Fourth Quarter
- Net income of $2.2 billion, or $3.80 per share
- Adjusted after-tax operating income1 of $701 million and
operating EPS1 of $1.23 per share
- Premiums and deposits1 of $9.9 billion
- Aggregate core sources of income2,3 increased 4% over the prior
year quarter
- Holding company liquidity of $2.2 billion
- Returned $527 million to shareholders, including $398 million
of share repurchases
Full Year
- Net income of $2.2 billion, or $3.72 per share
- Adjusted after-tax operating income of $2.9 billion and
operating EPS of $4.83 per share
- Premiums and deposits of $41.7 billion
- Aggregate core sources of income3 increased 4% over the prior
year
- Returned $2.3 billion to shareholders, an 81% payout ratio,
including $1.8 billion of share repurchases
Corebridge Financial, Inc. ("Corebridge" or the "Company")
(NYSE: CRBG) today reported financial results for the fourth
quarter and full year ended December 31, 2024.
Kevin Hogan, President and Chief Executive Officer, said, "I am
pleased to report strong performance for Corebridge, as we
generated full year top-line and earnings growth with premiums and
deposits of $41.7 billion and operating earnings per share of
$4.83, an 18% increase year over year. Additionally, our U.S.
insurance subsidiaries increased full year dividends by 10%,
distributing $2.2 billion to the holding company. Organic growth,
balance sheet optimization, expense efficiencies and active capital
management were fundamental to this success, and we will continue
to build on these strategic pillars to drive further growth and
shareholder value.
"This week, the Board of Directors increased our existing share
repurchase authorization by $2 billion and increased our quarterly
dividend to $0.24 per share, reflecting their confidence in our
value proposition and financial strength. Looking forward, we see
ongoing opportunities to extend our positive momentum, powered by
our strategic differentiators and supported by favorable market
dynamics. Our diversified business model, strong balance sheet and
disciplined execution will continue to be key drivers, and the
fundamentals of Corebridge remain compelling."
CONSOLIDATED RESULTS ($ in millions, except per share
data)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2023
2024
2023
Net income (loss) attributable to common
shareholders
$
2,171
$
(1,309
)
$
2,230
$
1,104
Income (loss) per common share
attributable to common shareholders
$
3.80
$
(2.07
)
$
3.72
$
1.71
Weighted average shares outstanding -
diluted
571
633
599
645
Adjusted after-tax operating income
$
701
$
661
$
2,891
$
2,647
Operating EPS
$
1.23
$
1.04
$
4.83
$
4.10
Weighted average shares outstanding -
operating
571
635
599
645
Total common shares outstanding
561
622
561
622
Pre-tax income (loss)
$
2,925
$
(1,763
)
$
2,803
$
940
Adjusted pre-tax operating income1
$
878
$
820
$
3,605
$
3,193
Aggregate core sources of income
$
1,807
$
1,836
$
7,318
$
7,138
Base spread income2
$
893
$
987
$
3,791
$
3,719
Fee income2
$
534
$
485
$
2,098
$
1,913
Underwriting margin excluding variable
investment income2
$
380
$
364
$
1,429
$
1,506
Premiums and deposits
$
9,860
$
10,472
$
41,742
$
39,887
Net investment income
$
3,020
$
3,012
$
12,228
$
11,078
Net investment income (APTOI basis)1
$
2,879
$
2,568
$
11,058
$
9,839
Base portfolio income - insurance
operating businesses
$
2,749
$
2,564
$
10,769
$
9,607
Variable investment income - insurance
operating businesses
$
105
$
4
$
278
$
165
Corporate and other4
$
25
$
—
$
11
$
67
Return on average equity
69.3
%
(52.0
%)
18.8
%
10.7
%
Adjusted return on average equity1
12.8
%
11.2
%
12.8
%
11.3
%
Fourth Quarter
Net income was $2.2 billion compared to a loss of $1.3 billion
in the prior year quarter. The variance largely was a result of
favorable changes in net realized gains (losses), including the
Fortitude Re funds withheld embedded derivative, and fair value of
market risk benefits. Additionally, the Company recognized a gain
on the sale of Laya Healthcare in the prior year.
Adjusted pre-tax operating income ("APTOI") was $878 million, a
7% increase over the prior year quarter. Excluding variable
investment income ("VII"), notable items and the international
businesses, APTOI increased 3% over the same period largely due to
growth in aggregate core sources of income.
Aggregate core sources of income was $1.8 billion, a 2% decrease
from the prior year quarter largely due to the sale of our
international businesses and favorable notable items in 2023.
Excluding notable items and the international businesses, core
sources of income increased 4% over the same period as a result of
higher fee income and underwriting margin.
Premiums and deposits were $9.9 billion, a 6% decrease from an
exceptional prior year quarter. Excluding transactional activity
(i.e., pension risk transfer, guaranteed investment contracts and
Group Retirement plan acquisitions) and the sale of the
international businesses, premiums and deposits decreased 8% from
the same period primarily driven by lower fixed annuity deposits
partially offset by higher fixed index annuity deposits in line
with broader market trends.
Full Year
Net income was $2.2 billion compared to $1.1 billion in the
prior year. The variance largely was a result of favorable changes
in net realized gains (losses) including the Fortitude Re funds
withheld embedded derivative. The Company completed its annual
actuarial assumption review during the third quarter which
decreased pre-tax income by $79 million in the current year
compared to a $22 million increase in the prior year.
APTOI was $3.6 billion, a 13% increase over the prior year.
Excluding VII, notable items and the international businesses,
APTOI increased 7% over the prior year largely due to growth in
aggregate core sources of income coupled with lower expenses. The
annual actuarial assumption review decreased APTOI by $3 million in
the current year compared to a $22 million increase in the prior
year.
Aggregate core sources of income was $7.3 billion, a 3% increase
over the prior year. Excluding notable items and the international
businesses, core sources of income increased 4% over the same
period as a result of higher base spread income, fee income and
underwriting margin.
Premiums and deposits were $41.7 billion, a 5% increase over the
prior year. Excluding transactional activity (i.e., pension risk
transfer, guaranteed investment contracts and Group Retirement plan
acquisitions) and the sale of the international businesses,
premiums and deposits increased 14% over the same period primarily
driven by higher fixed annuity deposits.
