Corebridge Financial preps for CEO, CFO changes amid strong Q3 report

Corebridge Financial has not been around that long, but the majority of its short time in business has been spent near the very top of a red-hot annuity sales market.

That makes the impending departures of both CEO Kevin Hogan and Chief Financial Officer Elias Habayeb all the more surprising. Hogan will step down at the end of November and be succeeded by Marc Costantini, a CEO switch announced in September.

The Corebridge executive team met with Wall Street analysts Tuesday to discuss the insurer’s third-quarter earnings. Hogan began the call by announcing Habayeb’s imminent departure for “a senior leadership position at a publicly listed company that we do not consider a competitor.”

A search process for a new CFO is underway, Hogan added.

“We're pleased that there will be a six-month transition period that will allow for Elias to oversee the completion and filing of 2025 financial statements and the finalization of the 2026 budget and business and operating plan,” Hogan said.

Corebridge delivered another strong quarterly financial performance, with its diversified businesses generating $12.3 billion of sales. But analysts were more interested in whether Corebridge will remain a focused juggernaut while transitioning from its top two executives.

Hogan noted that he will serve as advisor to the board of directors for six months.

“We have a very strong foundation in place,” Hogan said. “We're looking forward to welcoming Marc. Elias is here for six months through the transition ... and we're looking forward to a very smooth transition process."

Costantini joins Corebridge from Manulife, where he served most recently as global head of strategy and inforce management. He led corporate strategy, corporate development, life reinsurance and initiatives to improve the profitability and risk profile of Manulife’s in-force business, Corebridge said in a news release.

Corebridge formed in 2022 when AIG spun off its life and retirement business segments to create an independent, publicly traded company. The company, formerly known as AIG Life & Retirement, launched its IPO in September 2022 and received an investment from Blackstone.

In Other News

Reinsurance deal. ACorebridge reinsurance agreement with CS Life Re, a subsidiary of Venerable Holdings is already creating value for shareholders, Hogan said. CS Life will reinsure all the variable annuities of Corebridge’s Individual Retirement business, with account value totaling $51 billion.

The transaction is valued at $2.8 billion, consisting of both ceding commission and capital release, and will generate approximately $2.1 billion of net distributable proceeds after-tax for Corebridge, the insurer announced in a news release.

The deal, expected to close during the fourth quarter, is “the most important value creation action we have taken” since splitting from AIG in 2022 and undergoing an initial public offering, Hogan has said.

"Our recent VA reinsurance transaction is generating significant distributable proceeds," Habayeb said. "You can expect to see elevated levels of share repurchases in the coming quarters, pursuant to the $2 billion increase to our share repurchase authorized by the board in June."

New York, New York. Corebridge received regulatory approval in October to sell its new registered index-linked annuity product in New York State and is on track to launch it by the end of the year, Hogan announced.

"[W]e believe it's, if not the largest, then one of the largest annuity markets in the country," he added.

Overall, the insurer recorded $800,000 million in RILA sales during the quarter.

Quarterly Snapshot

• Premiums and deposits of $12.3 billion, up 34% year over year.
• Recorded “favorable mortality” during the quarter in the life insurance segment.
• Holding company liquidity of $1.8 billion includes partial proceeds from a variable annuity reinsurance transaction.
• “Record high” sales of fixed indexed annuities.

Management Perspective

"We are now the only company to have a top 10 ranking across all four major annuity product categories, as measured by LIMRA."

CEO Kevin Hogan

By The Numbers

• Net Income: $144 million (-$1.2 billion in Q3 2024)
• Premium and Deposits: $12.3 billion ($9.3 billion in Q3 2024)
• Earnings Per Share: $0.96 per share ($1.23 in Q3 2024)
• Share Repurchases: $381 million in Q3 2025
• Dividend Declared: $128 million in Q3 2025
• Stock Price Movement: Shares rose nearly 1% to $31.21 as of Tuesday afternoon

Life Picture

- Premium and Deposits: $841 million ($856 million in Q3 2024)

- Sales: $76 million ($81 million in Q3 2024)

Annuity Picture

- Premium and Deposits: $5.5 billion ($5.1 billion in Q3 2024)

© Entire contents copyright 2025 by InsuranceNewsNet.com Inc. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com.

InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.