CRBGCorebridge Financial, Inc.
Life Insurance
- Revenue
- $18.5B
- 1.2% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $15.5B
- Employees
- 4,800
- $4M revenue each
- Net debt / EBITDA
- —
- $10.6B net debt
- AI in 10-K
- 1.1
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 1 of 7
- TSR below peersNo1 of 4 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowYes130% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$4M · 82nd pctBottom quartile of its SIC industry
- Quiet on AINo1.1 per 10K words · 37th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$15.5B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$338M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $23.3B | $24.7B | $18.8B | $18.7B | $18.5B | 1.2% |
| Net income | $8.2B | $8.2B | $1.1B | $2.2B | −$366M | 116% |
| Operating cash flow | $2.4B | $2.6B | $3.4B | $2.2B | $2.0B | 6.0% |
| Stock-based comp | $88M | $75M | $60M | $58M | $67M | 16% |
| Buybacks | $0 | $0 | $498M | $1.8B | $2.1B | 18% |
| Dividends | $0 | $876M | $1.7B | $544M | $511M | 6.1% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Jun 23, 2026 | DEFM14A | New Equitable | — | — |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 27, 2026 | NIPPON LIFE INSURANCE CO | SCHEDULE 13D/A | 29.4% | Passive |
| Oct 6, 2026 | NIPPON LIFE INSURANCE CO | SCHEDULE 13D/A | 28.4% | Passive |
| Aug 7, 2026 | NIPPON LIFE INSURANCE CO | SCHEDULE 13D/A | 27.4% | Passive |
| Apr 9, 2026 | NIPPON LIFE INSURANCE CO | SCHEDULE 13D/A | 26.7% | Passive |
| Feb 12, 2026 | NIPPON LIFE INSURANCE CO | SCHEDULE 13D/A | 25.3% | Passive |
| Aug 7, 2025 | NIPPON LIFE INSURANCE CO | SCHEDULE 13D/A | 22.6% | Passive |
| Dec 13, 2024 | NIPPON LIFE INSURANCE CO | SC 13D | 21.6% | Passive |
Insider trading
- Open-market buys, 12 mo
- $340M · 42
- Open-market sells, 12 mo
- $2M · 6
- Net
- $338M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 183 | 157 |
| FY2024 | — | — | 176 | 151 |
| FY2023 | — | — | 124 | 119 |
| FY2022 | — | — | 99 | 109 |