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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Corebridge Financial Inc | NYSE:CRBG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.28 | 0.92% | 30.62 | 31.09 | 30.4125 | 30.64 | 2,994,948 | 01:00:00 |
Corebridge Financial, Inc. ("Corebridge" or the "Company") (NYSE: CRBG) today reported financial results for the first quarter ended March 31, 2024.
Kevin Hogan, President and Chief Executive Officer of Corebridge, said, "Corebridge had a very strong start to 2024 with operating earnings per share increasing 13% year over year to $1.10. These results demonstrate how our diversified business model delivers multiple sources of income leading to consistent cash flow generation and attractive shareholder returns.
"We grew our earnings by pursuing profitable organic growth with focused execution, and leveraging our broad product suite and distribution platform to help meet the needs of an aging U.S. population. We see a growing generation of advisors who are becoming more aware of the value of annuities in helping their clients prepare for retirement. This, together with the larger macroeconomic environment, helped Corebridge deliver $10.6 billion of premiums and deposits this quarter and $50 billion over the last five quarters, at attractive margins. At the same time, through overall expense discipline and the implementation of our modernization program Corebridge Forward, we reduced general operating expenses by 10% year over year.
"This week, our Board of Directors approved an increase of $2 billion to our existing share repurchase program, reflecting their ongoing confidence in our financial position and strategic direction. Our strong balance sheet is the result of a long-term commitment to measured growth, prudent risk management and disciplined asset and liability management. Looking ahead, we will continue to move with pace and purpose to grow the business, serve our customers and create long-term value for shareholders."
CONSOLIDATED RESULTS
Three Months Ended March 31,
($ in millions, except per share data)
2024
2023
Net income (loss) attributable to common shareholders
$
878
$
(459
)
Income (loss) per common share attributable to common shareholders
$
1.41
$
(0.70
)
Weighted average shares outstanding - diluted
624.9
650.8
Adjusted after-tax operating income
$
688
$
632
Operating EPS
$
1.10
$
0.97
Weighted average shares outstanding - operating
624.9
652.8
Book value per common share
$
18.81
$
17.83
Adjusted book value per common share1
$
37.73
$
35.88
Total common shares outstanding
615.4
648.1
Pre-tax income (loss)
$
1,016
$
(669
)
Adjusted pre-tax operating income1
$
837
$
724
Premiums and deposits
$
10,595
$
10,341
Net investment income
$
2,924
$
2,695
Net investment income (APTOI basis)1
$
2,629
$
2,335
Base portfolio income - insurance operating businesses
$
2,645
$
2,249
Variable investment income2 - insurance operating businesses
$
2
$
28
Corporate and other3
$
(18
)
$
58
Return on average equity
30.1
%
(17.5
%)
Adjusted return on average equity1
11.9
%
10.8
%
Net income was $878 million compared to a net loss of $459 million in the prior year quarter. The change largely was driven by realized losses in the first quarter of 2023 for the Fortitude Re funds withheld embedded derivative and higher net investment income in the first quarter of 2024.
Adjusted pre-tax operating income ("APTOI") was $837 million, a 16% increase over the prior year quarter. Excluding variable investment income, APTOI grew 20% over the same period, primarily the result of higher base spread income2, higher fee income2 and lower expenses, partially offset by lower underwriting margin2 driven by the sale of Laya Healthcare and one-time reinsurance-related items in the Life Insurance segment.
Premiums and deposits were $10.6 billion, a 2% increase over the prior year quarter. Excluding transactional activity (i.e., pension risk transfer, guaranteed investment contracts and Group Retirement plan acquisitions), premiums and deposits grew 3% over the same period primarily driven by growth in our spread-based products.
Net investment income was $2.9 billion, an 8% increase over the prior year quarter, and net investment income on an APTOI basis was $2.6 billion, a 13% increase over the same period. This improvement was due to higher base portfolio income, which grew $396 million, or 18%, over the prior year quarter. This increase was partially offset by variable investment income, which declined $26 million, or 93%, over the same period.
