CRBD Corebridge Financial Inc. 6.375% Junior Subordinated Notes due 2064
NYSE · Financial Services · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 5, 2026CRBD Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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About Corebridge Financial Inc. 6.375% Junior Subordinated Notes due 2064 Company overview from Wikipedia
Corebridge Financial, Inc. is an American financial services company. It provides annuities, life insurance, retirement plans, wealth management, and other financial services through its four core businesses—individual retirement, life insurance, retirement services, and institutional markets.
Corebridge was formed by an AIG spin-off of the company via IPO in 2022. In 2024, Nippon Life Insurance Company acquired an equity interest in Corebridge Financial from AIG. In 2025, the company joined the Fortune 500.
History
Corebridge Financial was formed when AIG spun off the company in September 2022. In September 2024, the Corebridge brand name replaced AIG on the America Tower of the American General Center, its headquarters. In May 2026, AIG agreed to sell its remaining shares in Corebridge Financial, the culmination of a five-year separation process.
Early history
The American General Insurance Company was formed on May 8, 1926 by Gus Sessions Wortham in Houston, Texas. Wortham worked for the Texas Fire Rating Board in Austin, Texas before moving to Houston in 1912. Before starting American General, he worked at his father's insurance company, John L. Wortham & Son Agency, until his death in 1924. Following his father's death, Wortham began the company in response to a Texas Commissions of Appeal ruling allowing that insurance companies may merge several lines of business.
In 1953, American General hired life insurance veteran Benjamin N. Woodson as president. Woodson previously served at Mutual Trust Life Insurance Company, the National Association of Life Underwriters, and various other roles. Woodson would eventually succeed Wortham as CEO of the company in 1972 where he remained until retiring in 1978.
In 1995, the company was the subject of Unitrin, Inc. v. American General Corp. American General tendered an offer for a controlling block of shares of Unitrin. The Board of Directors of Unitrin, who held 23% of the shares, did not think the price offered was adequate and so initiated a poison pill and offered a buyback to increase their holdings to 28% of the total shares. It became the leading case on a board of directors' ability to use defensive measures, such as poison pills or buybacks, to prevent a hostile takeover.
NLT Corporation
The NLT Corporation was formed in 1900 as the National Sick and Accident Association. The Nashville, Tennessee firm became one of the country's largest life insurance companies. American General (AGC) announced a hostile takeover bid for NLT, which made a counter-offer to buy out AGC. In 1982, AGC, which had owned Nashville rival L&C since the 1960s, prevailed. Having acquired NLT, AGC merged the former rivals over the next decade and spun off the non-core assets of NLT, particularly its entertainment properties. The Grand Ole Opry, Opryland theme park, WSM, and then fledgling cable television network The Nashville Network (TNN) were sold to what became Gaylord Entertainment Company.
Acquisitions
In 1977, American General acquired The Variable Annuity Life Insurance Company (VALIC), a provider of tax-deferred retirement plans for employees in education, healthcare, government, and non-profit organizations. VALIC companies include VALIC Financial Advisors, Inc. and VALIC Retirement Services Company, which operate as Corebridge Financial subsidiaries within Corebridge Retirement Services.
In 1983, American General acquired Gulf United's insurance operations.
AIG agreed to acquire annuity provider SunAmerica Inc. in 1998, with the $18 billion stock transaction then reported as the second-largest in the history of the insurance industry.
In 2001, it was announced that American General would be acquired by Prudential plc in a deal worth $26.6 billion. The deal was later called off after negative Prudential shareholder reaction. After the deal failed to go through, AIG announced plans to acquire American General for $23 billion in stock. American General would continue to operate under AIG as their life insurance and retirement services subsidiary. In 2003, Old Line Life Insurance merged with American General.
IPO and spin-off from AIG
Corebridge was formed as a result of a spin-off of AIG's retirement, life insurance, and wealth management segments. In 2020, AIG announced plans to perform the spin-off with a 2022 IPO. In July 2021, the company announced that Blackstone Group would acquire 9.9% of the new unit for $2.2 billion cash. Blackstone and AIG also entered a long-term asset management agreement for about one quarter of AIG's life and retirement portfolio, set to increase in subsequent years. The new company was launched on September 15, 2022, in the largest IPO of 2022 to date, which raised a total of $1.68 billion.
