Corebridge Financial is like:

• Prudential Financial for retirement and life insurance solutions.
• MetLife, with a strong focus on annuities and employer-sponsored retirement plans.

• Individual Annuities: Financial contracts offering guaranteed or variable income streams for retirement, including fixed, variable, and indexed options.
• Group Retirement Plans: Provides recordkeeping, administrative, and investment services for employer-sponsored retirement plans, primarily for education, healthcare, and government organizations.
• Life Insurance: Offers various life insurance policies, such as term and universal life, providing financial protection to beneficiaries.
• Institutional Products: Delivers specialized investment products and services, like guaranteed investment contracts (GICs), for institutional clients.

Major Customers of Corebridge Financial (CRBG)

Corebridge Financial (CRBG) primarily sells its financial products and services to individuals, often through intermediaries or employer-sponsored programs. Based on its product offerings and revenue segmentation, the majority of its business is geared towards meeting the financial needs of individual consumers.

The company serves the following categories of individual customers:

• Individuals planning for and in retirement: This category includes individuals who purchase annuities (such as fixed, variable, and fixed index annuities) to save, grow, and manage income for their retirement years. It also encompasses employees participating in employer-sponsored retirement plans (e.g., 401(k), 403(b), 457 plans) where Corebridge is the chosen provider, ultimately serving the individual's retirement savings needs.
• Individuals seeking life insurance protection: This category consists of individuals who purchase various life insurance policies (e.g., term, universal, variable universal life) to provide financial security and protection for their families and dependents in the event of their death.

• American International Group (Symbol: AIG)

Kevin Hogan, President and Chief Executive Officer

Kevin Hogan has served as President and Chief Executive Officer of Corebridge Financial since December 2014, leading one of the largest insurance and retirement providers in the United States. He began his career at AIG in 1984, holding leadership positions across various global locations, and led the innovation and evolution of AIG's Life & Retirement business, which culminated in the initial public offering of Corebridge Financial in 2022. Prior to rejoining AIG in 2013, he also served for four years as Chief Executive Officer, Global Life for the Zurich Insurance Group, Ltd.

Elias Habayeb, Chief Financial Officer

Elias Habayeb has served as Chief Financial Officer of Corebridge Financial since November 2021, overseeing all finance and actuarial functions. Before his current role, he held various senior financial positions within AIG, including Chief Financial Officer for General Insurance, Deputy Chief Financial Officer, and Chief Accounting Officer. Notably, he served as Chief Financial Officer of International Lease Finance Corporation, a wholly owned subsidiary of AIG, where he led efforts for its eventual sale in 2014. Before joining AIG in 2005, Mr. Habayeb was a partner in Deloitte & Touche's Capital Markets Group. While Corebridge announced his resignation effective April 24, 2026, he remains in his current position until then.

Lisa Longino, Chief Investment Officer

Lisa Longino has been the Chief Investment Officer of Corebridge Financial since February 2023. With over three decades of experience investing for insurance companies, particularly focusing on fixed income portfolios matched to insurance liabilities, she previously served as Head of Global Investment Strategy for Prudential Financial. Her career also includes more than 20 years at MetLife, where she held roles such as Head of Insurance Asset Management, Head of Portfolio Management, and Head of Investment Grade Trading.

Polly Klane, General Counsel

Polly Klane serves as General Counsel for Corebridge Financial, where she is responsible for the company's legal, compliance, regulatory, corporate secretary, and government affairs functions. Prior to joining Corebridge, she was General Counsel and Chief Legal Officer at Citizens Financial Group. Her background also includes senior legal positions at Capital One and Fannie Mae, as well as experience in private practice.

Doug Caldwell, Chief Risk Officer

Doug Caldwell is the Chief Risk Officer for Corebridge Financial, focusing on enhancing the company's enterprise risk management framework to support business strategy. He brings more than 35 years of experience in risk and finance roles within major insurance companies. Before Corebridge, he was Executive Vice President, Investment Risk and Stress Testing and U.S. Chief Risk Officer at MetLife. He has also held Chief Risk Officer roles at Transamerica, NN Group, and ING Insurance. Mr. Caldwell is a Fellow of the Society of Actuaries and a Chartered Enterprise Risk Analyst.

