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Corebridge Financial Inc (CRBG) Reports Q3 2023 Earnings: Net Income of $2.1 Billion

  • Corebridge Financial Inc (NYSE:CRBG) reported a net income of $2.1 billion, or $3.28 per share, for Q3 2023.

  • The company returned $1.4 billion of capital to shareholders since its IPO in September 2022.

  • Corebridge announced the sale of its UK life business to Aviva plc for 460 million.

  • The company repurchased $102 million of shares from the public market through October 31, 2023.

On November 3, 2023, Corebridge Financial Inc (NYSE:CRBG) released its financial results for the third quarter ended September 30, 2023. The company reported a net income of $2.1 billion, or $3.28 per share. The adjusted after-tax operating income was $675 million, with an operating EPS of $1.05 per share. The base spread income grew by 24% and the base yield expanded by 62 basis points over the prior year quarter.

Financial Highlights

Corebridge Financial Inc (NYSE:CRBG) reported a 4% increase in premiums and deposits, amounting to $9.1 billion. The net investment income was $2.7 billion, a 23% increase over the prior year quarter. The company also reported a financial leverage ratio of 27.2% and a Life Fleet RBC Ratio above the 400% target.

Kevin Hogan, President and CEO of Corebridge, commented on the company's performance,

Corebridge has executed with focus and precision, increasing premiums and deposits by 28% over the first nine months of 2023 compared to the first nine months of 2022, and growing base spread income 34% over this same time while strengthening our balance sheet."

Capital and Liquidity Highlights

The company reported holding company liquidity of $1.7 billion as of September 30, 2023. Corebridge repurchased $102 million of shares from the public market through October 31, 2023, and declared a special dividend of $1.16 per share of common stock on October 31, 2023, payable on November 22, 2023.

Business Results

Corebridge's Individual Retirement segment reported premiums and deposits of $3.961 billion, a 4% increase over the prior year quarter. The APTOI increased $201 million, or 54%, year over year primarily due to higher base spread income, higher variable investment income, and lower general operating expenses.

Corebridge Financial Inc (NYSE:CRBG) is one of the largest providers of retirement solutions and insurance products in the United States, with more than $360 billion in assets under management and administration as of September 30, 2023.

Explore the complete 8-K earnings release (here) from Corebridge Financial Inc for further details.

This article first appeared on GuruFocus.

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