Corebridge reports Q1 adjusted EPS $1.10, consensus $1.05

Reports Q1 revenue $5.85B, consensus $5.44B. CEO Kevin Hogan said, “Corebridge had a very strong start to 2024 with operating EPS increasing 13% year over year to $1.10. These results demonstrate how our diversified business model delivers multiple sources of income leading to consistent cash flow generation and attractive shareholder returns. We grew our earnings by pursuing profitable organic growth with focused execution, and leveraging our broad product suite and distribution platform to help meet the needs of an aging U.S. population…This, together with the larger macroeconomic environment, helped Corebridge deliver $10.6B of premiums and deposits this quarter and $50B over the last five quarters, at attractive margins..we reduced general operating expenses by 10% year over year. This week, our Board of Directors approved an increase of $2B to our existing share repurchase program, reflecting their ongoing confidence in our financial position and strategic direction. Our strong balance sheet is the result of a long-term commitment to measured growth, prudent risk management and disciplined asset and liability management. Looking ahead, we will continue to move with pace and purpose to grow the business, serve our customers and create long-term value for shareholders.”