CAPITAL AND LIQUIDITY HIGHLIGHTS
- Life Fleet RBC ratio of 420-430%, remained above target
- Holding company liquidity of $2.2 billion as of December 31,
2024, reflecting proceeds from the September and November debt
issuances to pre-fund upcoming maturities in 2025
- Financial leverage ratio2 of 31.1% reflects the impact of
pre-funding debt maturing in 2025. Excluding this pre-funding, the
financial leverage ratio was 28.7%
- Returned $527 million to shareholders in the fourth quarter
through $398 million of share repurchases and $129 million of
dividends
- Returned $2.3 billion to shareholders in 2024 through $1.8
billion of share repurchases and $544 million of dividends
- Board of Directors increased the existing share repurchase
authorization by $2 billion
- Increased quarterly dividend to $0.24 per share of common stock
payable on March 31, 2025, to shareholders of record at the close
of business on March 17, 2025
BUSINESS RESULTS
Individual
Retirement
Three Months Ended
December 31,
($ in millions)
2024
2023
Premiums and deposits
$
5,000
$
5,282
Core sources of income
$
980
$
992
Spread income
$
703
$
715
Base spread income
$
665
$
704
Variable investment income
$
38
$
11
Fee income
$
315
$
288
Adjusted pre-tax operating income
$
578
$
628
- Premiums and deposits decreased $282 million, or 5%, from the
prior year quarter primarily driven by lower fixed annuity
deposits, partially offset by higher fixed index annuity
deposits
- Core sources of income decreased 1% from the prior year quarter
largely due to significant notable items in the prior year period.
Excluding notable items, core sources of income increased 2% over
the prior year quarter largely as a result of favorable market
performance driving higher account values
- APTOI decreased $50 million, or 8%, from the prior year
quarter. Excluding VII and notable items, APTOI decreased 7% from
the prior year quarter mainly due to the impact of changes in
short-term interest rates and related hedging activity on floating
rate asset exposure
Group
Retirement
Three Months Ended
December 31,
($ in millions)
2024
2023
Premiums and deposits
$
1,616
$
2,083
Core sources of income
$
346
$
370
Spread income
$
160
$
193
Base spread income
$
143
$
189
Variable investment income
$
17
$
4
Fee income
$
203
$
181
Adjusted pre-tax operating income
$
161
$
179
- Premiums and deposits decreased $467 million, or 22%, from the
prior year quarter driven by lower out-of-plan annuity deposits, in
line with broader market trends
- Core sources of income decreased 6% from the prior year quarter
and, excluding notable items, it decreased 5% from the same period
largely as a result of net outflows from older age cohorts,
partially offset by higher account values and growing advisory and
brokerage assets under administration
- APTOI decreased $18 million, or 10%, from the prior year
quarter. Excluding VII and notable items, APTOI decreased 10% from
the prior year quarter primarily due to lower base spread income
partially offset by higher fee income
Life
Insurance
Three Months Ended
December 31,
($ in millions)
2024
2023
Premiums and deposits
$
879
$
1,103
Underwriting margin
$
370
$
341
Underwriting margin excluding variable
investment income
$
362
$
343
Variable investment income
$
8
$
(2
)
Adjusted pre-tax operating income
$
156
$
79
- Premiums and deposits decreased $224 million, or 20%, from the
prior year quarter. Excluding the sale of the international life
business, premiums and deposits increased 1% over the same period
primarily driven by higher traditional life premiums
- Underwriting margin excluding VII increased 6% over the prior
year quarter, and excluding notable items and the sale of the
international businesses, it increased 25% over the same period
largely driven by more favorable mortality experience
- APTOI increased $77 million, or 97%, over the prior year
quarter. Excluding VII, notable items and the sale of the
international businesses, APTOI increased 101% over the prior year
quarter primarily as a result of higher underwriting margin
Institutional Markets
Three Months Ended
December 31,
($ in millions)
2024
2023
Premiums and deposits
$
2,365
$
2,004
Core sources of income
$
119
$
131
Spread income
$
127
$
86
Base spread income
$
85
$
94
Variable investment income
$
42
$
(8
)
Fee income
$
16
$
16
Underwriting margin
$
18
$
20
Underwriting margin excluding variable
investment income
$
18
$
21
Variable investment income
$
—
$
(1
)
Adjusted pre-tax operating income
$
133
$
93
- Premiums and deposits increased $361 million, or 18%, over the
prior year quarter largely driven by higher deposits from
guaranteed investment contracts, partially offset by lower premiums
from pension risk transfer transactions
- Core sources of income decreased 9% from the prior year quarter
and, excluding notable items, it decreased 6% from the same period
largely as a result of slightly lower base spread income and
underwriting margin
- APTOI increased $40 million, or 43%, over the prior year
quarter primarily due to higher variable investment income.
Excluding VII and notable items, APTOI decreased 5% from the prior
year quarter primarily as a result of slightly lower base spread
income and underwriting margin
Corporate
and Other
Three Months Ended
December 31,
($ in millions)
2024
2023
Corporate expenses
$
(29
)
$
(36
)
Interest on financial debt
$
(119
)
$
(107
)
Asset management
$
5
$
—
Consolidated investment entities
$
5
$
(2
)
Other
$
(12
)
$
(14
)
Adjusted pre-tax operating (loss)
$
(150
)
$
(159
)
- APTOI increased $9 million over the prior year quarter
primarily due to lower corporate expenses. Results also include
higher interest expense on financial debt due, in part, to the
pre-funding of debt maturing in 2025
___________________________
1
This release refers to financial measures not calculated in
accordance with generally accepted accounting principles
(non-GAAP); definitions of non-GAAP measures and reconciliations to
their most directly comparable GAAP measures can be found in
"Non-GAAP Financial Measures" below
2
This release refers to key operating metrics and key terms.
Information about these metrics and terms can be found in "Key
Operating Metrics and Key Terms" below
3
Excludes notable items and international life businesses
4
Includes consolidations and eliminations
CONFERENCE CALL
Corebridge will host a conference call on Thursday, February 13,
2025, at 10:00 a.m. EST to review these results. The call is open
to the public and can be accessed via a live listen-only webcast in
the Investors section of corebridgefinancial.com. A replay will be
available after the call at the same location.
Supplemental financial data and our investor presentation are
available in the Investors section of corebridgefinancial.com.
About Corebridge Financial
Corebridge Financial, Inc. makes it possible for more people to
take action in their financial lives. With more than $400 billion
in assets under management and administration as of December 31,
2024, Corebridge Financial is one of the largest providers of
retirement solutions and insurance products in the United States.
We proudly partner with financial professionals and institutions to
help individuals plan, save for and achieve secure financial
futures. For more information, visit corebridgefinancial.com and
follow us on LinkedIn, YouTube and Instagram. These references with
additional information about Corebridge have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release.
