Revenue growth is driven by fee income (82.1% of total in 2026Q2), but profitability remains weak with a 98.7% efficiency ratio and a 0.1% NIM, while net income of just $2M in 2026Q2 underscores earnings instability.
Corebridge Financial, Inc. (CRBG) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Net Interest Income | 2.33B | 2.34B | 2.12B | 1.78B | 1.34B | -389M | -490M | -555M |
| NII Growth % | 6.2% | 10.03% | 19.39% | 32.27% | 445.76% | 20.61% | - | - |
| Net Interest Margin % | 0.56% | 0.57% | 0.55% | 0.47% | 0.37% | -0.09% | -0.12% | - |
| Interest Income | 2.85B | 2.89B | 2.68B | 2.36B | 1.88B | 0 | 0 | 0 |
| Interest Expense | 529M | 552M | 554M | 580M | 534M | 389M | 490M | 555M |
| Loan Loss Provision | 720M | 0 | 0 | 0 | 0 | 7.66B | 11.1B | 9.95B |
| Non-Interest Income | 6.54B | 0 | 0 | 0 | 0 | 22.1B | 15.06B | 13.21B |
| Non-Interest Income % | 73.79% | 0% | 0% | 0% | 0% | 101.79% | 103.36% | 104.39% |
| Total Net Revenue | 8.87B | 2.34B | 2.12B | 1.78B | 1.34B | 21.71B | 14.57B | 12.65B |
| Revenue Growth % | 287% | 10.03% | 19.39% | 32.27% | -93.8% | 48.98% | 15.15% | - |
| Non-Interest Expense | 7.07B | 2.88B | -679M | 839M | -9.15B | 3.92B | 8.8B | 7.68B |
| Efficiency Ratio | 79.73% | 123.15% | -31.97% | 47.16% | -680% | 18.07% | 60.4% | 60.73% |
| Operating Income | 1.08B | -541M | 2.8B | 940M | 10.49B | 10.13B | -5.33B | -4.98B |
| Operating Margin % | 12.15% | -23.15% | 131.97% | 52.84% | 780% | 46.65% | -36.6% | -39.38% |
| Operating Income Growth % | - | -119.3% | 198.19% | -91.04% | 3.59% | 289.89% | - | - |
| Pretax Income | 1.08B | -541M | 2.8B | 940M | 10.49B | 10.13B | 851M | 139M |
| Pretax Margin % | 12.15% | -23.15% | 131.97% | 52.84% | 780% | 46.65% | 5.84% | 1.1% |
| Income Tax | 202M | -151M | 600M | -96M | 2.01B | 1.84B | -15M | -168M |
| Effective Tax Rate % | 18.74% | 27.91% | 21.41% | -10.21% | 19.18% | 18.2% | -1.76% | -120.86% |
| Net Income | 907M | -366M | 2.23B | 1.1B | 8.16B | 7.36B | 642M | 50M |
| Net Margin % | 10.23% | -15.66% | 104.99% | 62.06% | 606.62% | 33.88% | 4.41% | 0.4% |
| Net Income Growth % | 369.14% | -116.41% | 101.99% | -86.47% | 10.93% | 1045.64% | - | - |
| Net Income (Continuing) | 876M | -390M | 2.2B | 1.04B | 8.48B | 8.28B | 866M | 307M |
| EPS (Diluted) | 2.00 | -0.68 | 3.72 | 1.71 | 12.60 | 11.40 | 1.00 | 0.48 |
| EPS Growth % | 380.33% | -118.28% | 117.54% | -86.43% | 10.53% | 1040% | - | - |
| EPS (Basic) | - | -0.68 | 3.73 | 1.72 | 12.63 | 11.40 | 1.00 | 0.48 |
| Diluted Shares Outstanding | 454.2M | 539.3M | 599.2M | 645.2M | 647.4M | 645M | 645M | 645M |
Quick answers to the most common questions about buying CRBG stock.
For fiscal year 2025, Corebridge Financial, Inc. (CRBG) reported total revenue of $2.34B. This represents a 81.5% decline compared to $12.65B in 2019.
Corebridge Financial, Inc. (CRBG) reported a net loss of $366.0M for the fiscal year ending 2025.
Corebridge Financial, Inc. (CRBG) reported an operating income of $-541.0M, resulting in an operating profit margin of -18.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Corebridge Financial, Inc. (CRBG) generated $2.34B in gross profit for the year, representing a gross profit margin of 80.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
LDTI and MRB volatility
Metrics are mathematically derived from official filings.