CAPITAL AND LIQUIDITY HIGHLIGHTS
BUSINESS RESULTS
Individual Retirement
Three Months Ended March 31,
($ in millions)
2024
2023
Premiums and deposits
$
4,861
$
4,883
Spread income
$
713
$
623
Base spread income
$
709
$
618
Variable investment income
$
4
$
5
Fee income
$
307
$
277
Adjusted pre-tax operating income
$
622
$
534
Group Retirement
Three Months Ended March 31,
($ in millions)
2024
2023
Premiums and deposits
$
2,054
$
2,246
Spread income
$
200
$
213
Base spread income
$
199
$
204
Variable investment income
$
1
$
9
Fee income
$
190
$
176
Adjusted pre-tax operating income
$
200
$
186
Life Insurance
Three Months Ended March 31,
($ in millions)
2024
2023
Premiums and deposits
$
1,094
$
1,049
Underwriting margin
$
297
$
356
Underwriting margin excluding variable investment income
$
298
$
356
Variable investment income
$
(1
)
$
—
Adjusted pre-tax operating income
$
54
$
82
Institutional Markets
Three Months Ended March 31,
($ in millions)
2024
2023
Premiums and deposits
$
2,586
$
2,163
Spread income
$
106
$
82
Base spread income
$
108
$
68
Variable investment income
$
(2
)
$
14
Fee income
$
16
$
16
Underwriting margin
$
18
$
17
Underwriting margin excluding variable investment income
$
18
$
17
Variable investment income
$
—
$
—
Adjusted pre-tax operating income
$
112
$
85
Corporate and Other
Three Months Ended March 31,
($ in millions)
2024
2023
Corporate expenses
$
(39
)
$
(48
)
Interest on financial debt
$
(107
)
$
(108
)
Asset management
$
14
$
—
Consolidated investment entities
$
(1
)
$
—
Other
$
(18
)
$
(7
)
Adjusted pre-tax operating income (loss)
$
(151
)
$
(163
)
CONFERENCE CALL
Corebridge will host a conference call on Friday, May 3, 2024, at 8:30 a.m. EDT to review these results. The call is open to the public and can be accessed via a live listen-only webcast in the Investors section of corebridgefinancial.com. A replay will be available after the call at the same location.
Supplemental financial data and our investor presentation are available in the Investors section of corebridgefinancial.com.
About Corebridge Financial
Corebridge Financial, Inc. makes it possible for more people to take action in their financial lives. With more than $390 billion in assets under management and administration as of March 31, 2024, Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the United States. We proudly partner with financial professionals and institutions to help individuals plan, save for and achieve secure financial futures. For more information, visit corebridgefinancial.com and follow us on LinkedIn and YouTube. These references with additional information about Corebridge have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
In the discussion below, “we,” “us” and “our” refer to Corebridge and its consolidated subsidiaries, unless the context refers solely to Corebridge as a corporate entity.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements in this press release and other publicly available documents may include statements of historical or present fact, which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as “expects,” “believes,” “anticipates,” “intends,” “seeks,” “aims,” “plans,” “assumes,” “estimates,” “projects,” “is optimistic,” “targets," “should,” “would,” “could,” “may,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Also, forward-looking statements include, without limitation, all matters that are not historical facts. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Corebridge. There can be no assurance that future developments affecting Corebridge will be those anticipated by management.
Any forward-looking statements included herein are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected or implied in such forward-looking statements, including, among others, risks related to:
Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law. You are advised, however, to consult any further disclosures we make on related subjects in our filings with the Securities and Exchange Commission ("SEC").
NON-GAAP FINANCIAL MEASURES
Throughout this release, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are ‘‘non-GAAP financial measures’’ under SEC rules and regulations. We believe presentation of these non-GAAP financial measures allows for a deeper understanding of the profitability drivers of our business, results of operations, financial condition and liquidity. These measures should be considered supplementary to our results of operations and financial condition that are presented in accordance with GAAP and should not be viewed as a substitute for GAAP measures. The non-GAAP financial measures we present may not be comparable to similarly named measures reported by other companies.
Adjusted pre-tax operating income (“APTOI”) is derived by excluding the items set forth below from income from operations before income tax. These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and recording adjustments to APTOI that we believe to be common in our industry. We believe the adjustments to pre-tax income are useful for gaining an understanding of our overall results of operations.