In the discussion below, “we,” “us” and “our” refer to
Corebridge and its consolidated subsidiaries, unless the context
refers solely to Corebridge as a corporate entity.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
Certain statements in this press release and other publicly
available documents may include statements of historical or present
fact, which, to the extent they are not statements of historical or
present fact, constitute “forward-looking statements” within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements can be identified by the use of
words such as “expects,” “believes,” “anticipates,” “intends,”
“seeks,” “aims,” “plans,” “assumes,” “estimates,” “projects,” “is
optimistic,” “targets," “should,” “would,” “could,” “may,” “will,”
“shall” or variations of such words are generally part of
forward-looking statements. Also, forward-looking statements
include, without limitation, all matters that are not historical
facts. Forward-looking statements are made based on management’s
current expectations and beliefs concerning future developments and
their potential effects upon Corebridge. There can be no assurance
that future developments affecting Corebridge will be those
anticipated by management.
Any forward-looking statements included herein are not a
guarantee of future performance and involve risks and
uncertainties, and there are certain important factors that could
cause actual results to differ, possibly materially, from
expectations or estimates reflected or implied in such
forward-looking statements, including, among others, risks related
to:
- changes in interest rates and changes to credit spreads;
- the deterioration of economic conditions, an economic slowdown
or recession, changes in market conditions, weakening in capital
markets, volatility in equity markets, inflationary pressures,
pressures on the commercial real estate market, and geopolitical
tensions, including the ongoing armed conflicts between Ukraine and
Russia and in the Middle East;
- the unpredictability of the amount and timing of insurance
liability claims;
- unavailable, uneconomical or inadequate reinsurance or
recaptures of reinsured liabilities;
- uncertainty and unpredictability related to our reinsurance
agreements with Fortitude Reinsurance Company Ltd. and its
performance of its obligations under these agreements;
- our limited ability to access funds from our subsidiaries;
- our ability to incur indebtedness, our potential inability to
refinance all or a portion of our indebtedness or our ability to
obtain additional financing on favorable terms or at all;
- our ability to maintain sufficient eligible collateral to
support business and funding strategies requiring
collateralization;
- our inability to generate cash to meet our needs due to the
illiquidity of some of our investments;
- the inaccuracy of the methodologies, estimations and
assumptions underlying our valuation of investments and
derivatives;
- a downgrade in our Insurer Financial Strength ratings or credit
ratings;
- exposure to credit risk due to non-performance or defaults by
our counterparties or our use of derivative instruments to hedge
market risks associated with our liabilities;
- our ability to adequately assess risks and estimate losses
related to the pricing of our products;
- the failure of third parties that we rely upon to provide and
adequately perform certain business, operations, investment
advisory, functional support and administrative services on our
behalf;
- the impact of risks associated with our arrangement with
Blackstone ISG-I Advisors LLC (“Blackstone IM”), BlackRock
Financial Management, Inc. or any other asset manager we retain,
including their historical performance not being indicative of the
future results of our investment portfolio and the exclusivity of
certain arrangements with Blackstone IM;
- our inability to maintain the availability of critical
technology systems and the confidentiality of our data, including
challenges associated with a variety of privacy and information
security laws;
- the ineffectiveness of our risk management policies and
procedures;
- significant legal, governmental or regulatory proceedings;
- the intense competition we face in each of our business lines
and the technological changes, including the use of artificial
intelligence, that may present new and intensified challenges to
our business;
- catastrophes, including those associated with climate change
and pandemics;
- business or asset acquisitions and dispositions that may expose
us to certain risks;
- our ability to protect our intellectual property;
- our ability to operate efficiently and compete effectively in a
heavily regulated industry in light of new domestic or
international laws and regulations or new interpretations of
current laws and regulations;
- impact on sales of our products and taxation of our operations
due to changes in U.S. federal income or other tax laws or the
interpretation of tax laws;
- the ineffectiveness of our productivity improvement initiatives
in yielding our expected expense reductions and improvements in
operational and organizational efficiency;
- differences between actual experience and the estimates used in
the preparation of financial statements and modeled results used in
various areas of our business;
- our inability to attract and retain key employees and highly
skilled people needed to support our business;
- the significant influence that AIG and Nippon have over us and
conflicts of interests arising due to such relationships;
- the indemnification obligations we have to AIG;
- potentially higher U.S. federal income taxes due to our
inability to file a single U.S. consolidated federal income tax
return for five years following our initial public offering and our
separation from AIG causing an “ownership change” for U.S. federal
income tax purposes caused by our separation from AIG;
- risks associated with the Tax Matters Agreement with AIG and
our potential liability for U.S. income taxes of the entire AIG
Consolidated Tax Group for all taxable years or portions thereof in
which we (or our subsidiaries) were members of such group;
- the risk that anti-takeover provisions could discourage, delay,
or prevent our change in control, even if the change in control
would be beneficial to our shareholders;
- challenges related to compliance with applicable laws incident
to being a public company, which is expensive and time-consuming;
and
- other factors discussed in “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in our Annual Report on Form 10-K for the year ended
December 31, 2024, as well as our Quarterly Reports on Form
10-Q.
Any forward-looking statement speaks only as of the date on
which it is made, and we undertake no obligation to update or
revise any forward-looking statement to reflect events or
circumstances after the date on which the statement is made or to
reflect the occurrence of unanticipated events, except as otherwise
may be required by law. You are advised, however, to consult any
further disclosures we make on related subjects in our filings with
the Securities and Exchange Commission ("SEC").
NON-GAAP FINANCIAL MEASURES
Throughout this release, we present our financial condition and
results of operations in the way we believe will be most meaningful
and representative of our business results. Some of the
measurements we use are ‘‘non-GAAP financial measures’’ under SEC
rules and regulations. We believe presentation of these non-GAAP
financial measures allows for a deeper understanding of the
profitability drivers of our business, results of operations,
financial condition and liquidity. These measures should be
considered supplementary to our results of operations and financial
condition that are presented in accordance with GAAP and should not
be viewed as a substitute for GAAP measures. The non-GAAP financial
measures we present may not be comparable to similarly named
measures reported by other companies.
Adjusted pre-tax operating income (“APTOI”) is derived by
excluding the items set forth below from income (loss) before
income tax expense (benefit). These items generally fall into one
or more of the following broad categories: legacy matters having no
relevance to our current businesses or operating performance;
adjustments to enhance transparency to the underlying economics of
transactions; and recording adjustments to APTOI that we believe to
be common in our industry. We believe the adjustments to pre-tax
income are useful for gaining an understanding of our overall
results of operations.
