CCRBGCorebridge Financial Inc.

Corebridge sells retirement products and life insurance — a business separated from a large insurer.

The base is annuities: the client hands over savings and receives payments for life or for a term. The company invests that money and earns the difference between the portfolio's yield and what was promised. When rates are high that spread widens and the product becomes more attractive to buyers.

A separate line is retirement plans for education and non-profit sector employees, where client relationships last decades. Risks: falling rates, the accuracy of longevity assumptions, credit portfolio quality and the former parent gradually reducing its stake. A dividend is paid and buybacks are active.