NII Growth Slows Amid Rate Peak
Net interest income rose 15.9% year-over-year to $568M in 2026Q2, but sequential growth turned negative, suggesting the benefit of higher rates may be fading.
The 5.3% quarter-over-quarter decline in NII to $568M, following a 3.6% increase in Q1, indicates that the positive repricing tailwind from the rising rate cycle is decelerating. While the year-over-year growth remains positive, the sequential contraction suggests that asset yields are stabilizing while funding costs may be catching up. Investors should monitor whether this trend persists, as it could signal a peak in the spread income contribution.
NIM Remains Thin, Pressured by Costs
Net interest margin held at 0.1% in 2026Q2, unchanged from prior quarters, reflecting a persistently low spread between investment yields and policyholder crediting rates.
The NIM of 0.1% is exceptionally low, even for an insurer, and suggests that the general account portfolio is not generating meaningful spread income relative to the liability costs. This may be due to the conservative asset allocation and the impact of hedging costs. The stable but minimal NIM indicates that the company relies heavily on fee income for profitability, making it vulnerable to market downturns that compress asset-based fees.
Efficiency Ratio Spikes on Revenue Drop
The efficiency ratio deteriorated to 98.7% in 2026Q2 from 73.3% in Q1, as non-interest expenses consumed nearly all revenue, reflecting a sharp rise in costs or a one-time charge.
The efficiency ratio of 98.7% in 2026Q2 indicates that operating expenses almost equaled total revenue, leaving minimal pre-provision profit. This is a significant deterioration from the 73.3% in the prior quarter and suggests that the company may be experiencing elevated expenses, possibly related to separation costs or hedging inefficiencies. The negative operating income of $52M in Q2, despite positive revenue, underscores the lack of operating leverage. If this trend continues, it could strain the company's ability to generate organic capital.
Provision Reversal Boosts Q2 Earnings
A $131M provision reversal in 2026Q2, compared to a $851M charge in Q1, swung operating income to positive, but the volatility highlights the unpredictability of credit costs.
The provision for loan losses swung from a substantial charge of $851M in 2026Q1 to a benefit of $131M in Q2, which was the primary driver of the positive operating income. This extreme volatility suggests that the company's credit assumptions are highly sensitive to market conditions and may be subject to significant revisions. The reversal may indicate an improvement in credit quality or a release of reserves, but the inconsistency across quarters raises questions about the reliability of earnings. Investors should scrutinize the underlying credit metrics to assess whether this is a sustainable trend or a one-time adjustment.
Fee Income Dominates, But Quality Varies
Non-interest income accounted for 82.1% of total revenue in 2026Q2, underscoring the company's reliance on fee-based earnings, though the composition includes volatile market-linked items.
The fee income ratio of 82.1% in 2026Q2 highlights the importance of asset-based fees and other non-interest revenue, which are sensitive to equity market performance and interest rates. While the Group Retirement segment provides a stable base of recurring fees, the Individual Retirement and Life segments may contribute more volatile items such as variable annuity fees and surrender charges. The high fee proportion also means that a market downturn could significantly impact revenue, as seen in the negative operating income in some quarters. The sustainability of these fees depends on asset retention and market appreciation.
2026Q2 Marks Turning Point
The 2026Q2 quarter stands out as a potential inflection point, with a provision reversal and positive net income after two consecutive quarters of losses, but the underlying drivers remain uncertain.
After reporting net losses in 2026Q1 and 2025Q2, the company returned to profitability in 2026Q2 with net income of $2M, albeit barely positive. This turnaround was largely due to the provision reversal, not operational improvement, as operating income was only $52M. The lack of EPS disclosure and guidance for this quarter adds to the uncertainty. This period may mark a shift in the credit cycle or a stabilization of investment losses, but the sustainability of this improvement is questionable given the volatile history. Investors should watch for confirmation in subsequent quarters that the earnings quality has improved.
Earnings Quality Clouded by Accounting Volatility
Reported earnings are heavily distorted by LDTI and market risk benefit adjustments, as evidenced by the negative operating margins and ROE despite positive revenue growth.
The negative operating margin of -18.7% and net margin of -12.7% in the latest quarter, alongside a negative ROE of -2.8%, suggest that GAAP earnings are being significantly impacted by non-cash items such as DAC amortization and hedging ineffectiveness. The positive revenue growth of 7.9% is overshadowed by these charges, which may not reflect the underlying cash-generating ability of the business. The lack of EPS disclosure and guidance further complicates the assessment. Investors should adjust for these accounting distortions to evaluate the company's true economic profitability, but the persistence of these charges warrants caution.