Corebridge Reports $53M Q1 Loss, APTOI Down 11%, Returns $1.4B
Corebridge posted a net loss of $53 million in Q1 2026 versus $664 million a year ago, with adjusted pre-tax operating income of $629 million, down 11% year-over-year. The company returned $1.4 billion to shareholders via $1.3 billion in buybacks and a $0.25 dividend, while regulatory filings advanced its planned merger with Equitable.
1. Q1 2026 Financial Results
Corebridge reported a net loss of $53 million in the first quarter of 2026 compared with a $664 million loss in Q1 2025. Adjusted pre-tax operating income was $629 million, an 11% decline year-over-year, driven by lower spread income and underwriting gains.
2. Shareholder Returns and Capital
The company returned $1.4 billion to shareholders, including $1.3 billion of share repurchases and $114 million of dividends. It declared a $0.25 per share dividend payable June 30 and maintained holding company liquidity of $1.7 billion with a financial leverage ratio of 32.6%.
3. Merger with Equitable Update
Corebridge is progressing toward closing its transformative merger with Equitable, with regulatory filings on track. The integration management office is established and the combined leadership team will be announced shortly, aiming to enhance scale, diversification, and cash generation.
4. Segment Performance Overview
Individual Retirement premiums increased 1% to $4.35 billion, core income rose 2%, but adjusted pre-tax operating income fell 9%. In Group Retirement, premiums declined 4% to $1.75 billion and APTOI dropped 28%, partially offset by stronger fee income.