CRBG

Corebridge Financial is a large life and retirement insurer whose FY2025 GAAP loss of $366M (EPS -$0.68) makes the headline P/E (-42.9) meaningless. For a $414B-balance-sheet life insurer, GAAP net income is dominated by mark-to-market movements on investments and derivative/hedge positions tied to interest rates and credit spreads — the 10-K's forward-looking risk list leads with 'changes in interest rates and changes to credit spreads' and 'volatility in equity markets.' Net income at this company has swung from $8.24B (FY2021) to $1.10B (FY2023) to $2.23B (FY2024) to a loss in FY2025, a pattern characteristic of accounting volatility rather than a collapse in the underlying spread business. Operating cash flow remained solidly positive at $2.02B (down just 6.0%).

The capital-return story is the clearest positive. Corebridge repurchased $2.12B of stock (up 18.2%), shrinking the share count 13.4% to 482M, and paid $511M in dividends. Stockholders' equity actually grew 15.2% to $13.2B despite the reported loss, and retained earnings of $18.4B remain large. At $29.18 the stock trades at 0.8x sales and roughly book value, a typical discount for a rate-sensitive life insurer. The aggressive buyback at this valuation is accretive if the franchise's normalized earnings power resembles FY2024 rather than FY2025.