Corebridge Financial, Inc. (NYSE: CRBD)

Corebridge Financial, Inc. is one of the largest providers of retirement solutions and insurance products in the United States, committed to helping individuals plan, save for and achieve secure financial futures. The company operates a scaled platform managing or administering $386.4 billion in client assets as of December 31, 2025. Its core businesses include Individual Retirement, Group Retirement, Life Insurance and Institutional Markets.

The company generates revenue primarily through spread based income, fee based income and underwriting margin from its four operating segments. Spread based income arises from the difference between investment yields earned on assets backing policies and the interest credited to policyholders. Fee based income is derived from policy fees, advisory fees and other service charges. Underwriting margin comes from premiums net of policyholder benefits, net investment income and other income. The Individual Retirement and Group Retirement businesses produce spread and fee income from annuity products, while the Life Insurance business focuses on underwriting margin from term, index universal life and whole life policies. The Institutional Markets business earns spread income from pension risk transfer and guaranteed investment contracts, fee based income from stable value wraps and advisory services, and underwriting margin from corporate owned and bank owned life insurance and structured settlement annuities.

The company operates through the following segments.

• Individual Retirement: This segment offers fixed annuities, fixed index annuities and registered index linked annuities that address savings, investment and income needs for mass affluent and high net worth individuals, generating spread based income from the difference between investment yields and credited rates and fee based income from guaranteed benefit riders and policy fees, distributed through banks, broker dealers, general agencies, independent marketing organizations, independent insurance agents and employee financial advisors.

• Group Retirement: This segment provides retirement plans and services to tax exempt and public sector organizations including K to 12 schools, higher education institutions, healthcare providers and government employers, offering in plan recordkeeping, annuities, investment advisory and brokerage services as well as out of plan IRA products, generating spread based income from fixed interest accounts and fee based income from plan administration, advisory and brokerage activities, distributed through institutional business development professionals, employee financial advisors and digital self service tools.

• Life Insurance: This segment develops and distributes term life insurance, index universal life insurance and smaller face amount whole life insurance products to middle market, mass affluent, affluent and high net worth consumers, generating underwriting margin from premiums net of policyholder benefits and net investment income, distributed through independent agents, direct to consumer channels, relationship marketing groups and transactional markets focused on guaranteed issue whole life and simplified issue whole life products.

• Institutional Markets: This segment provides bespoke risk management solutions to financial and non financial institutions, offering pension risk transfer, guaranteed investment contracts, structured settlement annuities, stable value wraps and corporate owned and bank owned life insurance, generating spread based income from pension risk transfer and guaranteed investment contracts, fee based income from stable value wraps and advisory services, and underwriting margin from corporate owned and bank owned life insurance and structured settlement annuities, distributed through insurance and reinsurance brokers, consultants, assumed reinsurance channels, independent agencies and specialized brokers representing money center banks and corporations.

Corebridge Financial, Inc. holds a strong competitive position as one of the largest life and annuity providers in the United States, supported by a diversified mix of spread based, fee based and underwriting margin income. The company competes with traditional life insurers, banks, asset management firms and newer entrants backed by alternative asset managers in the retirement and life insurance markets. Its advantages include a scaled platform managing over $386 billion in client assets, a broad distribution network reaching financial advisors, insurance agents, plan sponsors and institutional clients, strategic partnerships with Blackstone and BlackRock that enhance asset sourcing and investment capabilities, a high quality liability profile that limits exposure to less attractive risk adjusted returns, and a disciplined risk management approach that produces consistent cash flow generation. These factors enable Corebridge to maintain attractive financial returns while navigating a competitive and evolving industry landscape.

Corebridge Financial, Inc. serves a diverse customer base that includes mass affluent and high net worth individuals seeking retirement accumulation and income solutions through its Individual Retirement annuities, employees of tax exempt and public sector organizations participating in Group Retirement plans and IRAs, middle market to high net worth consumers purchasing term, index universal life and whole life policies, and financial and non financial institutions looking for pension risk transfer, guaranteed investment contracts, stable value wraps and corporate owned or bank owned life insurance. The company’s distribution channels reach financial advisors, insurance agents, plan sponsors, banks, broker dealers, general agencies, independent marketing organizations and independent insurance agents, enabling it to meet the varied needs of these customer groups.