APTOI excludes the impact of the following items:
FORTITUDE RE RELATED ADJUSTMENTS:
The modified coinsurance (“modco”) reinsurance agreements with Fortitude Re transfer the economics of the invested assets supporting the reinsurance agreements to Fortitude Re. Accordingly, the net investment income on Fortitude Re funds withheld assets and the net realized gains (losses) on Fortitude Re funds withheld assets are excluded from APTOI. Similarly, changes in the Fortitude Re funds withheld embedded derivative are also excluded from APTOI.
The ongoing results associated with the reinsurance agreement with Fortitude Re have been excluded from APTOI as these are not indicative of our ongoing business operations.
INVESTMENT RELATED ADJUSTMENTS:
APTOI excludes “Net realized gains (losses)”, except for gains (losses) related to the disposition of real estate investments. Net realized gains (losses), except for gains (losses) related to the disposition of real estate investments, are excluded as the timing of sales on invested assets or changes in allowances depend largely on market credit cycles and can vary considerably across periods. In addition, changes in interest rates may create opportunistic scenarios to buy or sell invested assets. Our derivative results, including those used to economically hedge insurance liabilities or are recognized as embedded derivatives at fair value are also included in Net realized gains (losses) and are similarly excluded from APTOI except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedges or for asset replication. Earned income on such economic hedges is reclassified from Net realized gains and losses to specific APTOI line items based on the economic risk being hedged (e.g., Net investment income and Interest credited to policyholder account balances).
MARKET RISK BENEFIT ADJUSTMENTS (“MRBs”):
Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain guaranteed minimum withdrawal benefits (“GMWBs”) and/or guaranteed minimum death benefits (“GMDBs”) which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs, along with changes in the fair value of derivatives used to hedge MRBs are recorded through “Change in the fair value of MRBs, net” and are excluded from APTOI.
Changes in the fair value of securities used to economically hedge MRBs are excluded from APTOI.
OTHER ADJUSTMENTS:
Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income (losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable:
Adjusted after-tax operating income attributable to our common shareholders (“Adjusted After-tax Operating Income” or “AATOI”) is derived by excluding the tax effected APTOI adjustments described above, as well as the following tax items from net income attributable to us:
Adjusted Book Value is derived by excluding AOCI, adjusted for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re.
Adjusted Book Value per Common Share is computed as adjusted book value divided by total common shares outstanding.
Adjusted Return on Average Equity (“Adjusted ROAE”) is derived by dividing AATOI by average Adjusted Book Value and is used by management to evaluate our recurring profitability and evaluate trends in our business. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re.
Adjusted revenues exclude Net realized gains (losses) except for gains (losses) related to the disposition of real estate investments, income from non-operating litigation settlements (included in Other income for GAAP purposes) and changes in fair value of securities used to hedge guaranteed living benefits (included in Net investment income for GAAP purposes).
Assets Under Management and Administration
Net investment income (APTOI basis) is the sum of base portfolio income and variable investment income.
Operating Earnings per Common Share ("Operating EPS") is derived by dividing AATOI by weighted average diluted shares.
Premiums and deposits is a non-GAAP financial measure that includes direct and assumed premiums received and earned on traditional life insurance policies and life-contingent payout annuities, as well as deposits received on universal life insurance, investment-type annuity contracts and GICs. We believe the measure of premiums and deposits is useful in understanding customer demand for our products, evolving product trends and our sales performance period over period.
KEY OPERATING METRICS AND KEY TERMS
Base net investment spread means base yield less cost of funds, excluding the amortization of deferred sales inducement assets.
Base spread income means base portfolio income less interest credited to policyholder account balances, excluding the amortization of deferred sales inducement assets.
Base yield means the returns from base portfolio income including accretion and impacts from holding cash and short-term investments.
Cost of funds means the interest credited to policyholders excluding the amortization of deferred sales inducement assets.
Fee and Spread Income and Underwriting Margin
Financial leverage ratio means the ratio of financial debt to the sum of financial debt plus Adjusted Book Value plus non-redeemable noncontrolling interests.