APTOI excludes the impact of the following items:
FORTITUDE RE RELATED ADJUSTMENTS:
The modified coinsurance (“modco”) reinsurance agreements with
Fortitude Re transfer the economics of the invested assets
supporting the reinsurance agreements to Fortitude Re. Accordingly,
the net investment income on Fortitude Re funds withheld assets and
the net realized gains (losses) on Fortitude Re funds withheld
assets are excluded from APTOI. Similarly, changes in the Fortitude
Re funds withheld embedded derivative are also excluded from
APTOI.
The ongoing results associated with the reinsurance agreement
with Fortitude Re have been excluded from APTOI as these are not
indicative of our ongoing business operations.
INVESTMENT RELATED ADJUSTMENTS:
APTOI excludes “Net realized gains (losses)”, except for gains
(losses) related to the disposition of real estate investments. Net
realized gains (losses), except for gains (losses) related to the
disposition of real estate investments, are excluded as the timing
of sales on invested assets or changes in allowances depend largely
on market credit cycles and can vary considerably across periods.
In addition, changes in interest rates may create opportunistic
scenarios to buy or sell invested assets. Our derivative results,
including those used to economically hedge insurance liabilities,
or those recognized as embedded derivatives at fair value, are also
included in Net realized gains (losses) and are similarly excluded
from APTOI except earned income (periodic settlements and changes
in settlement accruals) on derivative instruments used for
non-qualifying (economic) hedges or for asset replication. Earned
income on such economic hedges is reclassified from Net realized
gains and losses to specific APTOI line items based on the economic
risk being hedged (e.g., Net investment income and Interest
credited to policyholder account balances).
MARKET RISK BENEFIT ADJUSTMENTS (“MRBs”):
Certain of our variable annuity, fixed annuity and fixed index
annuity contracts contain guaranteed minimum withdrawal benefits
(“GMWBs”) and/or guaranteed minimum death benefits (“GMDBs”) which
are accounted for as MRBs. Changes in the fair value of these MRBs
(excluding changes related to our own credit risk), including
certain rider fees attributed to the MRBs, along with changes in
the fair value of derivatives used to hedge MRBs are recorded
through “Change in the fair value of MRBs, net” and are excluded
from APTOI. Changes in the fair value of securities used to
economically hedge MRBs are excluded from APTOI.
OTHER ADJUSTMENTS:
Other adjustments represent all other adjustments that are
excluded from APTOI and includes the net pre-tax operating income
(losses) from noncontrolling interests related to consolidated
investment entities. The excluded adjustments include, as
applicable:
- restructuring and other costs related to initiatives designed
to reduce operating expenses, improve efficiency and simplify our
organization;
- non-recurring costs associated with the implementation of
non-ordinary course legal or regulatory changes or changes to
accounting principles;
- separation costs;
- non-operating litigation reserves and settlements;
- loss (gain) on extinguishment of debt, if any;
- losses from the impairment of goodwill, if any; and
- income and loss from divested or run-off business, if any.
Adjusted after-tax operating income attributable to our
common shareholders (“Adjusted After-tax Operating Income” or
“AATOI”) is derived by excluding the tax effected APTOI
adjustments described above, as well as the following tax items
from net income attributable to us:
- reclassifications of disproportionate tax effects from AOCI,
changes in uncertain tax positions and other tax items related to
legacy matters having no relevance to our current businesses or
operating performance; and
- deferred income tax valuation allowance releases and
charges.
Adjusted Book Value is derived by excluding AOCI,
adjusted for the cumulative unrealized gains and losses related to
Fortitude Re’s funds withheld assets. We believe this measure is
useful to investors as it eliminates the asymmetrical impact
resulting from changes in fair value of our available-for-sale
securities portfolio for which there is largely no offsetting
impact for certain related insurance liabilities that are not
recorded at fair value with changes in fair value recorded through
OCI. It also eliminates asymmetrical impacts where our own credit
non-performance risk is recorded through OCI. In addition, we
adjust for the cumulative unrealized gains and losses related to
Fortitude Re’s funds withheld assets since these fair value
movements are economically transferred to Fortitude Re.
Adjusted Return on Average Equity (“Adjusted ROAE”) is
derived by dividing AATOI by average Adjusted Book Value and is
used by management to evaluate our recurring profitability and
evaluate trends in our business. We believe this measure is useful
to investors as it eliminates the asymmetrical impact resulting
from changes in fair value of our available-for-sale securities
portfolio for which there is largely no offsetting impact for
certain related insurance liabilities that are not recorded at fair
value with changes in fair value recorded through OCI. It also
eliminates asymmetrical impacts where our own credit
non-performance risk is recorded through OCI. In addition, we
adjust for the cumulative unrealized gains and losses related to
Fortitude Re’s funds withheld assets since these fair value
movements are economically transferred to Fortitude Re.
Adjusted revenues exclude Net realized gains (losses)
except for gains (losses) related to the disposition of real estate
investments, income from non-operating litigation settlements
(included in Other income for GAAP purposes) and changes in fair
value of securities used to hedge guaranteed living benefits
(included in Net investment income for GAAP purposes).
Net investment income (APTOI basis) is the sum of base
portfolio income and variable investment income. We believe that
presenting net investment income on an APTOI basis is useful for
gaining an understanding of the main drivers of investment
income.
Operating Earnings per Common Share ("Operating EPS") is
derived by dividing AATOI by weighted average diluted shares.
Premiums and deposits is a non-GAAP financial measure
that includes direct and assumed premiums received and earned on
traditional life insurance policies and life-contingent payout
annuities, as well as deposits received on universal life
insurance, investment-type annuity contracts and GICs. We believe
the measure of premiums and deposits is useful in understanding
customer demand for our products, evolving product trends and our
sales performance period over period.
KEY OPERATING METRICS AND KEY TERMS
Assets Under Management and Administration
- Assets Under Management ("AUM") include assets in the
general and separate accounts of our subsidiaries that support
liabilities and surplus related to our life and annuity insurance
products.
- Assets Under Administration ("AUA") include Group
Retirement mutual fund assets and other third-party assets that we
sell or administer and the notional value of Stable Value Wrap
("SVW") contracts.
- Assets Under Management and Administration ("AUMA") is
the cumulative amount of AUM and AUA.
Base net investment spread means base yield less cost of
funds, excluding the amortization of deferred sales inducement
assets.
Base spread income means base portfolio income less
interest credited to policyholder account balances, excluding the
amortization of deferred sales inducement assets.
Base yield means the returns from base portfolio income
including accretion and impacts from holding cash and short-term
investments.
