[SCHEDULE 13D/A] Corebridge Financial, Inc. SEC Filing

Rhea-AI Filing Summary

Nippon Life Insurance Company filed Amendment No. 1 to Schedule 13D for Corebridge Financial, Inc. (NYSE: CRBG) dated 8 Aug 2025.

• Shares owned: 121,987,902 common shares (includes 31,646 held by subsidiary Nissay Asset Management).
• Ownership percentage: 22.6 % of the 538,681,830 shares outstanding as of 1 Aug 2025.
• Control: Sole voting and dispositive power over the entire stake; no shared power reported.
• Source of funds: Working capital ("WC").

The amendment reflects an increase in Nippon Life’s ownership percentage caused by Corebridge’s share repurchase program, which reduced the issuer’s outstanding share count. The reporting person states no new acquisitions or dispositions; the filing purpose is purely to update percentages. Nippon Life is organized in Japan and signs the report through General Manager Shinsuke Hashizume.

Positive

• Issuer share repurchase reduced outstanding shares to 538.7 M, mechanically lifting existing holders’ ownership percentages.
• Nippon Life’s 22.6 % stake underscores long-term institutional commitment and potential voting influence.

Negative

• None.

Insights

Financial Analyst

TL;DR: Nippon Life still owns ~122 M CRBG shares; buybacks lift its stake to 22.6 %, signaling tighter float but no new purchase.

The disclosure is informational. Nippon Life’s absolute share count is unchanged, yet Corebridge’s buybacks shrink the denominator, boosting the insurer’s relative stake from prior levels (exact prior percentage not stated here). A 22.6 % holder can materially influence shareholder votes, so tracking its intentions remains important, but the filing does not outline activist aims—purpose is merely percentage update. Share repurchases imply capital return, modestly supportive for EPS, but this stems from issuer actions disclosed elsewhere, not from Nippon Life. Overall impact on valuation is limited and already anticipated through buyback announcements.

Corporate Governance Specialist

TL;DR: Large insider retains sole control of 22.6 % after issuer buybacks; governance concentration edges higher without new agreements.

Nippon Life’s single-party control over nearly a quarter of Corebridge’s voting power heightens governance concentration risk, yet the Schedule 13D reports no collaborative group formation or change-in-control plans. Absence of shared voting power suggests no shift toward coalition building. From a governance lens the filing is neutral: it neither signals activism nor divestiture. Investors should, however, monitor future amendments because any incremental purchase above 25 % could trigger additional regulatory thresholds in some jurisdictions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Corebridge Financial, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

21871X109

(CUSIP Number)

Shinsuke Hashizume
Nippon Life Insurance Company, 3-5-12 Imabashi, Chuo-ku
Osaka, M0, 541-8501
1-347-417-1923

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/05/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 21871X109

1

Name of reporting person

Nippon Life Insurance Company

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

JAPAN

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 121,987,902.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 121,987,902.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

121,987,902.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

22.6 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.01 per share
(b)	Name of Issuer: Corebridge Financial, Inc.
(c)	Address of Issuer's Principal Executive Offices: 2919 Allen Parkway, Woodson Tower, Houston, TEXAS , 77019.
Item 4.	Purpose of Transaction
	This amendment is being filed solely to report that, as a result of share repurchases by the Issuer as disclosed on the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 5, 2025, pursuant to the Issuer's share repurchase program authorized by its Board of Directors, the total number of shares of Common Stock held in treasury by the Issuer has increased and the total number of shares of Common Stock issued and outstanding has correspondingly been reduced.
Item 5.	Interest in Securities of the Issuer
(a)	The information contained on the cover pages to the Schedule 13D is hereby incorporated by reference. The amount of securities beneficially owned includes 121,956,256 shares of Common Stock held of record by the Reporting Person and 31,646 shares of Common Stock held of record by Nissay Asset Management Corporation, a direct wholly owned subsidiary of the Reporting Person, which the Reporting Person may be deemed to beneficially own. Based on a total of 538,681,830 shares of Common Stock outstanding as of August 1, 2025, as disclosed on the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 5, 2025.
(b)	The information contained on the cover pages to the Schedule 13D is hereby incorporated by reference.
(c)	Not applicable.
(d)	None.
(e)	Not applicable.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Nippon Life Insurance Company

Signature:	/s/ Shinsuke Hashizume
Name/Title:	Shinsuke Hashizume, General Manager
Date:	08/07/2025

FAQ

How many Corebridge (CRBG) shares does Nippon Life currently own?

Nippon Life beneficially owns 121,987,902 CRBG common shares.

What percentage of Corebridge's outstanding shares does this represent?

The stake equals 22.6 % of the 538,681,830 shares outstanding as of 1 Aug 2025.

Did Nippon Life purchase additional CRBG shares?

No. The filing states the percentage increase stems from issuer share repurchases, not new acquisitions.

Does Nippon Life share voting or dispositive power with others?

No. It reports sole voting and sole dispositive power over the entire position.

Why was this Schedule 13D/A filed?

Solely to update ownership percentages after Corebridge’s buyback program reduced total shares outstanding.