Corebridge Financial Recasts Segment Results, Reports $660M Loss

By Greg Peters • Thursday, October 02 06:13 • Permanent Link

CoreBridge Financial, Inc. has recently recast its historical segment results to reflect the company's decision to report its variable annuity business, previously included in the individual retirement segment, in the corporate and other segment. This change has led to the exclusion of the results of this business from adjusted pre-tax operating income (APTOI).

The company's net income for the second quarter of 2025 was reported at a loss of $660 million, compared to a loss of $664 million in the first quarter. However, the net income for the same quarter in the previous year was $2.171 billion. This represents a significant decrease in net income.

In terms of adjusted pre-tax operating income (APTOI), the individual retirement segment reported $523 million in the second quarter of 2025, compared to $454 million in the first quarter, and $2.040 billion for the entire year of 2024. The group retirement segment reported $182 million in the second quarter of 2025, compared to $195 million in the first quarter, and $744 million for the entire year of 2024. The institutional markets segment reported $173 million in the second quarter of 2025, compared to $137 million in the first quarter, and $495 million for the entire year of 2024. The corporate and other segment reported a loss of $168 million in the second quarter of 2025, compared to a loss of $187 million in the first quarter, and a loss of $574 million for the entire year of 2024.

The total premiums and deposits for the second quarter of 2025 were reported at $10.466 billion, compared to $8.920 billion in the first quarter, and $11.263 billion for the entire year of 2024.

The adjusted book value per common share was reported at $37.46 for the second quarter of 2025, compared to $38.83 in the first quarter, and $39.80 for the entire year of 2024.

The assets under management and administration (AUMA) for individual retirement, group retirement, and life insurance segments have all seen fluctuations in beginning and ending AUMA balances.

As a result of these announcements, the company's shares have moved 1.58% on the market, and are now trading at a price of $32.555. For more information, read the company's full 8-K submission here.

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