Corebridge Returned $185 Million in Stock Buybacks and Distributed $110 Million in the Third Quarter
Key Facts
The report that Corebridge Financial repurchased $110 million of shares from Athene Holdco, or that a formal agreement existed between the parties, could not be verified. In its third-quarter results, the company said it returned $295 million to shareholders during the period, including $185 million in share repurchases and $110 million in cash distributions to common shareholders. This disclosure differs from the claim of a private transaction with Athene, as it does not identify a specific buyer for the repurchases. EL7 data showed the company's stock, listed under the ticker CRBG, closed at $34.09 on November 6, 2026. Athene Holdco owned 10.8% of outstanding common shares as of September 30, according to the company's quarterly report.
Adjusted pretax operating income was $677 million in the third quarter, up 4% from the same period a year earlier, according to Corebridge's results. But the measure fell 9% excluding variable investment income and notable items, as spread income declined and expenses rose. Higher fee income partly offset the impact of those factors, the company said. Chief Executive Mark Constantini said the results reflected the diversity of the business model, earnings resilience and discipline in capital allocation. He added that the company achieved its strongest annuity sales of the year, continued to build momentum in advisory and brokerage channels, and increased operating earnings per share by 27% in the quarter.
On the sales side, premiums and deposits totaled $8.8 billion in the third quarter, down 29% from the same period a year earlier. The decline narrowed to 19% excluding transactional activity, according to the company's disclosure. Corebridge attributed the overall decline in part to lower sales of fixed index annuities. This was partly offset by higher deposits in variable universal life insurance products and fixed annuities sold outside plans. The figures put the decline in flows in the context of sales of specific products, alongside management's comments about strong annuity sales during the year.
The holding company's liquidity stood at $2.2 billion on September 30, 2026, according to its third-quarter results. This liquidity includes $750 million of prefunded debt due in April 2027. The company also reported that it repurchased about 2 million shares between October 1 and 30 for a total price of about $64 million. About $0.8 billion remained available under its share repurchase program on October 30, according to its quarterly filing with the U.S. Securities and Exchange Commission. These disclosures provide a picture of liquidity and the size of the existing program, but do not establish a separate agreement to buy Athene Holdco shares.
In a beneficial ownership filing with the SEC, Corebridge said Nippon Life and Athene Holdco owned about 28.5% and 10.8% of outstanding common shares, respectively, as of September 30, 2026. A separate disclosure said Athene, a wholly owned subsidiary of Blackstone, directly owned 47,462,123 shares on that date. The data show the size of Athene's stake before the October transactions announced by the company, without linking that stake to a private purchase worth $110 million. Corebridge announced an agreement with Equitable in March to combine the companies' businesses in an all-stock transaction. The deal was expected to close by the end of 2026, subject to customary closing conditions and required regulatory approvals.
On November 2, Corebridge announced a cash dividend of $0.25 per common share, payable on December 31 to shareholders of record as of the close of business on December 17, 2026. The announcement follows the company's return of $110 million to shareholders through distributions in the third quarter, according to its results. The company's recent disclosures thus include share repurchases and cash distributions, alongside a repurchase program with about $0.8 billion remaining at the end of October. The deal disclosures projected the Equitable merger would close by year-end, subject to regulatory approvals and closing conditions.