Table of Contents Expand Table of Contents Failures and bankruptcies are uncommon. According to the National Organization of Life and Health Insurance Guaranty Associations (NOLHGA), no life insurance companies have filed for bankruptcy since the 2008 financial crisis. But if a failure or bankruptcy does occur, then safeguards are in place to protect consumers. These include: Top Stories Powerball Jackpot Is $1.7B: Never Use Credit Cards To Buy a Ticket Amazon Prime Members Will Lose This Perk Soon The Cowb ...

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Core Insights - MetLife has completed a $10 billion variable annuity risk transfer transaction with Talcott Resolution Life Insurance Company, enhancing its risk management strategy [1][2] Group 1: Financial Impact - The transaction is expected to result in an annual reduction in adjusted earnings of approximately $100 million, which will be partially offset by estimated hedge cost savings of about $45 million [2] - This deal will reduce MetLife's portfolio risk and expedite the run-off of legacy business blocks [2] Group 2: Asset Management and Partnerships - MetLife Investment Management will continue to manage around $6 billion in assets on behalf of Talcott, reinforcing its role in asset management [3] - The agreement increases Talcott's total reinsured reserves to $14 billion by 2025, positioning it as a reliable partner for carriers seeking comprehensive risk management solutions [3]

Core Viewpoint - The article discusses the uncertainty surrounding the existence of a stock market bubble and emphasizes the importance of proper diversification to protect investment portfolios during market corrections [1][2]. Group 1: Market Bubble Discussion - There is ongoing speculation about whether the market is in a bubble, with industry professionals acknowledging that only hindsight will reveal the truth [2]. - The CEO of Nvidia was questioned about the potential AI bubble, highlighting the widespread concern regarding market conditions [2]. Group 2: Importance of Diversification - Proper diversification is essential to safeguard investments against market downturns, and merely owning multiple mutual funds is insufficient [2][3]. - A real-world example illustrates that even seemingly diverse 401k plans can lack true diversification due to concentrated holdings in major stocks [4][5]. Group 3: Analysis of Mutual Funds - Many mutual funds exhibit high concentration, with top holdings representing 23% to over 60% of the fund's assets, indicating a lack of true diversification [5]. - Common stocks held across various funds include Nvidia, Microsoft, Meta, Apple, Alphabet, Broadcom, Amazon, Eli Lilly, and Netflix, suggesting that investors may inadvertently own the same stocks multiple times through different funds [5]. Group 4: Recommendations for Investors - Investors are advised to scrutinize the holdings within their mutual funds to ensure genuine diversification rather than superficial diversity [6]. - The article suggests that there are better investment strategies available beyond traditional mutual funds [6].

Equitable Holdings Third Quarter 2025 Earnings Results November 4, 2025 Growth in assets driving increased earnings power Equitable Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "anticipates," "intends," "seeks," "aims," "plans," "assumes," "estimates," "projects," "should," "would," "could," "may," "will," "shall" ...

Core Insights - Retirement is an opportunity to reassess possessions and financial commitments, allowing individuals to let go of unnecessary burdens [1][2] Group 1: Housing - Many older Americans live in homes larger than necessary, with an analysis from Moody's Analytics indicating nearly 6 million such cases [3] - Downsizing can lead to lower maintenance costs, property taxes, and utility bills, while also unlocking home equity for other uses [3][4] - Homeowners aged 65 and older hold a median of about $250,000 in home equity, which can be tapped for cash flow, travel funding, or investment [4] Group 2: Vehicles - Retirees may not need multiple vehicles, and selling an extra car can reduce insurance, registration fees, and maintenance costs [5] - The cost of auto insurance has increased significantly, with a 33% rise in 2024 compared to 2021, making it financially prudent to reassess vehicle ownership [5] Group 3: Investments - It is advisable for retirees to sell overly complex investments or those with high fees, such as old variable annuities or mutual funds charging over 1% annually [6]

