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 ...

Richard Drury A Former AIG Spinoff & Diversified Financial Firm As we get past the middle of this trading week, and analysts keep an eye on the latest inflation figures, in today's article I'm revisiting a financial-sector stock I covered back in October 2023, Corebridge Financial, Inc. (NYSE:CRBG). In my original article I took a neutral stance and called it a hold, and since then, the share price has climbed +37% as of today's article writing. My neutral stance at the time was driven by concern over YoY d ...

NEW YORK, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Flourish, a platform that provides innovative access to financial products that help registered investment advisors ("RIAs") improve their clients' financial outcomes, today announced its partnership with Corebridge Financial, one of the largest providers of retirement solutions and insurance products in the United States. Through the partnership, the American Pathway Advisory multi-year guaranteed annuity (MYGA) that Corebridge launched earlier this year will be ...

Core Insights - Flourish has partnered with Corebridge Financial to enhance its annuities offerings for registered investment advisors (RIAs) [1][4] - The partnership introduces the American Pathway Advisory multi-year guaranteed annuity (MYGA) to the Flourish Annuities platform, providing RIAs with more options for guaranteed returns and principal protection [2][4] Partnership Details - The American Pathway Advisory MYGA allows consumers to lock in growth for three, five, or seven years, offering flexibility with innovative renewal options and no withdrawal charges [2][4] - This partnership aims to help RIAs maintain consistent allocations to guaranteed rates within client portfolios [2] Market Demand and Features - Since its launch in January 2024, Flourish Annuities has attracted interest from over 200 RIA firms, highlighting its operational efficiency and simplified processes [3] - Key features of the Flourish Annuities platform include an outsourced insurance desk, a digital application process, and a vetted marketplace of fee-based annuities [3] Industry Impact - The addition of Corebridge Financial expands the marketplace for RIAs, providing them with more MYGA options to enhance client portfolios [4] - Flourish supports over 800 RIAs managing more than $1.5 trillion in combined assets, indicating strong trust in its platform [4][6] Company Background - Flourish manages over $5 billion in assets under custody and is wholly owned by Massachusetts Mutual Life Insurance Company [6] - Corebridge Financial, with over $390 billion in assets under management and administration, is a leading provider of retirement solutions and insurance products in the U.S. [7]

Financial Data and Key Metrics Changes - Corebridge reported operating earnings per share of $1.13, a 9% increase year-over-year [5] - The run-rate operating EPS grew 12% over the same period, adjusting for alternative investment returns [15] - The company generated $11.7 billion in premiums and deposits, a 17% increase year-over-year, marking the highest level in over a decade [5][6] - Adjusted pretax operating income for the second quarter was $859 million [15] - Year-to-date run rate ROE of 13% has grown over 200 basis points since the IPO [15] Business Line Data and Key Metrics Changes - Individual Retirement produced quarterly sales of $6.8 billion, up 68% year-over-year, driven by fixed annuity products [9] - Group Retirement saw out-of-plan sales increase, now comprising 37% of total premiums and deposits, with advisory and brokerage assets under administration growing by 12% [10] - Life Insurance reported sales growth of 13% year-over-year, benefiting from automated underwriting practices [10] - Institutional Markets issued $1.8 billion in GICs, reflecting favorable conditions [11] Market Data and Key Metrics Changes - Assets under management and administration grew 6% year-over-year to $394 billion [16] - General account assets increased by 8% due to higher new business volume [16] - The investment portfolio delivered net investment income of $2.7 billion, a 10% improvement year-over-year [16] Company Strategy and Development Direction - Corebridge is focused on capitalizing on significant addressable markets driven by demographic trends and the need for retirement solutions [7] - The company is committed to returning capital to shareholders, having returned $575 million through dividends and share repurchases in the quarter [6] - The Bermuda strategy is viewed as an extension of the capital management toolkit, allowing for more efficient capital deployment [26][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of their strategy, highlighting strong customer demand and operational improvements [8][14] - The company anticipates continued growth in earnings and cash flows while maintaining financial flexibility [13] - Management noted that while fixed annuity sales were strong, future performance may vary based on market conditions [28][49] Other Important Information - Corebridge's financial position remains strong, with a liquidity of $1.9 billion at the holding company level [23] - The company has a payout ratio of 70% year-to-date, aligning with its target [24] - The sale of the UK life business generated $550 million in net proceeds, which will be distributed to shareholders [24] Q&A Session Summary Question: Insights on Bermuda strategy and capital efficiencies - Management views Bermuda as a capital management tool, allowing for flow reinsurance and portfolio reinsurance opportunities [26] Question: Outlook for fixed annuity sales - Strong demand for fixed and indexed annuities is expected to continue, driven by customer needs and market conditions [27] Question: Potential for raising free cash flow conversion targets - Management sees Bermuda as enhancing financial flexibility and contributing to higher distributable cash flows over time [30] Question: Strategic opportunities with Nippon Life as a shareholder - Management anticipates engaging with Nippon Life for potential strategic opportunities once regulatory approvals are finalized [32] Question: Drivers of fixed annuity sales growth - The increase in sales was attributed to strong distribution partnerships and operational improvements rather than new products [47][49] Question: Expectations for pension risk transfer market - The pipeline for pension risk transfer remains strong, with management focusing on full plan terminations [58]