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- **Record Q3 Performance**: $12.3 billion in premiums/deposits, $800M RILA sales, and $1.5B PRT transactions highlight organic growth across all segments.
- **Capital Return Strength**: $1.4B returned to shareholders year-to-date, with $381M buybacks in Q3 and $2B buyback authorization remaining.
- **Fee Income Growth**: Group Retirement fee income now 60% of core revenue, driven by 9% YoY growth in advisory/brokerage assets.
- **Disciplined Risk Management**: 95% investment-grade portfolio, 50% reduction in floating rate exposure since June 2024, and 12.9% adjusted ROE.
- **Strategic Initiatives**: New York RILA launch, 19% growth in digital senior life products, and $18B ceded to Fortitude Re.

**【Management Opening Remarks】**
- CFO Elias Habayeb announced his departure in April 2026 to pursue a senior leadership role at another company. A 6-month transition period will ensure a seamless handover, with Habayeb overseeing the completion of 2025 financial statements and finalizing the 2026 budget.
- Corebridge highlighted its strategic pillars: organic growth, balance sheet optimization, operating leverage, and capital management.

**【CEO Commentary】**
- Q3 2025 total premiums and deposits reached $12.3 billion, driven by Individual Retirement (IR) strength. RILA sales hit $800 million in Q3, with year-to-date totals exceeding $1.7 billion, solidifying Corebridge's top 10 ranking across all annuity categories.
- Institutional Markets (IM) delivered record performance, with GIC issuances exceeding $1 billion for the sixth consecutive quarter and PRT transactions totaling $1.5 billion.
- Corebridge returned $1.4 billion to shareholders year-to-date, maintaining a 60%-65% payout ratio target despite one-time impacts from the VA reinsurance transaction.
- The company emphasized disciplined execution, including rapid repricing of annuities in response to falling interest rates.

**【CFO Financial Commentary】**
- Excluding VII and notable items, Q3 adjusted pretax operating income was $678 million, with operating EPS of $0.99. Run-rate EPS increased 6% YoY to $1.21, reflecting strong fee income growth in Group Retirement and IM.
- Liquidity remained robust at $1.8 billion, supported by $700 million in VA reinsurance proceeds. Capital returns included $381 million in share buybacks and $509 million in total distributions.
- Group Retirement fee income now accounts for 60% of core revenue, up from 55% in 2024, driven by advisory and brokerage assets growing 9% YoY to $17.6 billion.
- Life Insurance business maintained stable earnings ($115 million Q3) despite short-term mortality volatility, with digital senior life product sales up 19% YoY.

**【Q&A Highlights】**
- **Individual Retirement Spread Compression**: 7 basis points QoQ decline attributed to 5 basis points from VA transaction asset reallocation and 2 basis points from market dynamics. Management expects compression to stabilize in 2026.
- **Group Retirement Investments**: $9 billion in advisory and brokerage assets reflect investments in adviser headcount (+10% YoY productivity) and digital platforms to capture rollover recaptures.
- **Private Credit Risk**: Portfolio remains 95% investment-grade, with negligible exposure to stressed credit sectors. Corebridge focuses on high-quality, collateralized assets with covenants.
- **Pension Risk Transfer (PRT) Outlook**: Strong pipeline in U.S. and U.K., with full plan terminations offering attractive risk-adjusted returns. Q3 PRT sales exceeded $1 billion, up 20% YoY.
- **Capital Return Timing**: Remaining VA proceeds ($370 million post-September) will be distributed in Q4, with elevated buybacks expected through 2026 to deploy $2 billion authorization.
- **Bermuda Strategy**: Fortitude Re has ceded $18 billion in reserves since inception, providing capital flexibility to grow fee-based businesses and optimize spread income.

Corebridge Financial, Inc. (CRBG) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Bad Debts

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Loss on Disposal of Assets

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Net Income

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CRBG

CRBG fundamentals

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