Corebridge Financial, Inc.

Overview

Corebridge Financial, Inc. is a U.S.-based financial services company focused on retirement solutions and insurance products, and it describes itself as one of the largest providers of these offerings in the United States. Its core businesses are Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets, giving it exposure to both consumer and institutional segments of the insurance and retirement market. The company states its purpose as advancing financial security by helping more people take action in their financial lives through its products, solutions, and partnerships.[1][2]

Its products include annuities such as fixed, fixed index, registered index-linked, and variable annuities; retirement-plan recordkeeping, administration, advisory, and brokerage services; term and universal life insurance; and institutional offerings such as pension risk transfer annuities, structured settlements, guaranteed investment contracts, stable value wrap products, and COLI/BOLI solutions.[3]+4 Corebridge generated total revenues of $18.781 billion in 2024 and had over 5,200 employees as of December 31, 2024. Its operations are primarily U.S.-focused, with most employees based in the United States and smaller employee populations in Ireland, the United Kingdom, and Bermuda.

[8][9]

Products & services

Corebridge Financial’s retail retirement lineup is centered on four annuity categories: fixed, fixed index, registered index-linked and variable annuities [10]. Fixed annuities provide principal protection and a stated return for one-year or multi-year periods, with dynamically managed renewal crediting rates and optional living benefits on some contracts [11]. Fixed index annuities tie credited returns to market indices while generally preventing account values from declining when the selected index is negative; features can include guaranteed minimum death and withdrawal benefits [12]. Its registered index-linked annuity offering includes Corebridge MarketLock® Annuity, which links returns to market indices with a defined level of downside protection, while leaving losses beyond that protection with the policyholder and allowing annuitization after a holding period [13][14]. Variable annuities let customers allocate among investment options, with fees generally charged as a percentage of separate-account assets; policyholders generally bear investment risk, and some products include guaranteed benefits such as GMDBs and GMWBs [15][16]. At year-end 2024, Individual Retirement account value totaled $54.3 billion in fixed annuities, $46.3 billion in fixed index annuities plus RILAs, and $54.9 billion in variable annuities [17].

Through Group Retirement, Corebridge provides retirement-plan services for employees of tax-exempt and public-sector organizations, including recordkeeping on an open-architecture platform, group annuities, plan administration and compliance services, retirement education, and financial planning/advisory solutions [4][18]. It also sells out-of-plan retirement products, including proprietary and limited non-proprietary annuities, advisory services and brokerage offerings, largely through IRAs [19]. In 2024, Group Retirement AUMA was $124.3 billion, of which 64.6% was in-plan and 35.4% was out-of-plan; the largest disclosed buckets were in-plan fee-based assets at 46.6% of AUMA, out-of-plan proprietary annuities at 22.4%, and advisory and brokerage assets at 13.0% [20].

In life insurance, Corebridge sells term life, whole life, index universal life and guaranteed universal life policies [21]. Term life provides death-benefit coverage with level premiums for a specified number of years [22]. Whole life combines permanent death-benefit coverage with fixed-rate cash-value accumulation, including guaranteed issue whole life and simplified issue whole life products aimed at the senior final-expense market; GIWL is underwritten with 100% acceptance regardless of health and typically uses a graded death benefit, while SIWL uses an abbreviated application with no physical exam or lab testing [23][24]. Its two main index universal life products are Max Accumulator+ and Value+ Protector, which provide permanent coverage with index-linked cash-value accumulation and protection against negative index returns; these products are available with a streamlined option for some customers up to a $2 million face amount [25]. Guaranteed universal life is positioned as a low-cost permanent death-benefit product with insurer-set crediting rates [26].

Institutional Markets offers bespoke liability and balance-sheet products, including pension risk transfer annuities, guaranteed investment contracts, funding agreement backed notes, structured settlement annuities, and stable value wrap contracts [27]+3. PRT products transfer accrued pension liabilities and administration from employers to an insurer and are economically similar to income annuities, typically funded with an upfront premium in exchange for guaranteed retirement benefits [27]. GICs/FABNs are single-premium accumulation products that guarantee principal repayment plus a fixed or floating rate for a predetermined period [28]. Structured settlement annuities are designed to fund recurring and lump-sum payments on guaranteed or life-contingent bases, and stable value wraps are synthetic contracts that preserve principal while supporting steady positive returns for defined-contribution plans or COLI/BOLI portfolios [29][30]. In 2024, premiums and deposits were 53.1% Individual Retirement, 18.3% Group Retirement, 8.8% Life Insurance and 19.8% Institutional Markets [31].