Life Fleet RBC Ratio
Net Investment Income
RECONCILIATIONS
The following tables present a reconciliation of pre-tax income (loss)/net income (loss) attributable to Corebridge to adjusted pre-tax operating income (loss)/adjusted after-tax operating income (loss) attributable to Corebridge:
Three Months Ended March 31,
2024
2023
(in millions)
Pre-tax
Total Tax
(Benefit)
Charge
Non-
controlling
Interests
After Tax
Pre-tax
Total Tax
(Benefit)
Charge
Non-
controlling
Interests
After Tax
Pre-tax income/net income, including noncontrolling interests
$
1,016
$
189
$
—
$
827
$
(669
)
$
(216
)
$
—
$
(453
)
Noncontrolling interests
—
—
51
51
—
—
(6
)
(6
)
Pre-tax income/net income attributable to Corebridge
1,016
189
51
878
(669
)
(216
)
(6
)
(459
)
Fortitude Re related items
Net investment (income) on Fortitude Re funds withheld assets
(332
)
(71
)
—
(261
)
(394
)
(87
)
—
(307
)
Net realized (gains) losses on Fortitude Re funds withheld assets
164
35
—
129
(20
)
(4
)
—
(16
)
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative
(22
)
(5
)
—
(17
)
1,025
227
—
798
Subtotal Fortitude Re related items
(190
)
(41
)
—
(149
)
611
136
—
475
Other reconciling Items:
Reclassification of disproportionate tax effects from AOCI and other tax adjustments
—
26
—
(26
)
—
21
—
(21
)
Deferred income tax valuation allowance (releases) charges
—
(17
)
—
17
—
(16
)
—
16
Change in fair value of market risk benefits, net
(369
)
(77
)
—
(292
)
196
41
—
155
Changes in fair value of securities used to hedge guaranteed living benefits
1
—
—
1
3
1
—
2
Changes in benefit reserves related to net realized gains (losses)
(3
)
(1
)
—
(2
)
(5
)
(1
)
—
(4
)
Net realized (gains) losses(1)
222
47
—
175
508
107
—
401
Separation costs
67
14
—
53
52
11
—
41
Restructuring and other costs
47
10
—
37
27
6
—
21
Non-recurring costs related to regulatory or accounting changes
—
—
—
—
4
1
—
3
Net (gain) loss on divestiture
(5
)
(1
)
—
(4
)
3
1
—
2
Noncontrolling interests
51
—
(51
)
—
(6
)
—
6
—
Subtotal: Non-Fortitude Re reconciling items
11
1
(51
)
(41
)
782
172
6
616
Total adjustments
(179
)
(40
)
(51
)
(190
)
1,393
308
6
1,091
Adjusted pre-tax operating income (loss)/Adjusted after-tax operating income (loss) attributable to Corebridge
$
837
$
149
$
—
$
688
$
724
$
92
$
—
$
632
(1) Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Additionally, gains (losses) related to the disposition of real estate investments are also excluded from this adjustment
The following table presents Corebridge’s adjusted pre-tax operating income by segment:
(in millions)
Individual Retirement
Group Retirement
Life Insurance
Institutional Markets
Corporate & Other
Eliminations
Total Corebridge
Three Months Ended March 31, 2024
Premiums
$
41
$
5
$
434
$
1,796
$
19
$
—
$
2,295
Policy fees
191
107
368
48
—
—
714
Net investment income
1,339
495
326
487
(10
)
(8
)
2,629
Net realized gains (losses)(1)
—
—
—
—
(8
)
—
(8
)
Advisory fee and other income
116
83
—
1
23
—
223
Total adjusted revenues
1,687
690
1,128
2,332
24
(8
)
5,853
Policyholder benefits
36
3
748
2,023
—
—
2,810
Interest credited to policyholder account balances
639
298
83
169
—
—
1,189
Amortization of deferred policy acquisition costs
149
21
94
3
—
—
267
Non-deferrable insurance commissions
90
29
19
5
—
—
143
Advisory fee expenses
35
33
—
—
—
—
68
General operating expenses
116
106
130
20
86
—
458
Interest expense
—
—
—
—
137
(5
)
132
Total benefits and expenses
1,065
490
1,074
2,220
223
(5
)
5,067
Noncontrolling interests
—
—
—
—
51
—
51
Adjusted pre-tax operating income (loss)
$
622
$
200
$
54
$
112
$
(148
)
$
(3
)
$
837
(in millions)
Individual Retirement
Group Retirement
