ebridge Financial(CRBG) - 2024 Q4 - Annual Results

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].