Corebridge Financial Overview - Corebridge Financial (CRBG) reported quarterly earnings of $1.23 per share, exceeding the Zacks Consensus Estimate of $1.19 per share, and up from $1.04 per share a year ago, representing an earnings surprise of 3.36% [1] - The company posted revenues of $5.02 billion for the quarter ended December 2024, which fell short of the Zacks Consensus Estimate by 16.74%, compared to $5.92 billion in the same quarter last year [2] - Corebridge has surpassed consensus EPS estimates in all four of the last quarters, but has only topped consensus revenue estimates once during the same period [2] Stock Performance and Outlook - Corebridge shares have increased approximately 10.8% since the beginning of the year, outperforming the S&P 500's gain of 3.2% [3] - The future performance of the stock will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] - The current consensus EPS estimate for the upcoming quarter is $1.27 on revenues of $5.64 billion, and for the current fiscal year, it is $5.50 on revenues of $23.02 billion [7] Industry Context - The Zacks Industry Rank places the Insurance - Multi line sector in the top 36% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - Another company in the same industry, MBIA (MBI), is expected to report a quarterly loss of $0.11 per share, with revenues projected to decline by 38.9% year-over-year [9]

Financial Performance - Corebridge Financial reported full year premiums and deposits of $41.7 billion, an 18% increase year over year[3]. - The company achieved net income of $2.2 billion for the fourth quarter, compared to a loss of $1.3 billion in the prior year quarter[6]. - Adjusted after-tax operating income (APTOI) for the full year was $3.6 billion, a 13% increase over the prior year[11]. - Total adjusted revenues for Corebridge in Q4 2024 reached $5,016 million, compared to $5,923 million in Q4 2023, reflecting a decrease of approximately 15.3%[60]. - Adjusted pre-tax operating income attributable to Corebridge for the twelve months ended December 31, 2024, was $3,605 million, an increase from $3,193 million in 2023, representing a growth of about 12.9%[58]. - Net investment income for Corebridge in Q4 2024 was $2,879 million, up from $2,568 million in Q4 2023, marking an increase of approximately 12.1%[60]. - Total adjusted revenues for the twelve months ended December 31, 2024, were $19,578 million, an increase from $21,212 million in 2023, reflecting a decrease of approximately 7.7%[63]. - Net investment income for the twelve months ended December 31, 2024, was $11,058 million, compared to $9,839 million in 2023, showing an increase of about 12.3%[63]. Shareholder Returns - The Board of Directors increased the share repurchase authorization by $2 billion and raised the quarterly dividend to $0.24 per share[4]. - The company returned $2.3 billion to shareholders in 2024, including $1.8 billion in share repurchases[18]. - Net income attributable to Corebridge common shareholders for Q4 2024 was $2,171 million, compared to a loss of $1,309 million in Q4 2023[71]. - Operating earnings per common share for Q4 2024 increased to $1.23, up from $1.04 in Q4 2023, representing a growth of 18.3%[71]. Premiums and Deposits - Premiums and deposits for the fourth quarter were $9.9 billion, a 6% decrease from the prior year quarter[9]. - Premiums and deposits in the Institutional Markets segment increased by $361 million, or 18%, over the prior year quarter[26]. - The company generated $1,140 million in premiums for Q4 2024, a decrease from $2,443 million in Q4 2023, representing a decline of approximately 53.3%[60]. - Premiums for the twelve months ended December 31, 2024, totaled $4,600 million, compared to $7,694 million in 2023, indicating a decline of about 40.1%[63]. - Individual Retirement deposits for Q4 2024 were $4,970 million, a decrease from $5,245 million in Q4 2023[74]. - Life Insurance premiums for Q4 2024 were $366 million, down from $459 million in Q4 2023[74]. - Institutional Markets premiums for Q4 2024 were $723 million, significantly lower than $1,921 million in Q4 2023[74]. Expenses and Benefits - Policyholder benefits for Q4 2024 totaled $1,627 million, compared to $2,889 million in Q4 2023, indicating a significant reduction of approximately 43.6%[60]. - Total benefits and expenses for the twelve months ended December 31, 2024, were $16,007 million, compared to $18,087 million in 2023, indicating a decrease of about 11.5%[63]. - Corebridge's total benefits and expenses for Q4 2024 were $4,094 million, down from $5,125 million in Q4 2023, reflecting a decrease of about 20.1%[60]. - Policyholder benefits for the twelve months ended December 31, 2024, were $6,641 million, an increase from $9,368 million in 2023, reflecting a decrease of approximately 29.2%[63]. Capital and Liquidity - Holding company liquidity stood at $2.2 billion as of December 31, 2024, reflecting proceeds from debt issuances[15]. - The life fleet RBC ratio was reported at 420-430%, remaining above target[15]. - Total adjusted book value as of December 31, 2024, was $22,345 million, an increase from $21,434 million as of September 30, 2024[71]. - Corebridge's financial leverage ratio is defined as the ratio of financial debt to the sum of financial debt plus Adjusted Book Value plus non-redeemable noncontrolling interests, providing insight into the company's capital structure[53]. Strategic Initiatives - Corebridge Financial's strategy includes partnerships with financial professionals and institutions to enhance customer financial planning and security[29]. - The company emphasizes the importance of non-GAAP financial measures to provide a clearer understanding of its profitability and operational results[35]. - Premiums and deposits, a non-GAAP measure, reflect customer demand for products and sales performance over time[47]. - The company faces various risks, including changes in interest rates, economic conditions, and competition, which could impact future performance[33]. Conference and Reporting - The company will host a conference call on February 13, 2025, to review financial results, which will be accessible to the public[28].