1. Market Conditions and Financial Risks: Corebridge Financial's profitability and financial stability are highly susceptible to fluctuations in financial markets and economic conditions. This includes volatility in interest rates, economic downturns, and stock market performance, which can significantly impact the value of its investment portfolio and overall investment income. The company's spread income, particularly within its individual retirement segment, is also vulnerable to these market dynamics, potentially limiting earnings per share growth.
2. Intense Industry Competition: Corebridge operates within a highly competitive financial services and insurance industry, facing numerous traditional insurers and emerging fintech companies. This intense competition can lead to pricing pressures, impact market share, and necessitate continuous innovation and differentiation of offerings to maintain a competitive edge.
3. Regulatory Changes: The insurance industry is subject to extensive and complex regulations. Changes in these regulatory requirements, especially those pertaining to insurance and retirement products, could increase compliance costs, necessitate operational adjustments, and potentially impact the company's business model and profitability. Maintaining effective internal controls over financial reporting to meet regulatory mandates, such as those from the Sarbanes-Oxley Act and Dodd-Frank Act, also requires substantial resources.

The rapid emergence and adoption of advanced AI-powered FinTech platforms offering highly personalized, low-cost, and direct-to-consumer retirement planning and wealth management solutions poses a clear emerging threat to Corebridge Financial. These platforms leverage artificial intelligence to provide tailored financial advice, automated investment management, and simplified access to retirement savings products, potentially disintermediating traditional financial advisors and institutional channels through which Corebridge primarily distributes its annuities and life insurance products. This shift appeals to a growing segment of consumers, particularly younger generations and the mass-affluent, who prefer digital-first solutions with transparent pricing and enhanced personalization, thereby eroding Corebridge's traditional market share and future growth opportunities. Evidence for this trend includes significant investment by major FinTech companies and established financial institutions in AI-driven advisory tools, the continuous growth of robo-advisors with increasingly sophisticated capabilities, and consumers' rising comfort with fully digital financial interactions.

Corebridge Financial (CRBG) operates primarily within the U.S. financial services market, offering a range of products and services across individual retirement, life insurance, retirement services, and institutional markets. The addressable markets for these main offerings in the U.S. are substantial.

Annuities

The U.S. annuity market recorded total sales of $434.1 billion in 2024. Total annuity sales were $105.4 billion in the first quarter of 2025. The market value for annuities in the U.S. is projected to reach approximately $388.42 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 5.98% during the forecast period.

Life Insurance

The U.S. life insurance market was estimated at $1.93 trillion in 2024 and is anticipated to grow to about $4.74 trillion by 2034, with a CAGR of 9.40% from 2025 to 2034. Other estimates place the market size at approximately $1.46 trillion in 2024, expected to reach around $2.42 trillion by 2034, growing at a CAGR of 5.20% from 2025 to 2034. In 2023, the U.S. life insurance market was valued at $765.38 billion and is projected to reach $1,476.31 billion by 2032, with a CAGR of 7.1% from 2024 to 2032.

Retirement Plans

The total U.S. retirement assets amounted to $45.8 trillion as of June 30, 2025. Specifically, individual retirement accounts (IRAs) held $18.0 trillion in assets, and employer-based defined contribution (DC) retirement plans held $13.0 trillion in assets as of the second quarter of 2025. Within employer-based DC plans, 401(k) plans alone accounted for $9.3 trillion. The overall U.S. retirement market assets were $40 trillion as of June 30, 2024.

