Corebridge (NYSE: CRBD) merger partner posts billion‑dollar 2025 loss
Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary
Corebridge Financial, Inc. filed audited and unaudited financial statements of Equitable Holdings, Inc. and pro forma financials for “New Equitable” in connection with the previously announced merger among Corebridge, Equitable, and newly formed holding entities. The submission is intended for incorporation by reference into a Corebridge registration statement and related prospectus.
Equitable’s consolidated statements show 2025 revenue of $11.7 billion, down from $12.4 billion in 2024, and a net loss attributable to Equitable of $1.38 billion versus income of $1.28 billion in 2024, driven in part by investment losses and liability remeasurement. Net income available to common shareholders was a loss of $1.44 billion compared with a $1.20 billion profit in 2024. Total assets were $318.0 billion and total equity $1.5 billion at December 31, 2025.
Key 2025 actions include a large life reinsurance transaction with RGA, where Equitable ceded $12.3 billion of direct insurance liabilities and incurred a $1.1 billion loss on transferred assets, and a novation of legacy variable annuity reinsurance that produced a $499 million pre-tax loss. Market risk benefits remain significant, with MRB liabilities of $10.15 billion and purchased MRB assets of $5.26 billion. AllianceBernstein-related activity includes a tender offer costing $758 million, increasing Equitable’s economic interest in AB to about 68%.
Positive
- Equitable reported comprehensive income attributable to Holdings of $1.05 billion in 2025, up from $365 million in 2024, supported by a $2.45 billion swing in other comprehensive income.
- PricewaterhouseCoopers LLP issued an unqualified opinion that Equitable’s 2025 and 2024 financial statements present fairly in conformity with U.S. GAAP and that internal control over financial reporting was effective as of December 31, 2025.
Negative
- Equitable’s net income available to common shareholders swung to a $1.44 billion loss in 2025 from a $1.20 billion profit in 2024, a material deterioration in earnings.
- The RGA reinsurance transaction generated a $1.1 billion loss on transferred assets and the novation of legacy variable annuity reinsurance produced an additional $499 million pre-tax loss.
- Equitable’s equity attributable to Holdings fell from $1.57 billion to a deficit of $74 million in 2025, reflecting the large net loss and capital actions.
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