The reconciliation of such measures to the most comparable GAAP figures is included in our earnings release, financial supplement, and earnings presentation, all of which are available at our website at investors.corebridgefinancial.com. I want to begin by recognizing Kevin Hogan, who led this business for more than a decade, executed Corebridge's successful launch as a standalone company, and established a solid foundation for future growth. I'll turn it over to Elias for additional color on both our Q4 results and the company's 2026 outlook. Earnings per share were up 4% year-over-year, return on average equity was up 20 basis points, and capital return to shareholders was up 13%.
Our growth in 2025 was strong, with sales up 4% to a record $42 billion. MarketLock is now available to more than 200 distribution partners across the United States, and we expect continued growth in 2026. Our diverse businesses at Corebridge give us flexibility to adjust our capital allocation between our different offerings based on where risk-adjusted returns are the highest and customer demand is the strongest. We grew Institutional Markets sales by 24% overall, led by pension risk transfers and guaranteed investment contracts, to drive both current and future earnings growth.
Excluding the VA reinsurance transaction proceeds, we grew our insurance company dividends to the parent by 6% year-over-year, in line with our guidance. As I look at our key strengths and opportunities, I'll begin with the powerful demographic tailwinds that are driving strong customer demand for retirement solutions. Our breadth of product and service offerings helps provide more stability to our financial results, allowing us to allocate capital to where returns are the most attractive and demand is the strongest. I also believe Corebridge has an underappreciated critical differentiator that supports growth.