Institutional Markets

• Pension Risk Transfer (PRT): The U.S. pension risk transfer market recorded $51.8 billion in premium across 785 transactions in 2024. The market is projected to exceed $50 billion in annual volume, close to the record-setting $51.9 billion in 2022. The U.S. PRT market was valued at $49.81 billion in 2024 and is projected to reach $102.38 billion by 2030, exhibiting a CAGR of 12.76%.
• Structured Settlements: The U.S. structured settlement primary market reached a record high of $9.8 billion in 2024. Another report indicates that $9.48 billion of settlement proceeds were structured in 2024.
• Guaranteed Investment Contracts (GICs): GICs are key components of stable value funds within employer-sponsored defined contribution plans like 401(k)s and are primarily issued by insurance companies. While specific current market size figures for GICs alone are not readily available as a standalone market, new sales of funding agreement products, which include GICs, totaled $58.5 billion in 2019.

• Growth in Individual Retirement Products: Corebridge Financial is focused on accelerating its share in fixed indexed annuities and fixed annuities, particularly through independent agents, banks, and broker-dealers. The company has seen strong organic growth in its Individual Retirement segment, with RILA (Registered Index-Linked Annuity) product sales reaching nearly $800 million in the third quarter of 2025, totaling $1.7 billion year-to-date.
• Expansion in Institutional Markets: The Institutional Markets segment has demonstrated significant growth, with strong sales quarters for both Guaranteed Investment Contracts (GICs) and pension risk transfer (PRT) transactions, contributing to an increase in total reserves.
• Advisory Channel Expansion and Group Retirement Growth: Corebridge aims to expand its fee-based, advisory-friendly annuities for Registered Investment Advisors (RIAs) through platforms such as DPL and Envestnet, targeting double-digit growth in advisory-aligned sales across 2025–2026. Additionally, the company is scaling workplace-plan relationships in sectors like K-12, higher education, healthcare, and public sectors to drive new contributions and capture multi-billion-dollar annual rollovers as participants retire.
• Product Innovation and Mix Shift in Life Insurance: The company is pivoting its life insurance business toward capital-light protection products, such as term and indexed universal life (UL), simplifying product menus, and expanding accelerated underwriting to shorten sales cycles. Corebridge also invests in technology to enhance product offerings and is developing advanced financial products.
• Favorable Demographic Tailwinds: Corebridge is well-positioned to capitalize on secular retirement-income demand driven by an aging population, particularly the "Peak 65" generation. This rising demand for guaranteed income solutions is forecast to deliver long-term annuity sales growth.

Share Repurchases

• Corebridge Financial's Board of Directors authorized a $2 billion increase to its share repurchase program in June 2025.
• The company returned $1.4 billion to shareholders through dividends and share repurchases year-to-date as of the third quarter of 2025, including $381 million of share repurchases in Q3 2025.
• In August 2024, Corebridge agreed to repurchase approximately $200 million of its common stock from American International Group (AIG).
• Corebridge intends to purchase approximately $500 million of common stock from an underwriter in connection with a secondary offering by AIG in November 2025.

Share Issuance

• Corebridge Financial completed its Initial Public Offering (IPO) in September 2022, with AIG selling 80 million shares at $21 per share, raising $1.68 billion.
• All proceeds from the IPO went to the selling stockholder, American International Group (AIG), and not to Corebridge Financial itself.
• American International Group (AIG) has continued to reduce its stake through secondary offerings, including selling 32.6 million shares in November 2025 for approximately $1.0 billion, with all net proceeds going to AIG.

Outbound Investments

• In June 2025, Corebridge Financial entered into an agreement with CS Life Re, a subsidiary of Venerable Holdings, Inc., to reinsure its entire Individual Retirement variable annuity business, a transaction valued at $2.8 billion.
• This reinsurance transaction is expected to generate approximately $2.1 billion of net distributable proceeds after-tax for Corebridge, with the majority primarily intended for accelerating share repurchases.
• Corebridge has divested its international operations and plans to distribute remaining proceeds from the sale of its UK life business to shareholders.

Capital Expenditures

• Corebridge Financial reported $0.00 in capital expenditures for the years 2020, 2021, 2022, 2023, and 2024.