ebridge Financial(US:CRBG)2024-08-01 14:53Financial 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].