Retirement solutions provider Corebridge Financial (NYSE:CRBG) reported revenue ahead of Wall Street’s expectations in Q4 CY2025, with sales up 35.7% year on year to $6.34 billion. Its non-GAAP profit of $1.22 per share was 9.7% above analysts’ consensus estimates.
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Corebridge Financial (CRBG) Q4 CY2025 Highlights:
- Net Premiums Earned: $2.60 billion (38.7% year-on-year growth)
- Revenue: $6.34 billion vs analyst estimates of $4.31 billion (35.7% year-on-year growth, 47.3% beat)
- Pre-tax Profit: $760 million (12% margin)
- Adjusted EPS: $1.22 vs analyst estimates of $1.11 (9.7% beat)
- Book Value per Share: $25.60 (25.4% year-on-year growth)
- Market Capitalization: $16.22 billion
Company Overview
Spun off from insurance giant AIG in 2022 to focus on the growing retirement market, Corebridge Financial (NYSE:CRBG) provides retirement solutions, annuities, life insurance, and institutional risk management products in the United States.
Revenue Growth
In general, insurance companies earn revenue from three primary sources. The first is the core insurance business itself, often called underwriting and represented in the income statement as premiums earned. The second source is investment income from investing the “float” (premiums collected upfront not yet paid out as claims) in assets such as fixed-income assets and equities. The third is fees from various sources such as policy administration, annuities, or other value-added services. Unfortunately, Corebridge Financial’s 4.6% annualized revenue growth over the last five years was tepid. This was below our standard for the insurance sector and is a tough starting point for our analysis.
Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. Corebridge Financial’s performance shows it grew in the past but relinquished its gains over the last two years, as its revenue fell by 1.8% annually. 
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, Corebridge Financial reported wonderful year-on-year revenue growth of 35.7%, and its $6.34 billion of revenue exceeded Wall Street’s estimates by 47.3%.
Net premiums earned made up 43.3% of the company’s total revenue during the last five years, meaning Corebridge Financial’s growth drivers strike a balance between insurance and non-insurance activities.
While insurers generate revenue from multiple sources, investors view net premiums earned as the cornerstone - its direct link to core operations stands in sharp contrast to the unpredictability of investment returns and fees.
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Book Value Per Share (BVPS)
Insurers are balance sheet businesses, collecting premiums upfront and paying out claims over time. Premiums collected but not yet paid out, often referred to as the float, are invested and create an asset base supported by a liability structure. Book value per share (BVPS) captures this dynamic by measuring these assets (investment portfolio, cash, reinsurance recoverables) less liabilities (claim reserves, debt, future policy benefits). BVPS is essentially the residual value for shareholders.
We therefore consider BVPS very important to track for insurers and a metric that sheds light on business quality. While other (and more commonly known) per-share metrics like EPS can sometimes be lumpy due to reserve releases or one-time items and can be managed or skewed while still following accounting rules, BVPS reflects long-term capital growth and is harder to manipulate.
Corebridge Financial’s BVPS declined at a 15% annual clip over the last five years. However, BVPS growth has accelerated recently, growing by 16.3% annually over the last two years from $18.93 to $25.60 per share.
Key Takeaways from Corebridge Financial’s Q4 Results
We were impressed by how significantly Corebridge Financial blew past analysts’ revenue expectations this quarter. We were also glad its EPS outperformed Wall Street’s estimates. Zooming out, we think this was a good print with some key areas of upside. The stock remained flat at $31.38 immediately following the results.
Sure, Corebridge Financial had a solid quarter, but if we look at the bigger picture, is this stock a buy? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).
