Corebridge Financial, Inc. (NYSE:CRBG) Q2 2024 Results Conference Call August 1, 2024 10:00 AM ET Company Participants Isil Muderrisoglu - Head of Investor and Rating Agency Relations Kevin Hogan - President and Chief Executive Officer Elias Habayeb - Chief Financial Officer Conference Call Participants Elyse Greenspan - Wells Fargo Ryan Kruger - KBW John Barnidge - Piper Sandler Suneet Kamath - Jefferies Tom Gallagher - Evercore Wes Carmichael - Autonomous Research Joel Hurwitz - Dowling & Partners Mike Wa ...

Financial Performance - Total revenues for Q2 2024 were $3,710 million, a decrease of 35.5% compared to $5,757 million in Q2 2023[9]. - Net income attributable to Corebridge was $365 million in Q2 2024, down 52.7% from $771 million in Q2 2023[9]. - Comprehensive income attributable to Corebridge was a loss of $4 million in Q2 2024, compared to a loss of $344 million in Q2 2023[10]. - Net income for the six months ended June 30, 2024, was $1,168 million, compared to $298 million in 2023, representing a significant increase[13]. - Total adjusted revenues for Q2 2024 reached $4,176 million, a decrease from $5,757 million in Q2 2023, reflecting a decline of approximately 27.5%[28]. - Adjusted pre-tax operating income for Q2 2024 was $859 million, compared to $836 million in Q2 2023, representing a growth of 2.8%[28]. - The company reported a net (gain) on divestitures of $(241) million for Q2 2024, compared to $(59) million in Q2 2023, indicating a significant increase in losses[28]. Assets and Liabilities - Total assets increased to $382,492 million as of June 30, 2024, compared to $379,270 million at the end of 2023, reflecting a growth of approximately 0.58%[7]. - Total liabilities increased to $370,680 million in Q2 2024, compared to $366,635 million in Q4 2023, marking a rise of approximately 1.03%[8]. - Total liabilities measured at fair value amount to $16,372 million, with derivative liabilities totaling $184 million[31]. - Total assets measured at fair value on a recurring basis amount to $270,501 million as of June 30, 2024[31]. - Total bonds available-for-sale are valued at $167,320 million, with corporate debt contributing $101,245 million[31]. - Policyholder contract deposits increased to $20,103 million in the first half of 2024, compared to $15,920 million in the same period of 2023[13]. Investments and Earnings - Total investments increased to $236,054 million as of June 30, 2024, compared to $232,628 million at the end of 2023, reflecting a growth of approximately 1.8%[7]. - Net investment income for Q2 2024 was $2,988 million, an increase of 10.1% from $2,714 million in Q2 2023[9]. - Net investment income for the six months ended June 30, 2024, was $5,345 million, compared to $4,815 million for the same period in 2023, reflecting a growth of approximately 11%[29]. - Interest credited to policyholder account balances for Q2 2024 was $1,274 million, an increase from $1,078 million in Q2 2023, representing an increase of 18.2%[28]. Equity and Retained Earnings - Corebridge's retained earnings rose to $18,536 million in June 2024, up from $17,572 million at the end of 2023, representing an increase of about 5.5%[7]. - The total shareholders' equity at the end of the period was $11,812 million, down from $12,465 million at the end of June 30, 2023, indicating a decline of 5.2%[12]. - Corebridge's total equity attributable to shareholders decreased from $11,555 million at the beginning of the year to $10,996 million by June 30, 2024, a decline of 4.8%[12]. Market and Operational Strategy - The company has emphasized its focus on improving operational efficiency and enhancing its product offerings in the upcoming quarters[4]. - Corebridge is actively exploring market expansion opportunities and potential acquisitions to drive future growth[4]. - The company anticipates continued challenges from economic conditions and market volatility, which may impact future performance[4]. - The company is focused on managing risks associated with interest rates and credit spreads, which may impact future financial performance[4]. - The company faces significant competition and regulatory challenges, particularly related to technological changes and compliance costs, which may impact future performance[6]. Cash Flow and Dividends - Cash and cash equivalents increased to $637 million in Q2 2024 from $612 million in Q4 2023, reflecting a growth of approximately 4.09%[7]. - Dividends paid on common stock decreased to $282 million in the first half of 2024 from $700 million in the same period of 2023[13]. - Net cash provided by operating activities was $589 million, a decrease from $1,572 million in the prior year[13]. - The company reported a net cash used in investing activities of $3,964 million, compared to $890 million in the previous year[13]. Regulatory and Accounting Changes - The company is assessing the impact of new accounting standards related to income taxes and segment reporting, effective for public companies in 2024[21]. - Corebridge operates through five reportable segments: Individual Retirement, Group Retirement, Life Insurance, Institutional Markets, and Corporate and Other[22]. - Adjusted pre-tax operating income (APTOI) is evaluated by excluding certain items from income from operations before income tax, enhancing transparency to underlying economics[22].

Corebridge Financial (CRBG) came out with quarterly earnings of $1.13 per share, beating the Zacks Consensus Estimate of $1.10 per share. This compares to earnings of $1.04 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 2.73%. A quarter ago, it was expected that this financial services company would post earnings of $1.05 per share when it actually produced earnings of $1.10, delivering a surprise of 4.76%. Over the last fou ...

FOR IMMEDIATE RELEASE Corebridge Financial Announces Second Quarter 2024 Results • Net income of $365 million, or $0.59 per share 1 1 • Adjusted after-tax operating income of $692 million and operating EPS of $1.13 per share 1 • Premiums and deposits of $11.7 billion 2 2 2 2,3 • Aggregate core sources of income increased 5% over the prior year quarter with growth across base spread income, fee income and underwriting margin • Holding company liquidity of $1.9 billion • Returned $575 million to shareholders, ...

Zacks Rank & Price Performance Corebridge currently carries a Zacks Rank #3 (Hold). The stock has gained 59.9% in the year-to-date period compared with the industry's 22.2% growth. The Zacks Finance sector and the S&P 500 Composite have increased 21.3% and 27.8%, respectively, in the same time frame. Corebridge Financial, Inc. (CRBG) is supported by rising premiums attributable to a diversified product suite and new business growth. Rising fee income and investment income also bode well. Partnerships, stron ...

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41504 Corebridge Financial, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of i ...

11 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: FOR IMMEDIATE RELEASE | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------|-------|-----------------------|------------------|----------------|-----------------------|---------------------|--------------|------- ...

The market expects Corebridge Financial (CRBG) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on May 3, 2024, might help the stock move higher if these key numbers ...

Corebridge Financial, Inc. (CRBG) is aided by rising premiums attributable to a diversified product suite and new business growth. Partnerships, strong segmental contribution and solid cash-generating abilities are additional tailwinds for the stock.Zacks Rank & Price PerformanceCorebridge currently carries a Zacks Rank #3 (Hold).The stock has gained 25.6% in the year-to-date period compared with the industry’s 6.8% growth. The Zacks Finance sector and the S&P 500 Composite have increased 4.1% and 9.4%, res ...

Corebridge Financial (CRBG) closed at $27.54 in the latest trading session, marking a +0.04% move from the prior day. The stock exceeded the S&P 500, which registered a loss of 0.14% for the day. At the same time, the Dow lost 0.77%, and the tech-heavy Nasdaq gained 0.17%.Heading into today, shares of the financial services company had gained 9.12% over the past month, outpacing the Finance sector's gain of 4.92% and the S&P 500's gain of 5.34% in that time.Market participants will be closely following the ...