Corebridge Financial Inc: First Take 2Q26 Earnings: Spread Compression Moderating; Lower Annuity Sales Offset by Higher GIC Sales

Research evidence excerpt

M

Update

August 5, 2026 02:17 AM GMT

Corebridge Financial Inc | North America

Morgan Stanley & Co. LLC

Bob Jian Huang

Equity Analyst

First Take 2Q26 Earnings:

Spread Compression

Moderating; Lower Annuity

Sales Offset by Higher GIC

Sales

Jie Cheng

Research Associate

Corebridge Financial Inc (CRBG.N, CRBG US)

Insurance - Life/Annuity | United States of America

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Attractive

$31.60

$14,477

$36.57-22.20

• Individual Retirement: Adj. PT operating earnings of $467 million compared

to consensus of $425 million. The company reported increased base spread

income on business growth and growing spread of 1.82% versus 1.72% yoy,

driven by asset repositioning and reduced impact from rate cuts.

• Group Retirement: Adj. PT operating earnings of $151 million were above

consensus of $145 million. This was driven by growing fee income and high

base spread income reflecting asset repositioning benefits. Net outflow of

$(5.6) billion, from two large group surrenders. No more large case

surrenders in 2H26.

• Life: Adj. PT operating earnings of $112 million came in above consensus of

$107 million. Adj. PT excluding VII was $122 million, above quarterly run rate

of $110-120 million.

• Annuity Sales: Annuity sales were lower this quarter as the company

focussed on pricing discipline. Fixed annuities sales of $1.5 billion, down

(53)% YoY. Fixed index annuities of $1.7 billion, down (39)% YoY. RILA sales

of $0.6 billion, up 22%.

• Institutional: Adj. PT operating earnings of $119 million was lower than

consensus of $134 million. PRT sales were down, while GIC sales were $1.8

billion, up 80% yoy as the company is allocating capital to higher riskadjusted returns products.

• Corporate: Adj. PT operating loss of $(185) million missed consensus of

$(174) million, driven by higher corporate expenses.

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