TakeoverPE & activists

CRBGCorebridge Financial, Inc.

Life Insurance · $15.5B market cap · 4,800 employees

0.3×

Less likely than average to be taken private

Top 42% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

1of 15 firedHow well they predict deals →
14 other checks
  • TSR below peersNo
    1 of 4 years
    3+ 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 SBCNo
    0% of revenue
    Over 10% of revenue
  • Goodwill-heavyNo
    0% of assets
    Over 40% of assets
  • Shareholder dissentNo
    98% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $4M · 82nd pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    1.1 per 10K words · 37th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    —
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $15.5B market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    —
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    —
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $338M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Jun 23, 2026DEFM14AEquitable Holdings, Inc. (New Equitable)——
Apr 8, 20268-KEquitable Holdings, Inc.——

Key numbers

Revenue
$18.5BFY2021: $23.3BFY2022: $24.7BFY2023: $18.8BFY2024: $18.7BFY2025: $18.5B
1.2% YoY
Operating margin
—
EBITDA
—
Net debt / EBITDA
—
$10.6B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$23.3B$24.7B$18.8B$18.7B$18.5B 1.2% FY2021: $23.3BFY2022: $24.7BFY2023: $18.8BFY2024: $18.7BFY2025: $18.5B
Net income$8.2B$8.2B$1.1B$2.2B−$366M 116% FY2021: $8.2BFY2022: $8.2BFY2023: $1.1BFY2024: $2.2BFY2025: −$366M
Operating cash flow$2.4B$2.6B$3.4B$2.2B$2.0B 6.0% FY2021: $2.4BFY2022: $2.6BFY2023: $3.4BFY2024: $2.2BFY2025: $2.0B
Stock-based comp$88M$75M$60M$58M$67M 16% FY2021: $88MFY2022: $75MFY2023: $60MFY2024: $58MFY2025: $67M
Buybacks$0$0$498M$1.8B$2.1B 18% FY2021: $0FY2022: $0FY2023: $498MFY2024: $1.8BFY2025: $2.1B
Dividends$0$876M$1.7B$544M$511M 6.1% FY2021: $0FY2022: $876MFY2023: $1.7BFY2024: $544MFY2025: $511M

13D filers

FiledFilerFormStakeIntent
Oct 27, 2026NIPPON LIFE INSURANCE COSCHEDULE 13D/A29.4%Passive
Oct 6, 2026NIPPON LIFE INSURANCE COSCHEDULE 13D/A28.4%Passive
Aug 7, 2026NIPPON LIFE INSURANCE COSCHEDULE 13D/A27.4%Passive
Apr 9, 2026NIPPON LIFE INSURANCE COSCHEDULE 13D/A26.7%Passive
Feb 12, 2026NIPPON LIFE INSURANCE COSCHEDULE 13D/A25.3%Passive
Aug 7, 2025NIPPON LIFE INSURANCE COSCHEDULE 13D/A22.6%Passive
Dec 13, 2024NIPPON LIFE INSURANCE COSC 13D21.6%Passive

Insider trading

+$338Mnet buying by insiders, open market, last 12 months
Bought $340M · 42 tradesSold $2M · 6 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025——183157
FY2024——176151
FY2023——124119
FY2022——99109