Life Insurance
Institutional Markets
Corporate & Other
Eliminations
Total Corebridge
Three Months Ended March 31, 2023
Premiums
$
78
$
6
$
425
$
1,575
$
20
$
—
$
2,104
Policy fees
174
100
375
49
—
—
698
Net investment income
1,128
500
317
332
68
(10
)
2,335
Net realized gains (losses)(1)
—
—
—
—
4
—
4
Advisory fee and other income
103
76
29
—
14
—
222
Total adjusted revenues
1,483
682
1,146
1,956
106
(10
)
5,363
Policyholder benefits
65
9
708
1,718
—
—
2,500
Interest credited to policyholder account balances
519
291
82
123
—
—
1,015
Amortization of deferred policy acquisition costs
137
21
96
2
—
—
256
Non-deferrable insurance commissions
86
28
17
5
—
—
136
Advisory fee expenses
34
29
2
—
—
—
65
General operating expenses
108
118
159
23
91
—
499
Interest expense
—
—
—
—
172
(10
)
162
Total benefits and expenses
949
496
1,064
1,871
263
(10
)
4,633
Noncontrolling interests
—
—
—
—
(6
)
—
(6
)
Adjusted pre-tax operating income (loss)
$
534
$
186
$
82
$
85
$
(163
)
$
—
$
724
(1) Net realized gains (losses) includes the gains (losses) related to the disposition of real estate investments
The following table presents a summary of Corebridge's spread income, fee income and underwriting margin:
Three Months Ended March 31,
(in millions)
2024
2023
Individual Retirement
Spread income
$
713
$
623
Fee income
307
277
Total Individual Retirement
1,020
900
Group Retirement
Spread income
200
213
Fee income
190
176
Total Group Retirement
390
389
Life Insurance
Underwriting margin
297
356
Total Life Insurance
297
356
Institutional Markets
Spread income
106
82
Fee income
16
16
Underwriting margin
18
17
Total Institutional Markets
140
115
Total
Spread income
1,019
918
Fee income
513
469
Underwriting margin
315
373
Total
$
1,847
$
1,760
The following table presents Life Insurance underwriting margin:
Three Months Ended March 31,
(in millions)
2024
2023
Premiums
$
434
$
425
Policy fees
368
375
Net investment income
326
317
Other income
—
29
Policyholder benefits
(748
)
(708
)
Interest credited to policyholder account balances
(83
)
(82
)
Underwriting margin
$
297
$
356
The following table presents Institutional Markets spread income, fee income and underwriting margin:
Three Months Ended March 31,
(in millions)
2024
2023
Premiums
$
1,805
$
1,583
Net investment income
449
298
Policyholder benefits
(2,006
)
(1,702
)
Interest credited to policyholder account balances
(142
)
(97
)
Spread income(1)
$
106
$
82
SVW fees
16
16
Fee income
$
16
$
16
Premiums
(9
)
(8
)
Policy fees (excluding SVW)
32
33
Net investment income
38
34
Other income
1
—
Policyholder benefits
(17
)
(16
)
Interest credited to policyholder account balances
(27
)
(26
)
Underwriting margin(2)
$
18
$
17
(1) Represents spread income from Pension Risk Transfer, Guaranteed Investment Contracts and Structured Settlement products
(2) Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products
The following table presents Operating EPS:
Three Months Ended March 31,
(in millions, except per common share data)
2024
2023
GAAP Basis
Numerator for EPS
Net income (loss)
$
827
$
(453
)
Less: Net income (loss) attributable to noncontrolling interests
(51
)
6
Net income (loss) attributable to Corebridge common shareholders
$
878
$
(459
)
Denominator for EPS
Weighted average common shares outstanding - basic(1)
624.0
650.8
Dilutive common shares(2)
0.9
—
Weighted average common shares outstanding - diluted
624.9
650.8
Income per common share attributable to Corebridge common shareholders
Common stock - basic
$
1.41
$
(0.70
)
Common stock - diluted
$
1.41
$
(0.70
)
Operating Basis
Adjusted after-tax operating income attributable to Corebridge shareholders