In September 2023, it was announced Corebridge would sell its subsidiary, the London-headquartered life insurance company AIG Life Limited (AIG Life UK) to the British multinational insurance company, Aviva for £460 million. Corebridge sold subsidiary Irish health insurer Laya Healthcare to AXA, for €650 million, on October 31, 2023.
In 2024, Nippon Life Insurance Company acquired an equity interest in Corebridge Financial from AIG. On December 31, 2025, Nippon became the company's largest shareholder, with a 24.6% stake.
In June 2025, Corebridge entered into an agreement with Venerable Holdings subsidiary Corporate Solutions Life Reinsurance Company to reinsure all variable annuities of its individual retirement business, valued at $51 billion as of March 31, 2025. The transaction was valued at $2.8 billion and closed in stages, in August 2025, and in January 2026.
In March 2026, Corebridge Financial announced a merger with Equitable Holdings through an all-stock merger worth $22 billion, which would create a combined company with $1.5 trillion in assets under management and over 12 million clients.
Corebridge was included among the Fortune 500 and the S&P 400 in 2025.
The company was ranked first among annuity providers in the JD Power 2026 Life & Annuity Distribution Partner Experience Study.
PGA of America
The company is the official life insurance and retirement partner of the PGA of America, as originally formed in 2019 under AIG. The Corebridge Financial team is a group of PGA of America golf professionals that qualify to play in the PGA Championship by placing in the Top 20 of the PGA Professional Championship. Michael Block has been a consistent member of this team, including when he famously hit a hole-in-one at the 2023 PGA Championship at Oak Hill.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | CRBD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/B (MRQ) | 0.9 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Not enough fundamentals data to compute this ratio group yet.
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | CRBD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.1 | · | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Not enough fundamentals data to compute this ratio group yet.
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Sep 1, 2026 | $0.40 | USD | ≈7.6% |
| Jun 1, 2026 | $0.40 | USD | ≈7.0% |
| Feb 27, 2026 | $0.40 | USD | ≈6.8% |
| Dec 1, 2025 | $0.40 | USD | ≈7.3% |
| Aug 29, 2025 | $0.40 | USD | ≈5.4% |
| May 30, 2025 | $0.40 | USD | ≈3.9% |
| Feb 28, 2025 | $0.50 | USD | ≈2.0% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $1.12 | $1.11 | 0.58% | |
| March 31, 2026 | $1.05 | $1.06 | -0.73% | |
| Dec. 31, 2025 | $1.22 | $1.13 | 7.8% | |
| Sept. 30, 2025 | $0.96 | $1.11 | -13.8% | |
| June 30, 2025 | $1.36 | $1.18 | 15.5% | |
| March 31, 2025 | $1.16 | $1.17 | -0.45% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
We don't have SEC filings for this ticker yet.
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q1 2025 |
|---|---|---|---|---|
| Revenue | $3.91B | $3.96B | $3.57B | |
| SG&A Expense | $466M | $468M | $526M | |
| Interest Expense | $131M | $131M | $148M | |
| Pretax Income | $52M | $97M | $-862M | |
| Income Tax | $50M | $158M | $-205M | |
| Net Income | $2M | $-53M | $-664M | |
| EPS (Basic) | $-0.04 | $-0.11 | $-1.19 | |
| EPS (Diluted) | $-0.04 | $-0.11 | $-1.19 | |
| Shares (Basic) | 454,200,000 | 473,500,000 | 558,000,000 | |
| Shares (Diluted) | 454,200,000 | 473,500,000 | 558,000,000 | |
| EBITDA | · | $165M | · |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q1 2025 |
|---|---|---|---|---|
| Cash & Equivalents | $353M | $373M | · | |
| Total Assets | $415.79B | $407.06B | · | |
| Short-term Debt | $1.25B | · | · | |
| Total Liabilities | $404.42B | $395.52B | · | |
| Total Debt | $1.25B | · | · | |
| Retained Earnings | $18.07B | $18.20B | · | |
| Treasury Stock | $5.91B | $5.61B | · | |
| AOCI | $-10.17B | $-10.43B | · | |
| Stockholders' Equity | $10.65B | $10.80B | · | |
