ebridge Financial(US:CRBG)2023-11-02 16:00Company Overview - As of October 27, 2023, Corebridge Financial, Inc. had 631,023,678 shares of common stock outstanding[381]. Competition and Regulatory Environment - The company faces intense competition and technological changes that may present new challenges to its business[379]. - The company is subject to regulatory scrutiny, which could impact its ability to compete effectively in the industry[379]. - The company faces intense competition and regulatory challenges that may impact future performance[379]. Financial Performance - Total revenues for Q3 2023 were $5,505 million, a decrease of 15.8% compared to $6,538 million in Q3 2022[390]. - Net income attributable to Corebridge for Q3 2023 was $2,101 million, down from $2,406 million in Q3 2022, representing a decline of 12.7%[390]. - Total net investment income for Q3 2023 was $2,657 million, an increase of 23% from $2,160 million in Q3 2022[390]. - Policyholder benefits for Q3 2023 amounted to $1,102 million, a decrease of 33.4% compared to $1,656 million in Q3 2022[390]. - The company reported net realized gains of $1,220 million in Q3 2023, down from $2,098 million in Q3 2022[390]. - Interest credited to policyholder account balances increased to $1,134 million in Q3 2023, compared to $954 million in Q3 2022, reflecting a growth of 19%[390]. - The change in fair value of market risk benefits was a loss of $418 million in Q3 2023, slightly improved from a loss of $435 million in Q3 2022[390]. - Basic earnings per share for Q3 2023 were $3.29, down from $3.73 in Q3 2022, indicating a decrease of 11.8%[390]. - The total benefits and expenses for Q3 2023 were $3,044 million, a decrease of 9.6% from $3,366 million in Q3 2022[390]. - Comprehensive income attributable to Corebridge for Q3 2023 was a loss of $2,011 million, compared to a loss of $3,442 million in Q3 2022[391]. - Corebridge reported a net income of $2,367 million for the nine months ended September 30, 2023, a decrease of 72.6% compared to $8,647 million in the same period of 2022[396]. Cash Flow and Investments - The net cash provided by operating activities increased to $2,590 million, up 20.5% from $2,150 million in the prior year[396]. - Proceeds from policyholder contract deposits rose to $24,550 million, compared to $19,831 million in the same period last year, reflecting a 23.3% increase[396]. - The company reported a net cash used in investing activities of $3,267 million, a slight improvement from $3,330 million in the prior year[396]. - Corebridge's total cash and restricted cash at the end of the period was $581 million, an increase from $444 million in the previous year[399]. - The company recorded a total adjustment of $223 million in cash flows from operating activities, contrasting with a negative adjustment of $6,497 million in the previous year[396]. - Corebridge's cash flows from financing activities yielded a net increase of $660 million, down from $1,032 million in the same period of 2022[396]. Assets and Liabilities - Total assets increased to $422,435 million, up from $410,155 million at the beginning of the year, reflecting a growth of approximately 3.1%[407]. - Total liabilities rose to $383,760 million, compared to $370,323 million at the beginning of the year, marking an increase of about 3.6%[407]. - Shareholders' net investment decreased to $36,075 million from $37,232 million, a decline of approximately 3.1%[407]. - Future policy benefits for life and accident and health insurance contracts increased to $65,182 million, up from $54,660 million, representing a growth of about 19.2%[407]. - Deferred policy acquisition costs and value of business acquired rose to $10,500 million from $7,363 million, an increase of approximately 42.9%[407]. - Policyholder contract deposits decreased to $148,421 million from $154,892 million, a decline of about 4.2%[407]. - Total equity decreased to $38,624 million from $39,781 million, reflecting a decrease of approximately 2.9%[407]. - Market risk benefit liabilities remained stable at $8,739 million, unchanged from the previous period[407]. Future Outlook and Risks - Corebridge is exposed to risks associated with foreign operations, which may affect its overall performance[379]. - There are potential risks related to the Tax Matters Agreement with AIG, which may affect Corebridge's tax liabilities[379]. - The company has ongoing challenges related to compliance with applicable laws as a public company, which can be costly and time-consuming[379]. - Corebridge's investment portfolio management may face challenges due to increased regulation and scrutiny of investment advisers[379]. - The company has a significant reliance on AIG for certain services, which could pose risks if AIG fails to perform as expected[379]. - Corebridge's future results may differ materially from expectations due to various risks and uncertainties inherent in its business[379]. - The company does not undertake any obligation to update or revise forward-looking statements, which may affect investor perceptions[379].