Corebridge Financial, Inc. (CRBG) witnessed a sharp decline of 5.45% in its stock price on November 5, 2024, following the release of its third-quarter earnings report. The company's financial performance fell short of expectations, causing concerns among investors.

In the third quarter of 2024, Corebridge Financial reported a staggering net loss of $1.18 billion, a stark contrast to the $2.07 billion profit recorded in the same period last year. This significant drop in profitability was a major contributing factor to the stock's plummet.

Despite boasting a diversified product portfolio and strong investment income, the company faced challenges in managing its expenses. Policyholder benefits and expenses remained high at $4.21 billion in Q3 2024, straining Corebridge Financial's overall financial performance.