| Liabilities + Equity | $415.79B | $407.06B | · | |
| Shares Outstanding | 445,768,608 | 456,727,266 | · |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q1 2025 |
|---|---|---|---|---|
| D&A | $173M | $165M | $89M | |
| Other Non-cash | · | $-121M | · | |
| Operating Cash Flow | $-44M | $-9M | $375M | |
| Investing Cash Flow | $1.56B | $-2.53B | $-3.87B | |
| Stock Repurchased | $300M | $1.25B | $321M | |
| Net Stock Activity | · | $-1.25B | · | |
| Dividends Paid | $112M | $114M | $133M | |
| Financing Cash Flow | $-1.54B | $2.47B | $3.07B | |
| Net Change in Cash | $-20M | $-75M | $-425M | |
| Taxes Paid | $17M | $-5M | $11M |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q1 2025 |
|---|---|---|---|---|
| Net Margin | 0.05% | -1.3% | · | |
| Pretax Margin | 1.3% | 2.5% | · | |
| EBITDA Margin | · | 4.2% | · | |
| ROA | 0.00% | -0.01% | · | |
| ROE | 0.02% | -0.47% | · |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q1 2025 |
|---|---|---|---|---|
| Debt / Equity | 0.1 | · | · |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q1 2025 |
|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q1 2025 |
|---|---|---|---|---|
| Book Value / Share | $23.89 | $23.66 | · | |
| Revenue / Share | $8.62 | $8.37 | · | |
| Cash Flow / Share | · | $-0.02 | · | |
| Cash / Share | $0.79 | $0.82 | · | |
| Dividend / Share | $0.25 | $0.25 | · | |
| EPS (TTM) | $1.56 | $0.40 | · |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q1 2025 |
|---|---|---|---|---|
| Revenue TTM | $20.02B | $18.84B | · | |
| Net Income TTM | $907M | $245M | · | |
| Market Cap | $10.23B | $10.40B | · | |
| Enterprise Value | $11.12B | · | · | |
| P/E | 14.7 | 56.9 | · | |
| P/S | 0.5 | 0.6 | · | |
| P/B | 1.0 | 1.0 | · | |
| P / Tangible Book | 1.0 | 1.0 | · | |
| P / Cash Flow | · | -1155.5 | · | |
| EV / Revenue | 0.6 | · | · | |
| Dividend Yield | 4.6% | 4.7% | · | |
| Earnings Yield | 6.8% | 1.8% | · | |
| Payout Ratio | · | -215.1% | · | |
| Annual Payout | $473M | $492M | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Not enough fundamentals data to build this statement yet.
Not enough fundamentals data to build this statement yet.
Not enough fundamentals data to build this statement yet.
Institutional owners (13F) 3 filers · $938K total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 0 (-1 vs prior Q) | 0 (-1 vs prior Q) | 1 (+1 vs prior Q) | 1 (+1 vs prior Q) | +506 |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| IAT REINSURANCE CO LTD. | $914,000 | 80,000 | 97.46% | Shares |
| First Command Advisory Services, Inc. | $16,918 | 733 | 1.80% | Shares |
| PNC Financial Services Group, Inc. | $6,928 | 302 | 0.74% | Shares |
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Nippon Life Insurance Company ×3 filings | Aug. 7, 2026 | 27.40% | Amendment | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 11 insiders · 2 officers · 7 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| David Ditillo | Chief Information Officer | Sept. 11, 2026 S | 102,417 | 0 | 3 | $-830,508 |
| Elizabeth B Cropper | EVP & Chief Human Res. Officer | Aug. 19, 2026 S | 46,473 | 0 | 1 | $-256,050 |
| Keith Gubbay | Director | June 18, 2026 A | 13,894 | 0 | 0 | $0 |
| Deborah R Leone | Director | June 18, 2026 A | 19,136 | 0 | 0 | $0 |
| Amy L. Schioldager | Director | June 18, 2026 A | 34,962 | 0 | 0 | $0 |
| Colin J. Parris | Director | June 18, 2026 A | 13,894 | 0 | 0 | $0 |
| Alan B. Colberg | Director | June 18, 2026 A | 64,962 | 0 | 0 | $0 |
| Christopher S. Lynch | Director | June 18, 2026 A | 34,962 | 0 | 0 | $0 |
| Edward Peter Bousa | Director | June 18, 2026 A | 16,852 | 0 | 0 | $0 |
| Nippon Life Insurance Company | 10% owner | Sept. 30, 2026 P | 126,144,687 | 17 | 0 | $135,510,802 |
| Corebridge Financial, Inc. | · | Sept. 9, 2026 J | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 3 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
CRBD Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
Peer comparison (GICS sub-industry) Key metrics vs sector peers
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