Corebridge Financial issues $500 million in Series A preferred stock on NYSE

Corebridge Financial, Inc. (NYSE:CRBG) announced Tuesday it has closed a public offering of 500,000 shares of its 6.875% Fixed Rate Reset Non-Cumulative Preferred Stock, Series A. The shares were issued under an effective shelf registration statement on Form S-3. The financial services company, currently valued at $14.5 billion by market capitalization, has maintained a perfect Piotroski Score of 9 according to InvestingPro data, indicating strong financial health.

According to a press release statement, the Series A Preferred Stock establishes specific rights and restrictions for holders. If Corebridge does not declare and pay dividends on these preferred shares or on any equally ranked stock for the latest dividend period, the company will be restricted from paying dividends on or redeeming its common stock or any junior-ranking shares. Additionally, if only partial dividends are declared on the Series A Preferred Stock or parity stock, dividends for that period must be allocated pro rata among all such shares.

On Tuesday, Corebridge filed a Certificate of Designations with the Secretary of State of Delaware, making the preferences, limitations, and relative rights of the Series A Preferred Stock effective as of filing.

The underwriting agreement for the offering, dated November 13, was entered into with Wells Fargo Securities, BofA Securities, Citigroup Global Markets, J.P. Morgan Securities, and Morgan Stanley & Co., as representatives of the underwriters.

The company’s common stock and the new preferred shares trade on the New York Stock Exchange under the symbols CRBG and CRBD, respectively.

This report is based on a press release statement and information disclosed in a recent SEC filing.

In other recent news, Corebridge Financial reported its third-quarter 2025 earnings, showcasing a mixed performance. The company recorded earnings per share (EPS) of $0.96, which fell short of the anticipated $1.10, representing a 12.73% miss. On the positive side, Corebridge’s revenue reached $5.63 billion, surpassing expectations by 15.61% compared to the forecast of $4.87 billion. In a related development, American International Group (AIG) conducted a secondary offering of Corebridge Financial shares, pricing them at $31.10 each. This offering involved 32.6 million existing shares and generated approximately $1.0 billion in gross proceeds for AIG. Additionally, Morgan Stanley downgraded Corebridge Financial from Overweight to Equalweight, lowering its price target to $33.00 from $39.00. Despite Corebridge’s strong performance in the third quarter, Morgan Stanley expressed concerns about the company’s future outlook. These recent developments provide investors with important insights into Corebridge Financial’s current situation.

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