Core sources of income means the sum of base spread
income, fee income and underwriting margin, excluding variable
investment income, in our Individual Retirement, Group Retirement,
Life Insurance and Institutional Markets segments.
Cost of funds means the interest credited to
policyholders excluding the amortization of deferred sales
inducement assets.
Fee and Spread Income and Underwriting Margin
- Fee income is defined as policy fees plus advisory fees
plus other fee income. For our Institutional Markets segment, its
SVW products generate fee income.
- Spread income is defined as net investment income less
interest credited to policyholder account balances, exclusive of
amortization of deferred sales inducement assets. Spread income is
comprised of both base spread income and variable investment
income. For our Institutional Markets segment, its structured
settlements, PRT and GIC products generate spread income, which
includes premiums, net investment income, less interest credited
and policyholder benefits and excludes the annual assumption
update.
- Underwriting margin for our Life Insurance segment
includes premiums, policy fees, other income, net investment
income, less interest credited to policyholder account balances and
policyholder benefits and excludes the annual assumption update.
For our Institutional Markets segment, its Corporate Markets
products generate underwriting margin, which includes premiums, net
investment income, policy and advisory fee income, less interest
credited and policyholder benefits and excludes the annual
assumption update.
Financial leverage ratio means the ratio of financial
debt to the sum of financial debt plus Adjusted Book Value plus
non-redeemable noncontrolling interests.
Life Fleet RBC Ratio
- Life Fleet means American General Life Insurance Company
(“AGL”), The United States Life Insurance Company in the City of
New York (“USL”) and The Variable Annuity Life Insurance Company
(“VALIC”).
- Life Fleet RBC Ratio is the risk-based capital (“RBC”)
ratio for the Life Fleet RBC ratios are quoted using the Company
Action Level.
Net Investment Income
- Base portfolio income includes interest, dividends and
foreclosed real estate income, net of investment expenses and
non-qualifying (economic) hedges.
- Variable investment income includes call and tender
income, commercial mortgage loan prepayments, changes in market
value of investments accounted for under the fair value option,
interest received on defaulted investments (other than foreclosed
real estate), income from alternative investments and other
miscellaneous investment income, including income of certain
partnership entities that are required to be consolidated.
Alternative investments include private equity funds which are
generally reported on a one-quarter lag.
RECONCILIATIONS
The following tables present a reconciliation of pre-tax income
(loss)/net income (loss) attributable to Corebridge to adjusted
pre-tax operating income (loss)/adjusted after-tax operating income
(loss) attributable to Corebridge:
Three Months Ended December 31,
2024
2023
(in millions)
Pre-tax
Total Tax
(Benefit)
Charge
Non-
controlling
Interests
After Tax
Pre-tax
Total Tax
(Benefit)
Charge
Non-
controlling
Interests
After Tax
Pre-tax income (loss)/net income
(loss), including noncontrolling interests
$
2,925
$
703
$
—
$
2,222
$
(1,763
)
$
(432
)
$
—
$
(1,331
)
Noncontrolling interests
—
—
(51
)
(51
)
—
—
22
22
Pre-tax income (loss)/net income (loss)
attributable to Corebridge
2,925
703
(51
)
2,171
(1,763
)
(432
)
22
(1,309
)
Fortitude Re related items
Net investment (income) on Fortitude Re
funds withheld assets
(198
)
(43
)
—
(155
)
(471
)
(91
)
—
(380
)
Net realized (gains) losses on Fortitude
Re funds withheld assets
148
32
—
116
(114
)
(27
)
—
(87
)
Net realized (gains) losses on Fortitude
Re funds withheld embedded derivative
(933
)
(201
)
—
(732
)
1,911
408
—
1,503
Subtotal Fortitude Re related
items
(983
)
(212
)
—
(771
)
1,326
290
—
1,036
Other reconciling Items
Reclassification of disproportionate tax
effects from AOCI and other tax adjustments
—
(7
)
—
7
—
15
—
(15
)
Deferred income tax valuation allowance
(releases) charges
—
(84
)
—
84
—
(17
)
—
17
Changes in fair value of market risk
benefits, net
(486
)
(102
)
—
(384
)
478
101
—
377
Changes in fair value of securities used
to hedge guaranteed living benefits
2
—
—
2
5
1
—
4
Changes in benefit reserves related to net
realized gains (losses)
—
1
—
(1
)
—
—
—
—
Net realized (gains) losses(1)
(604
)
(130
)
7
(467
)
1,253
268
—
985
Separation costs
—
—
—
—
59
12
—
47
Restructuring and other costs
68
14
—
54
60
12
—
48
Non-recurring costs related to regulatory
or accounting changes
1
1
—
—
1
—
—
1
Net (gain) loss on divestiture
—
(7
)
—
7
(621
)
(91
)
—
(530
)
Pension expense - non operating
—
—
—
—
—
—
—
—
Noncontrolling interests
(44
)
—
44
—
22
—
(22
)
—
Subtotal Non-Fortitude Re reconciling
items
(1,064
)
(314
)
51
(699
)
1,257
301
(22
)
934
Total adjustments
(2,047
)
(526
)
51
(1,470
)
2,583
591
(22
)
1,970
Adjusted pre-tax operating
income/Adjusted after-tax operating income attributable to
Corebridge
$
878
$
177
$
—
$
701
$
820
$
159
$
—
$
661
Twelve Months Ended December 31,
2024
2023
(in millions)
Pre-tax
Total Tax
(Benefit)
Charge
Non-
controlling
Interests
After Tax
Pre-tax
Total Tax
(Benefit)
Charge
Non-
controlling
Interests
After Tax
Pre-tax income (loss)/net income
(loss), including noncontrolling interests
$
2,803
$
600
$
—
$
2,203
$
940
$
(96
)
$
—
$
1,036
Noncontrolling interests
—
—
27
27
—
—
68
68
Pre-tax income (loss)/net income (loss)
attributable to Corebridge
2,803
600
27
2,230
940
(96
)
68
1,104
Fortitude Re related items
Net investment (income) on Fortitude Re
funds withheld assets
(1,370
)
(293
)
—
(1,077
)
(1,368
)
(291
)
—
(1,077
)
Net realized (gains) losses on Fortitude
Re funds withheld assets
248
53
—
195
224
48
—
176
Net realized (gains) losses on Fortitude
Re funds withheld embedded derivative
518
111
—
407
1,734
369
—
1,365
Subtotal Fortitude Re related
items
(604
)
(129
)
—
(475
)
590
126
—
464
Other reconciling Items
Reclassification of disproportionate tax
effects from AOCI and other tax adjustments
—
49
—
(49
)
—
89
—
(89
)
Deferred income tax valuation allowance
(releases) charges
—
(97
)
—
97
—
(11
)
—
11
Changes in fair value of market risk
benefits, net
(227
)
(48
)
—
(179
)
(6
)
(1
)
—
(5
)
Changes in fair value of securities used
to hedge guaranteed living benefits
10
2
—
8
16
3
—
13
Changes in benefit reserves related to net
realized gains (losses)
(8
)
(1
)
—
(7
)
(6
)
(1
)
—
(5
)
Net realized (gains) losses(1)
1,459
312
7
1,154
1,792
381
—
1,411
Separation costs
94
20
—
74
245
51
—
194
Restructuring and other costs
287
60
—
227
197
41
—
156
Non-recurring costs related to regulatory
or accounting changes
3
1
—
2
18
4
—
14
Net (gain) loss on divestiture
(245
)
(55
)
—
(190
)
(676
)
(43
)
—
(633
)
Pension expense - non operating
—
—
—
—
15
3
—
12
Noncontrolling interests
34
—
(34
)
—
68
—
(68
)
—
Subtotal Non-Fortitude Re reconciling
items
1,406
243
(27
)
1,136
1,663
516
(68
)
1,079
Total adjustments
802
114
(27
)
661
2,253
642
(68
)
1,543
Adjusted pre-tax operating
income/Adjusted after-tax operating income attributable to
Corebridge
$
3,605
$
714
$
—
$
2,891
$
3,193
$
546
$
—
$
2,647
(1) Includes all net realized gains and
losses except earned income (periodic settlements and changes in
settlement accruals) on derivative instruments used for
non-qualifying (economic) hedging or for asset replication.
