Corebridge Financial Recasts Segment Results

By Tamara Parker • Thursday, October 02 10:30 • Permanent Link

Corebridge Financial, Inc. has recently disclosed recast historical segment results, reflecting changes in its segment structure. The company has decided to report its variable annuity business, which was previously reported in the individual retirement segment, in the corporate and other segment. Additionally, the results of this business have been excluded from adjusted pre-tax operating income (APTOI). As a result, the segment reporting and presentation of APTOI will reflect these changes retrospectively beginning in the third quarter of 2025.

Looking at the consolidated financial highlights, it is apparent that there have been significant fluctuations in various metrics over the reported periods. For instance, net income (loss) attributable to Corebridge common shareholders has seen a considerable decline from $365 million in the second quarter of 2024 to a loss of $660 million in the second quarter of 2025. Similarly, net income (loss) per share for common stock has dropped from $0.60 in the second quarter of 2024 to a loss of $1.20 in the second quarter of 2025.

In terms of adjusted after-tax operating income, there has been a noticeable decrease from $1,217 million in the second quarter of 2024 to $672 million in the second quarter of 2025. Moreover, the company has experienced a negative effective tax rate of (9.9)% in the second quarter of 2025, in contrast to a positive effective tax rate of 23.8% in the first quarter of 2024.

The company's total premiums and deposits have also fluctuated, with a decrease from $11,263 million in the second quarter of 2024 to $10,466 million in the second quarter of 2025.

Looking at the consolidated balance sheets, the total assets of Corebridge Financial, Inc. have increased from $382,492 million in the first quarter of 2024 to $399,163 million in the second quarter of 2025. Additionally, the future policy benefits for life and accident and health insurance contracts have risen from $56,355 million in the first quarter of 2024 to $57,485 million in the second quarter of 2025.

Following these announcements, the company's shares moved 0.62%, and are now trading at a price of $32.25. Check out the company's full 8-K submission here.

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