Corebridge Financial Overview - Corebridge Financial, Inc. (CRBG) reported a 2.4% decline in shares following the release of third-quarter 2024 results, primarily due to elevated expenses, a decrease in Life Insurance premiums and deposits, and lower guaranteed investment contract deposits [1] - The Group Retirement segment experienced a drop in spread income, impacting profitability, although this was partially mitigated by strong fixed annuity deposits and improved investment income [1] Financial Performance - CRBG's operating earnings per share for Q3 2024 were $1.38, exceeding the Zacks Consensus Estimate by 18% and reflecting a 31% year-over-year increase [2] - Adjusted revenues rose 11.1% year over year to $4.5 billion, but fell short of the consensus estimate by 20.8% [2] Operational Highlights - Premiums and deposits totaled $9.6 billion, marking a 5% year-over-year growth, with a 20% increase when excluding transactional activity, driven by rising fixed annuity deposits [4] - Net investment income increased by 24% year over year to $3.3 billion, attributed to higher base portfolio income [4] - Total benefits and expenses rose 6.2% year over year to $3.5 billion, influenced by higher policyholder benefits and advisory fee expenses [5] Segment Performance - **Individual Retirement**: Premiums and deposits surged 40% year over year to $5.5 billion, with fee income increasing 11.1% to $321 million [8] - **Group Retirement**: Premiums and deposits grew 7% year over year to $2 billion, but spread income fell 15.8% to $176 million, leading to a 2% decline in adjusted pre-tax operating income to $188 million [10] - **Life Insurance**: Premiums and deposits decreased by 21.1% to $856 million, while adjusted pre-tax operating income rose 15% to $156 million, surpassing the consensus estimate [11] - **Institutional Markets**: Premiums and deposits plummeted 44% year over year to $1.3 billion, but adjusted pre-tax operating income more than doubled to $154 million, beating the consensus mark [12] - **Corporate and Other**: The segment reported an adjusted pre-tax operating loss of $124 million, an improvement from the previous year's loss of $166 million [13] Financial Position - As of September 30, 2024, Corebridge had a cash balance of $530 million, down 13.4% from the end of 2023, while total investments increased by 7.7% to $250.4 billion [14] - Total assets rose 5.3% to $399.4 billion, and total equity improved by 14.3% to $14.4 billion [15][17] - Long-term debt increased by 8.2% to $9.9 billion, and adjusted book value per share was $37.32, a decrease of 2.4% year over year [16][18] Shareholder Returns - In Q3 2024, Corebridge repurchased 25.9 million common shares for $715 million and paid out quarterly dividends totaling $133 million [19]