$
688
$
632
Weighted average common shares outstanding - diluted
624.9
652.8
Operating earnings per common share
$
1.10
$
0.97
(1) Includes vested shares under our share-based employee compensation plans
(2) Potential dilutive common shares include our share-based employee compensation plans
The following table presents the reconciliation of Adjusted Book Value:
At Period End
March 31, 2024
December 31, 2023
March 31, 2023
(in millions, except per share data)
Total Corebridge shareholders' equity (a)
$
11,576
$
11,766
$
11,555
Less: Accumulated other comprehensive income (AOCI)
(14,139
)
(13,458
)
(14,067
)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets
(2,497
)
(2,332
)
(2,365
)
Total adjusted book value (b)
$
23,218
$
22,892
$
23,257
Total common shares outstanding (c)(1)
615.4
621.7
648.1
Book value per common share (a/c)
$
18.81
$
18.93
$
17.83
Adjusted book value per common share (b/c)
$
37.73
$
36.82
$
35.88
(1) Total common shares outstanding are presented net of treasury stock
The following table presents the reconciliation of Adjusted ROAE:
Three Months Ended March 31,
(in millions, unless otherwise noted)
2024
2023
Actual or annualized net income (loss) attributable to Corebridge shareholders (a)
$
3,512
$
(1,836
)
Actual or annualized adjusted after-tax operating income attributable to Corebridge shareholders (b)
2,752
2,528
Average Corebridge Shareholders’ equity (c)
11,671
10,468
Less: Average AOCI
(13,799
)
(15,465
)
Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets
(2,415
)
(2,586
)
Average Adjusted Book Value (d)
$
23,055
$
23,347
Return on Average Equity (a/c)
30.1
%
(17.5
)%
Adjusted ROAE (b/d)
11.9
%
10.8
%
The following table presents a reconciliation of net investment income (net income basis) to net investment income (APTOI basis):
Three Months Ended March 31,
(in millions)
2024
2023
Net investment income (net income basis)
$
2,924
$
2,695
Net investment (income) on Fortitude Re funds withheld assets
(332
)
(394
)
Change in fair value of securities used to hedge guaranteed living benefits
(18
)
(13
)
Other adjustments
(6
)
(10
)
Derivative income recorded in net realized gains (losses)
61
57
Total adjustments
(295
)
(360
)
Net investment income (APTOI basis)
$
2,629
$
2,335
The following table presents the premiums and deposits:
Three Months Ended March 31,
(in millions)
2024
2023
Individual Retirement
Premiums
$
41
$
78
Deposits
4,822
4,807
Other(1)
(2
)
(2
)
Premiums and deposits
4,861
4,883
Group Retirement
Premiums
5
6
Deposits
2,049
2,240
Premiums and deposits(2)(3)
2,054
2,246
Life Insurance
Premiums
434
425
Deposits
393
398
Other(1)
267
226
Premiums and deposits
1,094
1,049
Institutional Markets
Premiums
1,796
1,575
Deposits
781
581
Other(1)
9
7
Premiums and deposits
2,586
2,163
Total
Premiums
2,276
2,084
Deposits
8,045
8,026
Other(1)
274
231
Premiums and deposits
$
10,595
$
10,341
(1) Other principally consists of ceded premiums, in order to reflect gross premiums and deposits
(2) Includes premiums and deposits related to in-plan mutual funds of $791 million and $1,011 million for the three months ended March 31, 2024 and March 31, 2023, respectively
(3) Excludes client deposits into advisory and brokerage accounts of $730 million and $542 million for the three months ended March 31, 2024 and March 31, 2023, respectively
View source version on businesswire.com: https://www.businesswire.com/news/home/20240501602059/en/
Işıl Müderrisoğlu (Investors): investorrelations@corebridgefinancial.com Matt Ward (Media): media.contact@corebridgefinancial.com
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