# Corebridge Financial, Inc. (CRBG)

> Source: Nexqual · https://nexqual.com/CRBG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Corebridge Financial, Inc. (CRBG), nexqual.com/CRBG" · informational, not investment advice.

**Price:** USD 35.59 (+0.82% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 35.3 · day 34.62–35.64 · 52w 22.19–35.64 · market cap $15.9B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $20.1B, net income $907M (4.5% margin) (SEC filings).
- Valuation: P/E 17.5x (avg 10.3x at the last 2 fiscal year-ends).
- 3 of 80 tracked superinvestors hold CRBG (13F, Q2 2026): 1 new, 2 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (14 analysts), mean target USD 40.42 (range 36–46).
- Total return with dividends: 1Y +15.6% vs S&P 500 +14.9%; 5Y +122.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 1.24, revenue estimate $5.21B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $23.3B | $24.7B | $18.8B | $18.7B | $18.5B | $20.1B |
| Net income | $8.24B | $8.16B | $1.10B | $2.23B | -$366M | $907M |
| EPS (diluted) | — | $12.60 | $1.71 | $3.72 | -$0.68 | — |
| Net margin | 35.4% | 33.0% | 5.9% | 11.9% | -2.0% | 4.5% |
| Revenue growth | +54.4% | +6.2% | -23.9% | -0.5% | -1.2% | — |
| Cash + short-term investments | $601M | $633M | $628M | $824M | $453M | — |
| Total debt | $8.74B | $9.37B | $11.9B | $12.4B | $10.9B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 17.5x · P/S 0.8x · P/B 1.5x · Earnings yield 5.72% · Dividend yield (paid, TTM) 2.98% · Buyback yield (TTM) 19.14%
P/E at fiscal year-ends: Dec 2024 8.0x, Dec 2023 12.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold CRBG. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Richard Pzena | Pzena Investment Management | 2.84% | $967M | Added +24.9% |
| Bill Nygren | Oakmark Funds | 0.96% | $720M | Added +0.7% |
| Viking Global | Viking Global Investors | 0.22% | $76.7M | New position |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 14 analysts; mean target USD 40.42 (low 36, high 46).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | TD Cowen | Target raised | Buy | $38 → $40 |
| 2026-10-12 | Wells Fargo | Target raised | Overweight | $39 → $40 |
| 2026-10-12 | Piper Sandler | Target raised | Overweight | $38 → $40 |
| 2026-10-07 | Mizuho | Target raised | Outperform | $38 → $40 |
| 2026-10-07 | Barclays | Target raised | Overweight | $33 → $39 |
| 2026-10-06 | UBS | Target raised | Neutral | $32 → $36 |
| 2026-08-20 | Evercore ISI Group | Target raised | Outperform | $43 → $44 |
| 2026-08-19 | Wells Fargo | Target raised | Overweight | $36 → $39 |
| 2026-08-12 | Piper Sandler | Target raised | Overweight | $36 → $38 |
| 2026-08-11 | Keefe, Bruyette & Woods | Target raised | Outperform | $40 → $43 |
| 2026-07-22 | TD Cowen | Target raised | Buy | $35 → $38 |
| 2026-07-15 | Piper Sandler | Target raised | Overweight | $31 → $36 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2022-09-12) |
|---|---|---|
| Total return | +15.6% | +122.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +15.6% | +21.5% |
| Volatility (annualized) | 34.7% | 31.6% |
| Max drawdown | -30.3% (Oct 2025→Mar 2026) | -36.1% (Jun 2025→Mar 2026) |

## Peers (Asset Management)
BEN (Franklin Templeton, Inc.) USD 31.52 -0.51% · EQH (Equitable Holdings, Inc.) USD 55.04 +1.23% · PHYS ("Sprott Physical Gold Trust") USD 30.39 -2.72% · TPG (TPG Inc.) USD 46.17 +4.74% · OWL (Blue Owl Capital Inc.) USD 9.71 +5.89% · CG (The Carlyle Group Inc.) USD 39.2 +5.18%

## More
Full page: https://nexqual.com/CRBG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CRBG's own 10-K filed 2026-02-11 (https://www.sec.gov/Archives/edgar/data/1889539/000188953926000022/crbg-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | AMERICAN INTERNATIONAL GROUP, INC. (AIG) | "•risks associated with the Tax Matters Agreement with AIG and our potential liability for U.S. income taxes of the entire AIG Consolidated Tax Group for all taxable years or portions thereof in which we (or our subsidiar…" |
| Partner | Blackstone Inc. (BX) | "•our strategic partnerships with Blackstone and BlackRock which we believe allows us to access more diverse asset classes and benefit from scale and market-leading capabilities;" |
| Partner | BlackRock Financial Management | "•our strategic partnerships with Blackstone and BlackRock which we believe allows us to access more diverse asset classes and benefit from scale and market-leading capabilities;" |
| Partner | Corebridge Life Holdings | "In addition to the Separation Agreement, we have entered into a guarantee reimbursement agreement with AIG which provides that we will reimburse AIG for the full amount of any payment made by or on behalf of AIG pursuant…" |

Other companies that name CRBG in their own reports (relationship from CRBG's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Blackstone Secured Lending Fund (BXSL) | 10-K 2026-02-25 | "In addition, Blackstone acquired a minority interest in Corebridge, and in connection therewith has entered into a long-term asset management partnership with certain subsidiaries and/or affiliates of…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Individual Retirement | $1.72B | 43.9% | +5.7% |
| Life Insurance | $1.06B | 27.1% | -1.5% |
| Institutional Markets | $859.0M | 21.9% | +17.5% |
| Group Retirement | $661.0M | 16.9% | +0.3% |
| Total revenue | $3.91B | 100% | — |
The lines above cover 109.9% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $18.48B | 100.0% | -0.6% |
| Total revenue | $18.48B | 100% | — |

## Company outlook (8-K filed 2026-08-04)

- "For our Institutional Markets segment, its Corporate Markets products generate underwriting margin, which includes premiums, net investment income, policy and advisory fee income, less interest credited and policyholder benefits and excludes the annual assumption update."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.24 | $1.18 | +5.1% | $5.21B | 15 |
| Next quarter (ends 2026-12-31) | $1.15 | $1.17 | -2.5% | $5.31B | 13 |
| Current fiscal year (ends 2026-12-31) | $4.56 | $4.46 | +2.2% | $19.13B | 16 |
| Next fiscal year (ends 2027-12-31) | $5.73 | $5.75 | -0.4% | $20.60B | 16 |