Corebridge Operating EPS Rises 27.1% as Equitable Merger Advances
Corebridge Financial's third-quarter operating earnings rose 27.1% to $1.22 per share, the annuity and life insurance company said Monday, as it reported its strongest annuity sales of the year and said its pending merger with Equitable Holdings has already identified more than $100 million of expense synergies.
Adjusted after-tax operating income available to common shareholders was $545 million, up from $520 million, according to its 8-K. The per-share gain outpaced profit growth because diluted shares fell to 447 million from 541 million a year earlier.
Net income available to common shareholders jumped to $1.4 billion, or $3.22 per share, from $144 million, or $0.27. The company said the swing came largely from favorable changes in net realized gains, including Fortitude Re funds-withheld embedded derivatives and market risk benefits.
Operating income and sales
Adjusted pre-tax operating income rose 3.5% to $677 million. Excluding variable investment income and notable items, it fell 9%, the company said, citing lower base spread income and higher expenses, partly offset by higher fee income. The annual actuarial assumption update cut pre-tax operating income by $99 million, compared with a $98 million reduction a year earlier.
Premiums and deposits fell 28.5% to $8.8 billion. Excluding pension risk transfer, guaranteed investment contracts and plan acquisitions, they declined 19% on lower fixed index annuity sales.
"We delivered the strongest annuity sales of the year, continued to build momentum in advisory and brokerage, and increased operating earnings per share by 27%," Chief Executive Marc Costantini said.
Segment results
Individual Retirement operating income rose 3.3% to $466 million even as premiums and deposits fell 19.1% to $4.5 billion. Group Retirement operating income declined 11.4% to $164 million on lower base spread income and higher expenses.
Institutional Markets operating income climbed 47.8% to $198 million on higher variable investment income, while Life Insurance fell to $17 million from $25 million. The Corporate and Other operating loss widened to $168 million from $141 million.
Capital returns and the Equitable merger
Corebridge returned $295 million to shareholders, including $185 million of share repurchases and $110 million of common dividends. The board declared a $0.25 quarterly dividend payable Dec. 31 to holders of record Dec. 17. Holding company liquidity stood at $2.2 billion, including $750 million of pre-funded debt maturing in April 2027.
Costantini said the company advanced the regulatory approval process for the Equitable merger, continued Day 1 readiness work and selected members of the combined company's future board.
By the numbers
- $1.22 operating EPS, versus $0.96
- $3.22 GAAP EPS, versus $0.27
- $8.8 billion of premiums and deposits, down 28.5%
- $295 million returned to shareholders
- $0.25 quarterly dividend
Sources
- Corebridge Financial Form 8-K with third-quarter 2026 results, filed Nov. 2, 2026 (accession 0001889539-26-000156)
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