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Corebridge Financial Announces Fourth Quarter and Full Year 2024 Results

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Corebridge Financial, Inc. has released its financial results for the fourth quarter and full year ending December 31, 2024. The company reported strong performance, with significant growth in net income and operating earnings per share (EPS). The results reflect the company's strategic initiatives in organic growth, balance sheet optimization, expense efficiencies, and active capital management.

Financial Highlights

For the fourth quarter, Corebridge reported a net income of $2.2 billion, or $3.80 per share, compared to a loss of $1.3 billion in the same period last year. Adjusted after-tax operating income was $701 million, with an operating EPS of $1.23 per share. Premiums and deposits for the quarter were $9.9 billion.

For the full year, net income was $2.2 billion, or $3.72 per share, up from $1.1 billion the previous year. Adjusted after-tax operating income reached $2.9 billion, with an operating EPS of $4.83 per share. Premiums and deposits totaled $41.7 billion for the year.

Business and Operational Highlights

Corebridge's U.S. insurance subsidiaries increased full-year dividends by 10%, distributing $2.2 billion to the holding company. The company returned $2.3 billion to shareholders, including $1.8 billion in share repurchases. The Board of Directors has increased the share repurchase authorization by $2 billion and raised the quarterly dividend to $0.24 per share.

Aggregate core sources of income increased by 4% over the prior year, driven by higher fee income and underwriting margin. However, premiums and deposits saw a 6% decrease in the fourth quarter compared to the previous year, primarily due to lower fixed annuity deposits.

Strategic Initiatives and Corporate Developments

Corebridge has focused on balance sheet optimization and expense efficiencies. The company maintained a Life Fleet RBC ratio of 420-430%, above its target. Holding company liquidity stood at $2.2 billion as of December 31, 2024, reflecting proceeds from debt issuances to pre-fund upcoming maturities in 2025. The financial leverage ratio was 31.1%, or 28.7% excluding pre-funding.

Management's Perspective

Kevin Hogan, President and CEO, expressed satisfaction with the company's performance, highlighting the 18% year-over-year increase in operating EPS. He emphasized the importance of organic growth, balance sheet optimization, and expense efficiencies in driving the company's success. Hogan also noted the Board's confidence in Corebridge's value proposition and financial strength, as evidenced by the increased share repurchase authorization and dividend.

Future Outlook

Looking ahead, Corebridge sees ongoing opportunities to extend its positive momentum, supported by favorable market dynamics and its diversified business model. The company aims to continue building on its strategic pillars to drive further growth and shareholder value.

SEC Filing: Corebridge Financial, Inc. [ CRBG ] - 8-K - Feb. 12, 2025