Corebridge Financial Inc

Latest Results (17.12.2024):

Net Loss

In the third quarter of 2024, Corebridge Financial Inc. reported a net loss of $1.2 billion, or $2.02 per share. This significant loss was primarily attributed to realized losses driven by the Fortitude Re funds withheld embedded derivative. This contrasts sharply with the net income of $2.1 billion reported in the same quarter of the previous year.

Operating Income

Corebridge Financial Inc. achieved an adjusted after-tax operating income of $810 million for the third quarter of 2024. This represents a notable increase from the $675 million reported in the same quarter of the previous year. The operating earnings per share also grew by 31% year over year, reaching $1.38 per share.

Premiums and Deposits

During the third quarter of 2024, Corebridge Financial Inc. saw its premiums and deposits rise to $9.6 billion, marking a 5% increase over the prior year quarter. Excluding transactional activities, such as pension risk transfers and guaranteed investment contracts, the growth was even more pronounced at 20%, driven largely by an increase in fixed annuity deposits.

Shareholder Returns

Corebridge Financial Inc. returned $848 million to shareholders in the third quarter of 2024. This included $715 million in share repurchases and $133 million in dividends. The company declared a quarterly dividend of $0.23 per share, payable on December 31, 2024, to shareholders of record as of December 17, 2024.

Investment Income

Net investment income for Corebridge Financial Inc. in the third quarter of 2024 was $3.3 billion, a 24% increase from the previous year. On an adjusted pre-tax operating income basis, net investment income was $2.8 billion, up 15% year over year. This growth was largely driven by higher base portfolio income and an increase in variable investment income.