Corebridge Financial Inc. reported a net loss of $53 million, or $0.11 per share, for the first quarter ended March 31, 2026, a significant improvement from the $664 million loss recorded in the same period a year earlier.
The Houston-based retirement solutions and insurance provider posted adjusted after-tax operating income of $501 million, compared with $570 million in the prior-year quarter, while operating earnings per share rose to $1.05 from $1.02. The company held $1.7 billion in liquidity at the holding company level as of March 31.
Premiums and deposits totaled $8.0 billion for the quarter, a 10% decline from $8.9 billion in the same period last year, driven primarily by lower pension risk transfer activity and reduced fixed annuity sales.
Corebridge returned $1.4 billion to shareholders during the quarter, including $1.3 billion in share repurchases and $114 million in dividends. The company also declared a dividend of $0.25 per share of common stock on May 4, payable June 30 to shareholders of record as of June 16.
President and CEO Marc Costantini said the company delivered strong results during the period. “Earnings per share and return on equity both improved year over year,” he said. “This, alongside consistent organic growth and the proceeds from our variable annuity transaction, supported a record return of capital to shareholders through repurchases.”
Costantini, who assumed the role five months earlier, also addressed the company’s pending merger with Equitable Holdings. “We are making excellent progress toward closing our transformative merger with Equitable, a deal that will enhance our scale, diversification, and cash generation,” he said, adding that regulatory filings remain on track and that leadership for the combined company has been finalized.
By segment, individual retirement posted adjusted pre-tax operating income of $415 million, down from $454 million a year earlier. Group retirement fell to $140 million from $195 million, while life insurance declined to $96 million from $108 million. Institutional Markets was the only segment to improve, rising to $143 million from $137 million.
The prior year’s steeper net loss was largely attributed to realized losses on Fortitude Re funds withheld embedded derivatives, which reversed to gains in the most recent quarter, according to the earnings release.
Corebridge manages more than $380 billion in assets under management and administration as of March 31, 2026.
