Corebridge Financial is one of the largest U.S. life and retirement companies, selling annuities and life insurance to individuals and institutions and managing or administering $386B in client assets. Corebridge operates across four segments: Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets. In Individual Retirement, Corebridge sells fixed, fixed index, and registered index-linked annuities (RILAs) to mass affluent and high net worth individuals through a broad third-party distribution network of roughly 460 banks, broker-dealers, and independent insurance agents. In Group Retirement, Corebridge provides retirement plan services to tax-exempt and public sector employers — primarily in the 403(b), 457(b), and 401(k) markets — and deploys its own financial adviser force to engage participants in-plan and capture rollover assets out-of-plan. Life Insurance sells term, index universal life, and whole life products through independent distribution and direct-to-consumer channels. Institutional Markets provides pension risk transfer contracts, GICs, structured settlements, and stable value wraps to corporate and institutional clients. Corebridge earns money through three streams: spread income (the difference between investment yields on its general account and crediting rates paid to policyholders), fee income on variable and advisory accounts, and underwriting margin in life insurance. Spread income dominates profitability, making interest rates a key earnings driver. Corebridge partners with Blackstone and BlackRock for asset origination alongside its internal team. Capital management is central to the business model — Corebridge uses a Bermuda-affiliated reinsurer and external reinsurance to optimize statutory capital and increase distributable cash flows, and targets a 60%-65% payout ratio through dividends and buybacks.