Corebridge Financial’s third quarter results reflected robust sales momentum, but also highlighted several cost pressures that weighed on profitability. Management pointed to record-high annuity sales and strong activity in Institutional Markets as key drivers of top-line growth. CEO Kevin Hogan noted, “Sales of our RILA product were nearly $800 million in the third quarter and have topped $1.7 billion year-to-date.” Despite these achievements, higher compensation expenses and one-time charges, including those related to actuarial assumption updates, constrained non-GAAP profits, resulting in earnings below Wall Street’s expectations.

Is now the time to buy CRBG? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Corebridge Financial’s Q3 Earnings Call

• Joel Hurwitz (Dowling & Partners) asked about the drivers of spread yield compression in Individual Retirement. CFO Elias Habayeb explained it was mainly due to asset reallocations from the VA transaction, setting a new baseline for future spreads.
• Taylor Scott (Barclays) questioned private credit exposure and ratings rigor. Habayeb responded that most private placements are investment grade and diversified, with active monitoring and minimal principal loss expected.
• Thomas Gallagher (Evercore ISI) probed the strategic value of the Group Retirement (VALIC) business. CEO Hogan emphasized the long-term opportunity in transitioning to fee-based income via advisor-led wealth management.
• Francis Matten (BMO) asked about Institutional Markets growth and capital return timing. Hogan highlighted strong GIC and PRT pipelines, while Habayeb projected step-down in insurance company dividends post-VA transaction but noted long-term payout targets remain intact.
• Elyse Greenspan (Wells Fargo) inquired about capital return pacing and private credit regulatory risk. Habayeb clarified that share repurchases were front-loaded and expressed confidence in the company’s regulatory positioning on private credit allocation.

Catalysts in Upcoming Quarters

In upcoming quarters, our team will closely monitor (1) whether new RILA product launches in New York and expanded distribution can sustain sales growth, (2) the impact of leadership changes on long-term strategic decisions, and (3) execution of capital return plans, including share repurchases funded by the VA reinsurance transaction. Progress in digital transformation and advisor productivity will also be key to Corebridge’s earnings trajectory.

Corebridge Financial currently trades at $29.95, down from $30.88 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free for active Edge members).

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