Corebridge Financial (CRBG) Q1 2026 earnings summary

Executive summary

• Announced a transformative all-stock merger with Equitable, creating a diversified financial services leader with over 12 million customers and $1.5 trillion in AUM/AUA, expected to close by year-end 2026, with Corebridge shareholders to own 51% and Equitable shareholders 49%.

• Q1 2026 reported a net loss of $53 million, a significant improvement from a $664 million loss in Q1 2025, with adjusted after-tax operating income of $501 million and operating EPS of $1.05, both up year-over-year.

• Returned $1.4 billion to shareholders in Q1, including $1.3 billion in share repurchases, supported by proceeds from a variable annuity transaction.

• First quarter sales reached $8.0 billion, demonstrating strong distribution and a diversified business model.

• Progressing toward merger integration, with leadership team finalized and regulatory filings on track.

Financial highlights

• Adjusted pre-tax operating income was $629 million, down from $710 million, reflecting lower premiums and higher interest credited, partially offset by lower policyholder benefits.

• Fee income rose 9% year-over-year, spread income up 1%, and underwriting margin down 2% due to prior year favorable mortality.

• Net investment income (APTOI basis) was $2.99 billion, up from $2.84 billion in Q1 2025.

• Book value per common share was $22.58; adjusted book value per share was $39.70 as of March 31, 2026.

• Life Fleet RBC ratio remained above target, with holding company liquidity at $1.7 billion.

Outlook and guidance

• Merger expected to be immediately accretive to EPS and cash generation, targeting $500 million in expense synergies and significant revenue, tax, and capital synergies, with closing targeted by year-end 2026.

• Guidance for base spread income in Individual Retirement reaffirmed at ~$2.55 billion for the year, with spread compression expected to level off by end of 2026.

• Insurance company dividends expected to total $2.3 billion in 2026, with normalized run rate at $2 billion.

• Management expects continued volatility from market conditions, interest rates, and regulatory changes, but believes liquidity and capital resources are sufficient.

• Leadership team for the combined company will be announced soon.