge rose about 5% around the announcement, consistent with a favorable initial reaction.

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Revenue

2020

2021

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

No reported data

Total cash / debt

CashTotal debt

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$18.48B	$18.71B	$18.80B	$24.70B	$23.26B	$15.06B
Operating expenses	—	—	—	$773.0M	$2.10B	$132.0M
Operating income	—	—	—	$23.92B	−$5.90B	$14.93B
Operating margin	—	—	—	96.87%	−25.36%	99.12%
EBITDA	—	—	—	$24.51B	$11.08B	$15.26B
EBITDA margin	—	—	—	99.24%	47.63%	101.28%
Net income	−$366.0M	$2.23B	$1.10B	$8.16B	$8.24B	$642.0M
Net profit margin	−1.98%	11.92%	5.87%	33.04%	35.44%	4.26%
Basic EPSper basic share	-$0.68	$3.73	$1.72	$12.63	—	—
Diluted EPSper diluted share	-$0.68	$3.72	$1.71	$12.60	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

27.36%of listed shares

NIPPON LIFE INSURANCE CO121.96M shares · Jun 30, 2026

View holders

Top 20 reported holders of CRBG
Holder	% owned
NIPPON LIFE INSURANCE CO	27.36%121.96M shares
Blackstone Inc.	13.90%61.96M shares
PZENA INVESTMENT MANAGEMENT LLC	7.58%33.79M shares
AMERICAN INTERNATIONAL GROUP, INC.	≈5.71%25.46M shares
BlackRock, Inc.	5.69%25.38M shares
HARRIS ASSOCIATES L P	5.64%25.13M shares
FMR LLC	3.28%14.61M shares
NORGES BANK	3.19%14.21M shares
DIMENSIONAL FUND ADVISORS LP	2.63%11.72M shares
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC	2.61%11.64M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	2.61%11.64M shares
VANGUARD CAPITAL MANAGEMENT LLC	2.52%11.23M shares
STATE STREET CORP	2.36%10.51M shares
DONALD SMITH & CO., INC.	1.32%5.87M shares
Davis Asset Management, L.P.	1.30%5.8M shares
Castle Hook Partners LP	1.30%5.79M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	1.14%5.07M shares
LSV ASSET MANAGEMENT	1.04%4.65M shares
GEODE CAPITAL MANAGEMENT, LLC	1.03%4.6M shares
Clearbridge Investments, LLC	1.01%4.49M shares

Percentages use 445.77M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)11$8.42B disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Feb 17, 2026Form 4 · 10b5-1	Ditillo DavidChief Information Officer	SellCommon Stock	4.3K	$31.03	$131.9K	128.2K
Feb 12, 2026Form 4	AMERICAN INTERNATIONAL GROUP, INC.TenPercentOwner	SellCommon Stock	24.65M	$30.42	$750.00M	25.46M
Nov 4, 2025Form 4	AMERICAN INTERNATIONAL GROUP, INC.TenPercentOwner	SellCommon Stock	32.60M	$31.10	$1.01B	50.11M
Sep 5, 2025Form 4	AMERICAN INTERNATIONAL GROUP, INC.TenPercentOwner	SellCommon Stock	1.18M	$33.65	$39.85M	82.71M
Aug 6, 2025Form 4	AMERICAN INTERNATIONAL GROUP, INC.TenPercentOwner	SellCommon Stock	30.00M	$33.65	$1.01B	83.90M