Corebridge Financial, Inc. ( (CRBG) ) has released its Q3 earnings. Here is a breakdown of the information Corebridge Financial, Inc. presented to its investors.
Don't Miss out on Research Tools:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Corebridge Financial, Inc., a prominent provider of retirement solutions and insurance products in the United States, has reported its financial results for the third quarter of 2024. The company, known for its extensive range of annuity platforms, continues to leverage its diversified business model to offer financial security to individuals and institutions alike.
For the third quarter of 2024, Corebridge Financial reported a net loss of $1.2 billion, attributed mainly to realized losses connected to the Fortitude Re funds withheld embedded derivative. However, the company achieved an adjusted after-tax operating income of $810 million and an operating EPS of $1.38, marking a significant 31% increase compared to the same quarter last year.
Key financial highlights include a 5% increase in premiums and deposits, reaching $9.6 billion, and a 24% rise in net investment income to $3.3 billion. The company also returned $848 million to shareholders through dividends and share repurchases, underscoring its commitment to shareholder value. Additionally, Corebridge launched its first registered index-linked annuity, enhancing its already broad annuity offerings.
Despite the net loss, Corebridge maintained a strong balance sheet with $2.0 billion in liquidity at the holding company level and a financial leverage ratio of 30.7%. The life fleet RBC ratio remained above target, reflecting robust capital adequacy.
Looking ahead, Corebridge Financial remains optimistic about its growth prospects, driven by solid fundamentals and a diversified income mix. The company is confident in its ability to navigate various market environments and generate attractive returns through strategic execution and product innovation.
