Corebridge Financial Reports $660 Million Net Loss in Second Quarter 2025

**Corebridge Financial Reports Second Quarter 2025 Results**

Corebridge Financial, Inc. (NYSE: CRBG) reported a net loss attributable to Corebridge of $660 million for the three months ended June 30, 2025, compared to net income of $365 million for the same period in 2024. Total revenues were $2.74 billion, a decrease from $3.71 billion in the prior year. The decline in revenue was primarily attributed to lower premiums, which decreased from $547 million to $464 million, and net realized losses of $1.98 billion compared to $747 million in the prior year. This was partially offset by an increase in net investment income from $2.99 billion to $3.34 billion.

The company's benefits and expenses totaled $3.35 billion, compared to $3.25 billion in the prior year. This increase was mainly driven by higher interest credited to policyholder account balances, which rose from $1.27 billion to $1.49 billion, and higher general operating expenses, which increased from $532 million to $535 million. These increases were partially offset by a decrease in policyholder benefits from $1.05 billion to $982 million and a favorable change in the fair value of market risk benefits, net, from a $25 million expense to a $279 million gain. Basic and diluted loss per common share were both $1.20, compared to earnings per share of $0.60 and $0.59, respectively, in the prior year.

For the six months ended June 30, 2025, Corebridge reported a net loss attributable to Corebridge of $1.32 billion, compared to net income of $1.24 billion for the same period in 2024. Total revenues were $6.33 billion, a decrease from $9.55 billion in the prior year. The decline in revenue was primarily attributed to lower premiums, which decreased from $2.84 billion to $1.35 billion, and net realized losses of $3.39 billion compared to $1.07 billion in the prior year. This was partially offset by an increase in net investment income from $5.91 billion to $6.53 billion. Basic and diluted loss per common share were both $2.39, compared to earnings per share of $2.01 in the prior year.

Strategic developments during the quarter included a Master Transaction Agreement with Corporate Solutions Life Reinsurance Company and Venerable Holdings, Inc. Under the agreement, AGL and USL will cede 100% of certain reinsured liabilities to Reinsurer. The closing with respect to the Reinsurance Agreement with AGL occurred on August 1, 2025, and the closings with respect to the Reinsurance Agreement with USL and the sale of SAAMCo are expected to occur in the fourth quarter of 2025. As of August 1, 2025, there were 538,681,830 shares outstanding of the registrant’s common stock.