ebridge Financial(CRBG) - 2024 Q2 - Quarterly Report

Financial Performance - Total revenues for Q2 2024 were $3,710 million, a decrease of 35.5$5,757 million in Q2 2023[9]. - Net income attributable to Corebridge was $365 million in Q2 2024, down 52.7$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$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$1,274 million, an increase from $1,078 million in Q2 2023, representing an increase of 18.2$18,536 million in June 2024, up from $17,572 million at the end of 2023, representing an increase of about 5.5$11,812 million, down from $12,465 million at the end of June 30, 2023, indicating a decline of 5.2$11,555 million at the beginning of the year to $10,996 million by June 30, 2024, a decline of 4.8$637 million in Q2 2024 from $612 million in Q4 2023, reflecting a growth of approximately 4.09$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].