Despite a 2025 net loss of $366 million, largely driven by higher losses from the Fortitude Re funds withheld embedded derivative and changes in the fair value of market risk benefits, Corebridge Financial emphasised strong underlying performance and improving earnings momentum in the final quarter of 2025.
The life and retirement group generated net income of $814 million in Q4 2025, compared with $2.17 billion in the prior-year quarter, while adjusted after-tax operating income reached $626 million.
For the full year 2025, Corebridge Financial’s adjusted after-tax operating income totaled $2.4 billion, underscoring resilient core performance.
Meanwhile, premiums and deposits for 2025 rose about 4% to $41.7 billion, and the firm returned $2.6 billion to shareholders through share repurchases and dividends.
Readers may recall that the Fortitude Re impact stems from a funds withheld reinsurance arrangement, under which Corebridge cedes certain legacy life and annuity liabilities but retains the underlying assets.
Accounting rules treat part of this structure as an embedded derivative, which must be marked to market each quarter.
Fluctuations in interest rates, credit spreads, and asset values can therefore produce large non-cash gains or losses, driving volatility in GAAP net income even when the underlying business remains fundamentally sound.
Marc Costantini, President and Chief Executive Officer of Corebridge, commented, “Corebridge delivered strong results in 2025, starting with a record $42 billion in sales of products that help our customers protect, grow and secure their wealth.
“Customer needs for financial security have never been greater, and with our diverse product suite, powerhouse distribution network, and commitment to achieving industry-leading customer service, Corebridge is uniquely positioned to win.
“Year over year, all of our key metrics were higher – operating earnings per share, return on equity, and capital returned to shareholders. Furthermore, today we’re pleased to announce that our Board of Directors has approved an increase in our common stock dividend of 4%, reflecting our continued confidence in our cash-generation capabilities.
“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. We have market tailwinds, hard-to-replicate competitive advantages, and a world-class team ready to show what they can do.”