Additionally, gains (losses) related to the disposition of real
estate investments are also excluded from this adjustment
The following table presents Corebridge’s adjusted pre-tax
operating income by segment:
(in millions)
Individual Retirement
Group Retirement
Life Insurance
Institutional Markets
Corporate & Other
Eliminations
Total Corebridge
Three Months Ended December 31, 2024
Premiums
$
30
$
2
$
366
$
723
$
19
$
—
$
1,140
Policy fees
201
114
371
52
—
—
738
Net investment income
1,474
460
337
583
30
(5
)
2,879
Net realized gains (losses)(1)
—
—
—
—
49
—
49
Advisory fee and other income
114
89
—
—
7
—
210
Total adjusted revenues
1,819
665
1,074
1,358
105
(5
)
5,016
Policyholder benefits
36
3
619
969
—
—
1,627
Interest credited to policyholder account
balances
783
303
85
228
—
—
1,399
Amortization of deferred policy
acquisition costs
164
22
84
3
—
—
273
Non-deferrable insurance commissions
105
31
16
5
1
—
158
Advisory fee expenses
39
35
—
—
—
—
74
General operating expenses
114
110
114
20
70
(3
)
425
Interest expense
—
—
—
—
142
(4
)
138
Total benefits and expenses
1,241
504
918
1,225
213
(7
)
4,094
Noncontrolling interests
—
—
—
—
(44
)
—
(44
)
Adjusted pre-tax operating income
(loss)
$
578
$
161
$
156
$
133
$
(152
)
$
2
$
878
(in millions)
Individual Retirement
Group Retirement
Life Insurance
Institutional Markets
Corporate & Other
Eliminations
Total Corebridge
Three Months Ended December 31, 2023
Premiums
$
40
$
4
$
459
$
1,921
$
19
$
—
$
2,443
Policy fees
180
102
371
50
—
—
703
Net investment income
1,316
488
325
439
7
(7
)
2,568
Net realized gains (losses)(1)
—
—
—
—
(2
)
—
(2
)
Advisory fee and other income
108
79
9
1
14
—
211
Total adjusted revenues
1,644
673
1,164
2,411
38
(7
)
5,923
Policyholder benefits
39
4
736
2,110
—
—
2,889
Interest credited to policyholder account
balances
615
299
87
179
—
—
1,180
Amortization of deferred policy
acquisition costs
147
20
90
3
—
—
260
Non-deferrable insurance commissions
85
34
28
5
1
—
153
Advisory fee expenses
36
31
—
—
—
—
67
General operating expenses
94
106
144
21
78
—
443
Interest expense
—
—
—
—
136
(3
)
133
Total benefits and expenses
1,016
494
1,085
2,318
215
(3
)
5,125
Noncontrolling interests
—
—
—
—
22
—
22
Adjusted pre-tax operating income
(loss)
$
628
$
179
$
79
$
93
$
(155
)
$
(4
)
$
820
(1) Net realized gains (losses) includes
the gains (losses) related to the disposition of real estate
investments
(in millions)
Individual Retirement
Group Retirement
Life Insurance
Institutional Markets
Corporate & Other
Eliminations
Total Corebridge
Twelve Months Ended December 31, 2024
Premiums
$
137
$
12
$
1,483
$
2,894
$
74
$
—
$
4,600
Policy fees
797
442
1,465
197
—
—
2,901
Net investment income
5,679
1,920
1,321
2,127
33
(22
)
11,058
Net realized gains (losses)(1)
—
—
—
—
85
—
85
Advisory fee and other income
454
343
82
8
47
—
934
Total adjusted revenues
7,067
2,717
4,351
5,226
239
(22
)
19,578
Policyholder benefits
126
13
2,681
3,821
—
—
6,641
Interest credited to policyholder account
balances
2,861
1,206
336
799
—
—
5,202
Amortization of deferred policy
acquisition costs
618
85
344
13
—
—
1,060
Non-deferrable insurance commissions
388
120
58
20
2
—
588
Advisory fee expenses
150
134
2
—
—
—
286
General operating expenses
446
415
469
78
302
(4
)
1,706
Interest expense
—
—
—
—
543
(19
)
524
Total benefits and expenses
4,589
1,973
3,890
4,731
847
(23
)
16,007
Noncontrolling interests
—
—
—
—
34
—
34
Adjusted pre-tax operating income
(loss)
$
2,478
$
744
$
461
$
495
$
(574
)
$
1
$
3,605
(in millions)
Individual Retirement
Group Retirement
Life Insurance
Institutional Markets
Corporate & Other
Eliminations
Total Corebridge
Twelve Months Ended December 31, 2023
Premiums
$
213
$
20
$
1,776
$
5,607
$
78
$
—
$
7,694
Policy fees
708
406
1,488
195
—
—
2,797
Net investment income
4,908
1,996
1,282
1,586
92
(25
)
9,839
Net realized gains (losses)(1)
—
—
—
—
(2
)
—
(2
)
Advisory fee and other income
426
309
93
2
54
—
884
Total adjusted revenues
6,255
2,731
4,639
7,390
222
(25
)
21,212
Policyholder benefits
204
31
2,838
6,298
(3
)
—
9,368
Interest credited to policyholder account
balances
2,269
1,182
340
600
—
—
4,391
Amortization of deferred policy
acquisition costs
572
82
379
9
—
—
1,042
Non-deferrable insurance commissions
355
124
88
19
2
—
588
Advisory fee expenses
141
118
2
—
—
—
261
General operating expenses
402
440
619
85
339
—
1,885
Interest expense
—
—
—
—
569
(17
)
552
Total benefits and expenses
3,943
1,977
4,266
7,011
907
(17
)
18,087
Noncontrolling interests
—
—
—
—
68
—
68
Adjusted pre-tax operating income
(loss)
$
2,312
$
754
$
373
$
379
$
(617
)
$
(8
)
$
3,193
(1) Net realized gains (losses) includes
the gains (losses) related to the disposition of real estate
investments
The following table presents a summary of Corebridge's spread
income, fee income and underwriting margin:
Three Months Ended
December 31,
Twelve Months Ended
December 31,
(in millions)
2024
2023
2024
2023
Individual Retirement
Spread income
$
703
$
715
$
2,868
$
2,694
Fee income
