On November 3, 2023, Corebridge Financial Inc (CRBG, Financial) 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 (CRBG, Financial) 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 (CRBG, Financial) 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.