Summary of Corebridge Financial (CRBD) 2025 Conference Call Company Overview - **Company**: Corebridge Financial (CRBD) - **Industry**: Life Insurance and Retirement Solutions - **Key Executives**: Kevin Hogan (CEO), Elias Hebbeyeb (CFO) Key Points and Arguments Company Performance and Strategy - Corebridge has successfully executed its strategies since its IPO three years ago, achieving a 12-14% Return on Equity (ROE) in 2024, as initially targeted [3][4] - The company has maintained a payout ratio of 60-65% and a Risk-Based Capital (RBC) ratio of 400%, while growing its business [4] - Annual sales volume has increased by approximately 30% since the IPO [5] - Corebridge has returned $6 billion to shareholders since the IPO, demonstrating strong capital management [5] Variable Annuity Transaction - Corebridge exited its entire variable annuity business, which had been in decline for eight years, through a transaction with Venerable, generating $2.1 billion in proceeds [8][10] - The transaction was seen as a significant value creation opportunity, with a multiple of around seven times earnings [10] - Proceeds from the transaction will primarily be used for shareholder buybacks and further organic growth investments [11] Expense Management - The CoreBridge Forward program has successfully reduced annual expenses by $400 million through outsourcing, IT modernization, and improved procurement practices [15][16][17] - The company aims to continue driving down unit costs through further automation and digitization [18] Market Trends and Growth Opportunities - The aging population in the U.S. is a significant driver for the annuity market, with 4 million people turning 65 annually [22][23] - There is a growing awareness among individuals about the need for self-managed retirement planning, contributing to increased demand for annuities [23] - The adviser community is becoming more professionalized, further supporting the growth of fixed income investments [24] Competitive Environment - Corebridge is currently achieving targeted margins despite increased competition in the annuity space [27] - The company has a diverse product range and strong relationships with distribution partners, allowing it to navigate competitive cycles effectively [28][29] Group Retirement Business - There is a gradual shift from spread-based to fee-based income in the group retirement business, with fee income now representing a significant portion of earnings [34][36] - Corebridge is investing in its adviser base and digital tools to enhance productivity and efficiency [37] Pension Risk Transfer Market - The pipeline for U.S. pension risk transfer remains strong, despite some slowdowns due to external volatility [43][44] - Corebridge focuses on full plan terminations, which are more economically attractive [45] Life Insurance Business - Corebridge has outperformed the market in life insurance, driven by investments in automated underwriting and a focus on middle-market products [51] - The company has a competitive advantage due to its digital capabilities and disciplined risk management [52] Collaboration with Nippon Life - Corebridge is exploring mutual commercial opportunities with Nippon Life, focusing on product development, investments, and digital technologies [53][54] Capital Deployment and M&A - Corebridge is focused on shareholder value creation through dividends and buybacks, with no immediate M&A opportunities identified [59][60] Additional Important Insights - The company has simplified its structure by divesting international subsidiaries and focusing on U.S. retirement and life insurance [6] - Corebridge's automated underwriting process allows 80% of transactions to be processed without human intervention, enhancing efficiency [52] - The company is actively exploring in-plan annuity opportunities, recognizing the potential for growth in this area [40][42]

Financial Performance - GAAP earnings reached $168 million, translating to $234 per share[8,9,10,11] - Adjusted Operating Earnings, a non-GAAP measure, amounted to $350 million, or $487 per share[11] - Free cash flow stood at $290 million[11] - The company returned $216 million to shareholders through dividends and share repurchases[11] Capital & Liquidity - Jackson National Life Insurance Company (JNLIC) estimated risk-based capital (RBC) ratio was 566%[11] - Holding company cash and highly liquid securities exceeded $700 million[15] Sales & Flows - Retail annuity sales increased by 9% compared to the first quarter of 2025[12,13] - Fixed and fixed index annuity sales totaled $470 million[30] Investment Portfolio - The investment portfolio totaled $49 billion under U S GAAP[62] - The statutory investment portfolio totaled $48 billion[67]

Financial Performance - Non-GAAP operating earnings per share were $1.10, but adjusted for notable items, the figure rises to $1.41[8] - Assets Under Management/Administration (AUM/A) reached $1.1 trillion, an 8% increase year-over-year and 5% year-to-date[8] - The company returned $318 million to shareholders, resulting in a payout ratio of 74%, exceeding the target range of 60-70%[8] - The company is on track to generate $1.6-1.7 billion of organic cash in 2025, with approximately 50% originating from asset and wealth management[8] Strategic Initiatives - The Individual Life transaction closed on July 31st, generating approximately $2 billion in value and reducing mortality exposure by 75%[8] - The company expects $1 billion of incremental dividends to Holdings in the second half of 2025 from the Individual Life transaction[8] - Private Markets AUM increased by 20% year-over-year, reaching $77 billion[8,11] - The company ceded approximately $30 billion of annuity liabilities to its Bermuda entity[21] Segment Results - Retirement saw net inflows of $1.9 billion, supported by RILA and BlackRock LifePath Paycheck[8] - Wealth Management advisory net inflows amounted to $2.0 billion[8] - Asset Management experienced active net outflows of $4.8 billion, primarily in April[8]

Financial Performance - Non-GAAP operating earnings per share were $1.30, or $1.35 after adjusting for notable items[8] - Non-GAAP operating earnings were $421 million, or $434 million adjusted for notable items, a decrease of 3% year-over-year on a per share basis[16] - The company returned $335 million to shareholders, representing an 80% payout ratio[8] Business Segment Highlights - Asset Management operating earnings increased by 19% year-over-year[8] - Retirement saw net inflows of $1.6 billion, driven by strong RILA and Institutional sales[8] - Wealth Management advisory net inflows reached $2.0 billion, supported by 8% year-over-year growth in advisor productivity[8] - AB active net inflows were $2.7 billion, with Private Markets AUM up 20% year-over-year to $75 billion[8] - Protection Solutions experienced an operating loss of $17 million due to excess Individual Life mortality[8] Capital Management and Transactions - The company purchased approximately $760 million of AB Holding units through a tender offer, increasing ownership to approximately 69% effective April 1[8] - The Individual Life transaction with RGA is on track to close mid-2025, freeing over $2 billion of capital[8] - Post-close of the Individual Life transaction, the company plans to execute $500 million of additional share repurchases, above the 60-70% payout ratio target[14] Balance Sheet and Liquidity - The company had $1.1 billion in cash at Holdings after AB and Series B preferred equity tender offers, with a combined NAIC RBC ratio of approximately 425% as of year-end 2024[8]