315
288
1,251
1,134
Total Individual Retirement
1,018
1,003
4,119
3,828
Group Retirement
Spread income
160
193
727
828
Fee income
203
181
785
715
Total Group Retirement
363
374
1,512
1,543
Life Insurance
Underwriting margin
370
341
1,368
1,442
Total Life Insurance
370
341
1,368
1,442
Institutional Markets
Spread income
127
86
454
355
Fee income
16
16
62
64
Underwriting margin
18
20
81
71
Total Institutional Markets
161
122
597
490
Total
Spread income
990
994
4,049
3,877
Fee income
534
485
2,098
1,913
Underwriting margin
388
361
1,449
1,513
Total
$
1,912
$
1,840
$
7,596
$
7,303
The following table presents Life Insurance underwriting
margin:
Three Months Ended
December 31,
Twelve Months Ended
December 31,
(in millions)
2024
2023
2024
2023
Premiums
$
366
$
459
$
1,483
$
1,776
Policy fees
371
371
1,465
1,488
Net investment income
337
325
1,321
1,282
Other income
—
9
82
93
Policyholder benefits
(619
)
(736
)
(2,681
)
(2,838
)
Interest credited to policyholder account
balances
(85
)
(87
)
(336
)
(340
)
Less: Impact of annual actuarial
assumption update
—
—
34
(19
)
Underwriting margin
$
370
$
341
$
1,368
$
1,442
The following table presents Institutional Markets spread
income, fee income and underwriting margin:
Three Months Ended
December 31,
Twelve Months Ended
December 31,
(in millions)
2024
2023
2024
2023
Premiums
$
732
$
1,929
$
2,929
$
5,642
Net investment income
547
404
1,978
1,446
Policyholder benefits
(952
)
(2,096
)
(3,754
)
(6,243
)
Interest credited to policyholder account
balances
(200
)
(151
)
(689
)
(490
)
Less: Impact of annual actuarial
assumption update
—
—
(10
)
—
Spread income(1)
$
127
$
86
$
454
$
355
SVW fees
16
16
62
64
Fee income
$
16
$
16
$
62
$
64
Premiums
(9
)
(8
)
(35
)
(35
)
Policy fees (excluding SVW)
36
34
135
131
Net investment income
36
35
149
140
Other income
—
1
8
2
Policyholder benefits
(17
)
(14
)
(67
)
(55
)
Interest credited to policyholder account
balances
(28
)
(28
)
(110
)
(110
)
Less: Impact of annual actuarial
assumption update
—
—
1
(2
)
Underwriting margin(2)
$
18
$
20
$
81
$
71
(1) Represents spread income from Pension
Risk Transfer, Guaranteed Investment Contracts and Structured
Settlement products
(2) Represents underwriting margin from
Corporate Markets products, including corporate-and bank-owned life
insurance, private placement variable universal life insurance and
private placement variable annuity products
The following table presents Operating EPS:
Three Months Ended
December 31,
Twelve Months Ended
December 31,
(in millions, except per common share
data)
2024
2023
2024
2023
GAAP
Basis
Numerator for
EPS
Net income (loss)
$
2,222
$
(1,331
)
$
2,203
$
1,036
Less: Net income (loss) attributable to
noncontrolling interests
51
(22
)
(27
)
(68
)
Net income (loss) attributable to
Corebridge common shareholders
$
2,171
$
(1,309
)
$
2,230
$
1,104
Denominator for
EPS
Weighted average common shares outstanding
- basic(1)
569.8
633.0
598.0
643.3
Dilutive common shares(2)
1.6
—
1.2
1.9
Weighted average common shares outstanding
- diluted
571.4
633.0
599.2
645.2
Income per common
share attributable to Corebridge common shareholders
Common stock - basic
$
3.81
$
(2.07
)
$
3.73
$
1.72
Common stock - diluted
$
3.80
$
(2.07
)
$
3.72
$
1.71
Operating
Basis
Adjusted after-tax operating income
attributable to Corebridge common shareholders
$
701
$
661
$
2,891
$
2,647
Weighted average common shares outstanding
- diluted
571.4
635.3
599.2
645.2
Operating earnings per common share
$
1.23
$
1.04
$
4.83
$
4.10
Common Shares
Outstanding
Common shares outstanding, beginning of
period
574.4
633.5
621.7
645.0
Share repurchases
(12.9
)
(11.8
)
(63.5
)
(26.5
)
Newly issued shares
—
—
3.3
3.1
Common shares outstanding, end of
period
561.5
621.7
561.5
621.6
(1) Includes vested shares under our
share-based employee compensation plans
(2) Potential dilutive common shares
include our share-based employee compensation plans
The following table presents the reconciliation of Adjusted Book
Value:
At Period End
December 31, 2024
September 30, 2024
December 31, 2023
(in millions, except per share data)
Total Corebridge shareholders' equity
(a)
$
11,462
$
13,608
$
11,766
Less: Accumulated other comprehensive
income (AOCI)
(13,681
)
(9,884
)
(13,458
)
Add: Cumulative unrealized gains and
losses related to Fortitude Re funds withheld assets
(2,798
)
(2,058
)
(2,332
)
Total adjusted book value (b)
$
22,345
$
21,434
$
22,892
Total common shares outstanding (c)(1)
561.5
574.4
621.7
Book value per common share (a/c)
$
20.41
$
23.69
$
18.93
Adjusted book value per common share
(b/c)
$
39.80
$
37.32
$
36.82
(1) Total common shares outstanding are
presented net of treasury stock
The following table presents the reconciliation of Adjusted
ROAE:
Three Months Ended December
31,
Twelve Months Ended December
31,
(in millions, unless otherwise noted)
2024
2023
2024
2023
Actual or annualized net income (loss)
attributable to Corebridge shareholders (a)
$
8,684
$
(5,236
)
$
2,230
$
1,104
Actual or annualized adjusted after-tax
