Corebridge Financial, Inc. has released its fourth quarter and full year 2025 results, reporting a net income of $814 million in the fourth quarter, equivalent to $1.59 per share. Adjusted after-tax operating income stood at $626 million, translating to an operating EPS of $1.22 per share for the same period. For the full year 2025, the company reported a net loss of $366 million, or $0.68 per share.
In terms of premiums and deposits, Corebridge Financial reported $10.1 billion in the fourth quarter and $41.7 billion for the full year 2025. The company's holding company liquidity was reported at $2.3 billion.
The company returned $1.2 billion to shareholders in the fourth quarter through $1.1 billion of share repurchases and $119 million of dividends. For the full year, Corebridge Financial returned $2.6 billion to shareholders through $2.1 billion of share repurchases and $511 million of dividends. The company also declared a dividend of $0.25 per share of common stock, representing an increase of $0.01.
The fourth-quarter net income of $814 million showed a significant decrease from the prior year quarter, which was $2.2 billion. The variance was primarily due to lower net realized gains, realized losses on the Fortitude Re ("FRL") funds withheld embedded derivative, and changes in the fair value of market risk benefits.
In the individual retirement segment, premiums and deposits decreased by $217 million, or 5%, from the prior year quarter. However, core sources of income increased by 6% from the prior year quarter, mainly driven by higher base spread and fee income, even with the negative impact of Federal Reserve rate actions.
In the group retirement segment, premiums and deposits increased by $215 million, or 13%, over the prior year quarter, primarily driven by the growth of the company's RILA product in its out-of-plan offering. However, core sources of income decreased by $5 million, or 1% from the prior year quarter, primarily due to lower spread income, partially offset by growth in fee income.
For the life insurance segment, premiums and deposits were down $4 million from the prior year quarter due to lower universal life sales, partially offset by higher traditional life sales.
In the institutional markets segment, premiums and deposits increased by $662 million, or 28%, over the prior year quarter, primarily driven by higher premiums on new PRT and assumed reinsurance business, offset by lower deposits on new GICs. Total sources of income increased 9% over the prior year quarter, primarily due to higher spread income offset by lower underwriting margin.
Corebridge Financial will be hosting a conference call on Tuesday, February 10, 2026, at 9:00 a.m. EST to review these results. The call will be open to the public and can be accessed via a live, listen-only webcast in the investors section of corebridgefinancial.com. Today the company's shares have moved 0.13% to a price of $30.49. If you want to know more, read the company's complete 8-K report here.
