Individual Retirement premiums and deposits rose 1% year-over-year to $6.85 billion, fueled by growth in fixed index annuities and RILA products, with cumulative RILA sales surpassing $1 billion nine months after launch. Group Retirement saw premiums and deposits of $1.98 billion, essentially flat versus last year, although core sources of income declined 9% to $337 million due to lower base spread income. Life Insurance recorded a 3% increase in deposits to $868 million and underwriting margin excluding variable investment income climbed 12% to $338 million. Institutional Markets experienced a 45% drop in deposits to $1.14 billion but delivered an 80% jump in adjusted pre-tax operating income to $173 million, driven by higher variable investment income. Corebridge reported operating earnings per share of $1.36 for the quarter ended June 30, 2025, outperforming the Zacks Consensus Estimate of $1.15 and rising 20% from $1.13 a year earlier. Adjusted pre-tax operating income reached $942 million, up 10% from $859 million in the prior-year period. Net investment income on an adjusted basis was $3.05 billion, a 12% increase from $2.72 billion a year ago. While GAAP net loss attributable to common shareholders was $660 million versus net income of $365 million in Q2 2024—driven largely by higher realized losses—Corebridge’s core sources of income held steady at $1.76 billion, only 2% below the prior year. Corebridge returned $442 million to shareholders during Q2 through $311 million in share repurchases and $131 million in dividends, and declared a quarterly dividend of $0.24 per share payable September 30, 2025. The company’s holding company liquidity stood at $1.3 billion, and its financial leverage ratio was 30.8%. Corebridge closed on the AGL portion of its landmark variable annuity reinsurance transaction with Venerable, covering approximately 90% of the deal’s value, and expects the remaining U.S. Life and SAAMCo components to close in Q4, reducing risk and enhancing earnings quality.
Individual Retirement premiums and deposits rose 1% year-over-year to $6.85 billion, fueled by growth in fixed index annuities and RILA products, with cumulative RILA sales surpassing $1 billion nine months after launch. Group Retirement saw premiums and deposits of $1.98 billion, essentially flat versus last year, although core sources of income declined 9% to $337 million due to lower base spread income. Life Insurance recorded a 3% increase in deposits to $868 million and underwriting margin excluding variable investment income climbed 12% to $338 million. Institutional Markets experienced a 45% drop in deposits to $1.14 billion but delivered an 80% jump in adjusted pre-tax operating income to $173 million, driven by higher variable investment income. Corebridge reported operating earnings per share of $1.36 for the quarter ended June 30, 2025, outperforming the Zacks Consensus Estimate of $1.15 and rising 20% from $1.13 a year earlier. Adjusted pre-tax operating income reached $942 million, up 10% from $859 million in the prior-year period. Net investment income on an adjusted basis was $3.05 billion, a 12% increase from $2.72 billion a year ago. While GAAP net loss attributable to common shareholders was $660 million versus net income of $365 million in Q2 2024—driven largely by higher realized losses—Corebridge’s core sources of income held steady at $1.76 billion, only 2% below the prior year. Corebridge returned $442 million to shareholders during Q2 through $311 million in share repurchases and $131 million in dividends, and declared a quarterly dividend of $0.24 per share payable September 30, 2025. The company’s holding company liquidity stood at $1.3 billion, and its financial leverage ratio was 30.8%. Corebridge closed on the AGL portion of its landmark variable annuity reinsurance transaction with Venerable, covering approximately 90% of the deal’s value, and expects the remaining U.S. Life and SAAMCo components to close in Q4, reducing risk and enhancing earnings quality.