Corebridge Reports $1.44 Billion in Third-Quarter 2026 Net Income
Key Facts
Corebridge reported results on November 2 for the third quarter ended September 30, 2026, posting net income available to common shareholders of $1.44 billion, compared with $144 million in the same period last year. The company attributed the increase mainly to favorable changes in net realized gains. Those gains included derivatives linked to Fortitude Re and embedded in funds-withheld agreements, along with favorable changes in the fair value of market risk benefits. By contrast, adjusted pretax operating income was $677 million, up 4% year over year. The results highlight the difference between the surge in reported net income and more moderate growth in adjusted operating performance.
Adjusted after-tax operating income available to common shareholders was $545 million, compared with $520 million in the third quarter of 2025. Operating earnings per common share rose to $1.22 from $0.96 a year earlier. Chief Executive Mark Constantini said the company delivered “the strongest annuity sales of the year” and continued to build momentum in its advisory and brokerage channels. He added that operating earnings per share increased 27%. But adjusted operating income fell 9% excluding variable investment income and notable items. The company attributed the decline to lower core spread income and higher expenses, partly offset by increased fee income.
Premiums and deposits totaled $8.785 billion in the third quarter, compared with $12.290 billion in the same period of 2025. The figures follow the company’s $9.1 billion result in the second quarter of 2026, when the total was down 13% year over year. Corebridge attributed the second-quarter decline mainly to lower sales of fixed and fixed-indexed annuities. In its third-quarter results, premiums and deposits were below their year-earlier level, while the company also reported growth in operating earnings per share. That puts premiums and deposits among the indicators markets are watching alongside operating income.
Corebridge returned $295 million to shareholders in the third quarter, including $185 million in share repurchases and $110 million in common shareholder dividends. On November 2, it declared a cash dividend of $0.25 per share. The dividend is scheduled to be paid on December 31, 2026, to shareholders of record on December 17. The company had $2.2 billion in holding-company liquidity on September 30. That balance includes $750 million of prefunded debt due in April 2027, according to the company’s disclosure.
On its merger with Equitable, Corebridge said it is making progress on regulatory approvals and continues to prepare for the first day after the deal closes. It said it has identified more than $100 million in expense savings. Shareholders of both companies approved the merger on July 30, 2026; 99.96% of votes cast by Corebridge shareholders supported the deal, compared with 97.24% at Equitable. The transaction remains subject to regulatory approvals and customary closing conditions, and the companies are targeting a close by the end of 2026. After closing, the combined company is expected to serve more than 12 million customers and manage $1.5 trillion in assets.
Under the terms of the deal, each Corebridge common share will be exchanged for one share in the new parent company, while each Equitable common share will be exchanged for 1.55516 shares. Corebridge shareholders are expected to own about 51% of the combined company, with Equitable shareholders holding about 49%. As part of its results coverage, Corebridge scheduled a call to review the results for November 3 at 9:00 a.m. Eastern Time and said a replay would be available afterward. The company’s stock closed at $35.04 on November 2. Regulatory approvals and the expected closing by the end of 2026 remain developments to watch in the merger process.