Geographic presence

Corebridge Financial’s geographic footprint is centered in the United States. Its life insurance business consists of term and universal life products in the U.S., while its former International Life business issued individual and group life insurance in the United Kingdom and distributed private medical insurance in Ireland. The company also operates investment-related businesses in the U.K. and participates in investment-related joint ventures outside the U.S., primarily in Europe and Asia.[32][33]

By reported geographic revenue, North America contributed $18.670 billion of $18.781 billion of consolidated revenue in 2024, or about 99.4%, while international operations contributed $111 million. In 2023, North America contributed $18.299 billion of $18.878 billion, or about 96.9%, and international operations contributed $579 million. The company states that revenues are generally reported based on the geographic location of the legal entity, and that international revenues consisted of Laya and AIG Life U.K.; those businesses were sold on October 31, 2023 and April 8, 2024, respectively.[34][35]

Corebridge owns and occupies its corporate headquarters campus in Houston, Texas, and its principal executive offices are at 2919 Allen Parkway, Woodson Tower, Houston, Texas 77019. It also has significant office space leases in Jersey City, New Jersey; Brentwood, Tennessee; and Los Angeles, California. As of December 31, 2024, it had over 5,200 employees, the majority based in the United States, with smaller numbers in Ireland, the United Kingdom, and Bermuda.

[36]+2

Business segments

Corebridge Financial reports five reportable segments: Individual Retirement, Group Retirement, Life Insurance, Institutional Markets, and Corporate and Other; its retirement business is therefore split between individual and employer-related channels rather than reported as a single segment.[3] Individual Retirement focuses on fixed, fixed index, registered index linked, and variable annuities that address savings, investment, income, and legacy needs.[38] Group Retirement consists of recordkeeping, plan administrative and compliance services, in-plan financial planning and advisory solutions, plus out-of-plan annuities, advisory, and brokerage products, with an emphasis on tax-exempt and public-sector retirement plans.[39]+2 Life Insurance consists mainly of U.S. term and universal life insurance products.[42][21] Institutional Markets provides specialized risk-management and liability-transfer products, including pension risk transfer, structured settlements, stable value wrap, COLI/BOLI, private placement life and annuity products, and GIC/funding-agreement products.[43]+5 Corporate and Other mainly captures corporate expenses, debt interest, institutional asset management for certain affiliates, consolidated investment entities, and legacy ceded insurance lines.[48][49]

On a 2024 adjusted-revenue basis, Individual Retirement was the largest segment at about 36% of total Corebridge adjusted revenues, followed by Institutional Markets at about 27%, Life Insurance at about 22%, Group Retirement at about 14%, and Corporate and Other at about 1%, with a small eliminations line.[50] On a 2024 adjusted pre-tax operating income basis, earnings were more concentrated in retirement: Individual Retirement contributed about 69% of total APTOI, Group Retirement about 21%, Institutional Markets about 14%, and Life Insurance about 13%, while Corporate and Other was a negative offset.

Company history

Corebridge Financial is the public-market successor to businesses assembled within AIG over time. The present corporate entity was incorporated in Delaware on December 3, 1998 as SunAmerica Holdings Inc., renamed SunAmerica Inc. later that month, and renamed AIG SunAmerica Inc. in June 2002. AIG also expanded the broader platform in 2001 through its acquisition of American General Corporation, which brought American General Life into the group and helped shape the life and retirement operations from which Corebridge later emerged.[51][52]

A major step toward becoming a stand-alone company came in 2021, when AIG announced a strategic partnership with Blackstone and sold Blackstone a 9.9% equity stake in its Life & Retirement business, alongside a long-term asset-management relationship. In March 2022, AIG said it would rebrand that business as Corebridge Financial, and in September 2022 Corebridge completed its initial public offering, with AIG selling 80 million shares at $21.00 each.

[53]+4

Sources

• Corebridge Financial, Inc. — Full financial report (2024 Y)
  47 citations

  [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][30][31][32][33][34][35][36][38][39][40][41][42][43][44][45][46][47][48][49][50][54]
• Corebridge Financial, Inc. — Full financial report (2025 Y)
  3 citations

  [27][28][29]
• Corebridge Financial, Inc. — Full financial report (2023 Y)[37][57]
• www.sec.gov[51]
• www.sec.gov[52]
• www.blackstone.com[53]
• aig.gcs-web.com[55]
• www.sec.gov[56]