Corebridge Financial Reports Significant Revenue Decline and Net Loss in Q1 2025

Corebridge Financial, Inc. reported a significant decline in its financial performance for the first quarter of 2025, with total revenues of $3.59 billion, down from $5.84 billion in the same period last year. The decrease was primarily driven by a substantial drop in premiums, which fell to $889 million from $2.30 billion, largely due to reduced new pension risk transfer business. Additionally, the company experienced higher net realized losses of $1.41 billion, compared to $320 million in the prior year, attributed to losses on Fortitude Re balances and derivatives. The net income attributable to Corebridge was a loss of $664 million, a stark contrast to the $878 million profit recorded in the first quarter of 2024.

In terms of operational metrics, Corebridge's total assets increased slightly to $390.02 billion as of March 31, 2025, compared to $389.40 billion at the end of 2024. The company’s total liabilities also rose marginally to $377.19 billion, resulting in total equity of $12.84 billion. The company’s book value per share improved to $21.66 from $20.41, while the adjusted book value per share decreased to $38.83 from $39.80. The decline in adjusted book value was influenced by changes in the fair value of investments and market risk benefits.

Corebridge's strategic developments included the recapture of VALIC's modco agreement with Fortitude Re, which resulted in a $45 million charge to pre-tax earnings. The company continues to manage its investment portfolio actively, with a focus on generating income and preserving capital. As of March 31, 2025, Corebridge had approximately $250 billion in invested assets, with 45% in corporate debt securities and 99% rated investment grade. The company also reported a total of $69.7 billion in assets managed by Blackstone and $87.2 billion managed by BlackRock.

Looking ahead, Corebridge anticipates ongoing volatility in its net income due to the impacts of market conditions, including interest rates and equity prices, on its investment portfolio and insurance liabilities. The company remains focused on maintaining sufficient liquidity and capital resources to meet its obligations and support future growth. As of March 31, 2025, Corebridge had $5.4 billion in liquidity sources, primarily in cash and short-term investments, and a committed revolving credit facility of $3 billion.