Corebridge Financial, Inc.
For the period ended Mar 31, 2025. Filed May 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 6, 2025
CRBG$35.89+5.3%Stored close · as of Nov 9, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-05.
0001889539-24-000052
Item 1A. | Risk FactorsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-06.
0001889539-25-000036
Item 1A. | Risk FactorsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 10 previous paragraphs and 33 current paragraphs.
3 unchanged; 5 reworded; 25 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (25)
Current report
Except as noted below, there have been no material changes in the Company’s risk factors from those disclosed in "Risk Factors" in our 2024 Form 10-K.
Current report
Our business is highly dependent on economic and capital market conditions.
Current report
Weakness in economic conditions and capital market volatility in the United States and globally, have in the past led to, and may in the future lead to, among other consequences, a poor operating environment, erosion of consumer and investor confidence, reduced business volumes, deteriorating liquidity of assets, declines in asset valuations, increased levels of credit losses and impairments, and impacts on policyholder behavior that could influence reserve valuations. Further, if our investment managers, including Blackstone IM and BlackRock, or any other asset managers we engage fail to react appropriately to difficult market or economic conditions, our investment portfolio could incur material losses.
Current report
Key ways in which we have in the past been, and could in the future be, negatively affected by economic conditions include:
Current report
•increases in policy withdrawals, lapses, surrenders and cancellations and other impacts from changes in policyholder behavior as compared to that assumed in pricing;
Current report
•increases in costs associated with third-party reinsurance, or decreased ability to obtain reinsurance at acceptable terms;
Current report
•increased likelihood of, or increased magnitude of, asset impairments caused by market fluctuations, deterioration in collateral values, or credit deterioration of borrowers;
Current report
•a downgrade in our IFS ratings or credit ratings; and
Current report
Adverse economic conditions may result from a variety of factors, including domestic and global economic and political developments, including elevated interest rates, plateauing or decreasing economic growth and business activity, recessions, or the increased likelihood of recessions, trade disputes with other countries (including the effect of sanctions and trade restrictions, such as tariffs and trade barriers imposed by the United States government and any countermeasures imposed by other governments in response to such tariffs), social inflation, inflationary or deflationary pressures in developed economies, including the United States, pressures on the commercial real estate market, stress in the banking sector, civil unrest, geopolitical tensions or military action, such as the ongoing armed conflicts between Ukraine and Russia and in the Middle East, and new or evolving legal and regulatory requirements on business investment, hiring, migration, labor supply and global supply chains. These and other market, economic, regulatory and political factors, including the prolonged effects of elevated inflation and macroeconomic uncertainty in the United States and globally, could have a material adverse effect on our business, results of operations, financial condition, capital and liquidity in many ways, including:
Current report
•lower levels of consumer demand for and ability to afford our products that decrease revenues and profitability;
Current report
•increased credit impairments, downgrades and losses across single or numerous asset classes due to lower collateral values or deteriorating cash flow and profitability by borrowers that could lead to higher defaults on the company’s investment portfolio, especially in geographic, industry or investment sectors where the company has higher concentrations of exposure, such as real estate related borrowings and widening of credit spreads that could reduce investment asset valuations, decrease fee income and increase statutory capital requirements;
Current report
•increased market volatility and uncertainty that could decrease liquidity with respect to our assets and increase borrowing costs and limit access to capital markets;
Current report
•the reduction of investment income generated by our investment portfolio;
Current report
•the reduction in the availability of investments that are attractive from a risk-adjusted perspective;
Current report
•increased likelihood of disruptions in one market or asset class spreading to other markets or asset classes;
Current report
•the reduction in the availability and effectiveness of hedging instruments;
Current report
•increased likelihood of customers choosing to defer paying premiums or stop paying premiums altogether and other impacts to policyholder behavior beyond what was contemplated in our historical pricing of our products;
Current report
•increased policy withdrawals, surrenders and cancellations;
Current report
•impediments to our ability to execute strategic transactions or fulfill contractual obligations, including those under ceded or assumed reinsurance contracts;
Current report
•increased costs associated with third-party reinsurance, or in general, decreased ability to obtain reinsurance on acceptable terms or in a timely manner;
Current report
•recaptures of liabilities covered by certain reinsurance contracts, including our reinsurance contracts with Fortitude Re;
Current report
•increased costs related to our direct and third-party support services, labor and financing, increased credit risk and decreased sales as a result of inflationary pressures; and
Current report
•limitations on business activities and increased compliance risks with respect to economic sanctions regulations relating to jurisdictions in which our businesses operate.
Removed paragraphs (2)
Previous report
Failure to complete the Nippon Transaction may negatively impact our ongoing business and stock price.
Previous report
If the Nippon Transaction is not completed on a timely basis or at all, our ongoing business may be adversely affected as a result of the time and resources committed to the proposed transaction that could have been devoted to pursuing other opportunities. In addition, the price of our common stock may decline to the extent that the current market price reflects a market assumption that the Nippon Transaction will be completed on the proposed timeline and that any anticipated benefits will be realized.
Reworded paragraphs (5)
Previous wording
Corebridge | Third Quarter 2024 Form 10-Q 152
Previous wording
*Excludes excise tax of $5.1 million due to the Inflation Reduction Act of 2022 for the three months ended September 30, 2024.
Current wording
*Excludes excise tax of $3.2 million due to the Inflation Reduction Act of 2022 for the three months ended March 31, 2025.
Previous wording
On May 4, 2023, our Board of Directors authorized a $1.0 billion share repurchase program. On April 30, 2024, our Board of Directors authorized an additional $2.0 billion increase in the share repurchase amount under the share repurchase program. Under this program, Corebridge Parent may, from time to time, purchase up to $3.0 billion of Corebridge Parent common stock but is not obligated to purchase any particular number of shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time.
Current wording
On May 4, 2023, our Board of Directors authorized a $1.0 billion share repurchase program. On April 30, 2024, our Board of Directors authorized an additional $2.0 billion increase in the share repurchase amount under the share repurchase program. On February 12, 2025, our Board of Directors authorized an additional $2.0 billion increase in the share repurchase amount under the share repurchase program. Under this program, Corebridge Parent may, from time to time, purchase shares of Corebridge Parent common stock but is not obligated to purchase any particular number of shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time.
Previous wording
During the three months ended September 30, 2024, Corebridge Parent repurchased approximately 25.9 million shares of Corebridge Parent common stock, par value $0.01 per share, for an aggregate purchase price of $715 million, pursuant to the share repurchase program.
Current wording
During the three months ended March 31, 2025, Corebridge Parent repurchased approximately 9.9 million shares of Corebridge Parent common stock, par value $0.01 per share, for an aggregate purchase price of $321 million, pursuant to the share repurchase program.
Previous wording
As of September 30, 2024, approximately $1.1 billion remained under the share repurchase program authorizations.
Current wording
As of March 31, 2025, approximately $0.4 billion remained under the share repurchase program authorizations.