operating income attributable to Corebridge shareholders (b)
2,804
2,644
2,891
2,647
Average Corebridge Shareholders’ equity
(c)
12,535
10,066
11,882
10,326
Less: Average AOCI
(11,783
)
(16,376
)
(13,134
)
(15,773
)
Add: Average cumulative unrealized gains
and losses related to Fortitude Re funds withheld assets
(2,428
)
(2,886
)
(2,481
)
(2,702
)
Average Adjusted Book Value (d)
$
21,890
$
23,556
$
22,535
$
23,397
Return on Average Equity (a/c)
69.3
%
(52.0
)%
18.8
%
10.7
%
Adjusted ROAE (b/d)
12.8
%
11.2
%
12.8
%
11.3
%
The following table presents a reconciliation of net investment
income (net income basis) to net investment income (APTOI
basis):
Three Months Ended December
31,
Twelve Months Ended December
31,
(in millions)
2024
2023
2024
2023
Net investment income (net income
basis)
$
3,020
$
3,012
$
12,228
$
11,078
Net investment (income) on Fortitude Re
funds withheld assets
(198
)
(471
)
(1,370
)
(1,368
)
Change in fair value of securities used to
hedge guaranteed living benefits
(14
)
(14
)
(58
)
(55
)
Other adjustments
(7
)
(6
)
(30
)
(28
)
Derivative income recorded in net realized
gains (losses)
78
47
288
212
Total adjustments
(141
)
(444
)
(1,170
)
(1,239
)
Net investment income (APTOI
basis)
$
2,879
$
2,568
$
11,058
$
9,839
The following table presents the notable items and alternative
investment returns versus long-term return expectations:
Three Months Ended December
31,
Twelve Months Ended December
31,
(in millions)
2024
2023
2024
2023
Individual Retirement:
Alternative investments returns versus
long-term return expectations
$
(11
)
$
(50
)
$
(81
)
$
(173
)
Investments
—
35
45
17
Annual actuarial assumption review
—
—
18
1
Reinsurance
—
—
—
—
General operating expenses
(2
)
—
(2
)
—
Total adjustments
(13
)
(15
)
(20
)
(155
)
Group Retirement:
Alternative investments returns versus
long-term return expectations
(5
)
(22
)
(36
)
(78
)
Investments
—
5
8
3
Annual actuarial assumption review
—
—
(1
)
—
Reinsurance
—
—
—
—
General operating expenses
(9
)
—
(9
)
—
Total adjustments
(14
)
(17
)
(38
)
(75
)
Life Insurance:
Alternative investments returns versus
long-term return expectations
(3
)
(13
)
(20
)
(47
)
Investments
—
5
8
1
Annual actuarial assumption review
—
—
(29
)
19
Reinsurance
—
—
32
—
General operating expenses
(5
)
—
(5
)
—
Total adjustments
(8
)
(8
)
(14
)
(27
)
Institutional Markets:
Alternative investments returns versus
long-term return expectations
(6
)
(50
)
(100
)
(77
)
Investments
—
5
17
2
Annual actuarial assumption review
—
—
9
2
Reinsurance
—
—
5
—
General operating expenses
(1
)
—
(1
)
—
Total adjustments
(7
)
(45
)
(70
)
(73
)
Total Corebridge:
Alternative investments returns versus
long-term return expectations
(25
)
(136
)
(237
)
(375
)
Investments
—
50
78
23
Annual actuarial assumption review
—
—
(3
)
22
Reinsurance
—
—
37
—
General operating expenses
(17
)
—
(17
)
—
Corporate & other
—
—
32
—
Total adjustments
$
(42
)
$
(86
)
$
(110
)
$
(330
)
Discrete tax items - income tax expense
(benefit)
$
—
$
—
$
(10
)
$
40
The following table presents the premiums and deposits:
Three Months Ended December
31,
Twelve Months Ended December
31,
(in millions)
2024
2023
2024
2023
Individual Retirement
Premiums
$
30
$
40
$
137
$
213
Deposits
4,970
5,245
22,046
17,971
Other(1)
—
(3
)
(9
)
(13
)
Premiums and deposits
5,000
5,282
22,174
18,171
Group Retirement
Premiums
2
4
12
20
Deposits
1,614
2,079
7,619
8,063
Premiums and deposits(2)(3)
1,616
2,083
7,631
8,083
Life Insurance
Premiums
366
459
1,483
1,776
Deposits
411
408
1,579
1,583
Other(1)
102
236
613
941
Premiums and deposits
879
1,103
3,675
4,300
Institutional Markets
Premiums
723
1,921
2,894
5,607
Deposits
1,635
75
5,332
3,695
Other(1)
7
8
36
31
Premiums and deposits
2,365
2,004
8,262
9,333
Total
Premiums
1,121
2,424
4,526
7,616
Deposits
8,630
7,807
36,576
31,312
Other(1)
109
241
640
959
Premiums and deposits
$
9,860
$
10,472
$
41,742
$
39,887
(1) Other principally consists of ceded
premiums, in order to reflect gross premiums and deposits
(2) Includes premiums and deposits related
to in-plan mutual funds of $714 million and $741 million for the
three months ended December 31, 2024 and December 31, 2023,
respectively, as well as $3,065 million and $3,245 million for the
twelve months ended December 31, 2024 and December 31, 2023,
respectively
(3) Excludes client deposits into advisory
and brokerage accounts of $788 million and $603 million for the
three months ended December 31, 2024 and December 31, 2023,
respectively, as well as $3,062 million and $2,381 million for the
twelve months ended December 31, 2024 and December 31, 2023,
respectively
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250207728438/en/
Investor Relations Işıl
Müderrisoğlu investorrelations@corebridgefinancial.com Media Relations Matt Ward
media.contact@corebridgefinancial.com
Corebridge Financial (NYSE:CRBG)
Historical Stock Chart
From Jan 2025 to Feb 2025
Corebridge Financial (NYSE:CRBG)
Historical Stock Chart
From Feb 2024 to Feb 2025