Group 1 - Corebridge Financial's shares increased by 9% on Wednesday, contributing to a total gain of over 60% in the past year [1] - The surge in stock price was driven by strong Q3 earnings results and a broader rally in financial stocks following Donald Trump's presidential election victory [1]

Corebridge Financial, Inc. (NYSE:CRBG) Q3 2024 Results Conference Call November 5, 2024 11:00 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 Alex Scott - Barclays Wes Carmichael - Autonomous Research Suneet Kamath - Jefferies Ryan Kruger - KBW Tom Gallagher - Evercore Elyse Greenspan - Wells Fargo Wilma Burdis - Raymond James Josh Shanker - Ban ...

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 September 30, 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) Delaware 95-4715639 (State or ...

Corebridge Financial Performance Summary - Corebridge Financial reported $4.53 billion in revenue for Q3 2024, an 11.1% year-over-year increase, with EPS of $1.38 compared to $1.05 a year ago [1] - The reported revenue fell short of the Zacks Consensus Estimate of $5.72 billion, resulting in a surprise of -20.75%, while the EPS exceeded expectations by +17.95% against a consensus estimate of $1.17 [1] Key Metrics Analysis - Premiums for the quarter were $618 million, significantly below the estimated $2.06 billion [3] - Total advisory fee and other income reached $300 million, surpassing the average estimate of $212.19 million [3] - Policy fees amounted to $728 million, slightly above the average estimate of $714.35 million [3] - Net investment income was reported at $2.83 billion, exceeding the average estimate of $2.75 billion [3] - Revenue from Life Insurance was $1.13 billion, compared to the average estimate of $1.09 billion [3] - Individual Retirement revenue totaled $1.82 billion, above the average estimate of $1.77 billion [3] - Individual Retirement premiums were $36 million, close to the estimated $36.25 million [3] - Individual Retirement policy fees reached $205 million, exceeding the average estimate of $189.55 million [3] - Individual Retirement net investment income was $1.46 billion, slightly above the average estimate of $1.43 billion [3] - Individual Retirement advisory fee and other income was $116 million, compared to the average estimate of $114 million [3] - Group Retirement premiums were $5 million, below the estimated $5.95 million [3] - Group Retirement policy fees were $113 million, above the average estimate of $107.67 million [3] Stock Performance - Corebridge shares have returned +5.5% over the past month, outperforming the Zacks S&P 500 composite's +0.4% change [4] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [4]

Corebridge Financial (CRBG) came out with quarterly earnings of $1.38 per share, beating the Zacks Consensus Estimate of $1.17 per share. This compares to earnings of $1.05 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 17.95%. A quarter ago, it was expected that this financial services company would post earnings of $1.10 per share when it actually produced earnings of $1.13, delivering a surprise of 2.73%.Over the last four ...

FOR IMMEDIATE RELEASE Corebridge Financial Announces Third Quarter 2024 Results 1 1 1 • Net loss of $1.2 billion, or $2.02 per share, largely a result of realized losses primarily driven by the Fortitude Re funds withheld embedded derivative • Adjusted after-tax operating income of $810 million and operating EPS of $1.38 per share • Premiums and deposits of $9.6 billion • Aggregate core sources of income increased 4% over the prior year quarter with growth across base spread income, fee income and underwrit ...

Corebridge Financial, Inc. (CRBG) recently launched its new retirement product, Corebridge MarketLock Annuity, through its American General Life Insurance subsidiary. This new product makes CRBG the only insurer among the top three companies to offer fixed annuities, variable annuities, index annuities and now registered index-linked annuities (RILA). MarketLock contains a unique accumulation strategy coupled with other popular RILA investment strategies in demand by finance professionals. This move bodes w ...