Q1 2024 Corebridge Financial Inc Earnings Call Transcript
Key Points
- Corebridge Financial Inc reported a strong start to the year with a 13% increase in adjusted after-tax operating income, reaching $688 million.
- Adjusted return on average equity improved by 110 basis points over the prior year quarter to 11.9%, aligning solidly within the target range of 12% to 14%.
- Assets under management and administration grew to $393 billion, a 7% improvement year-over-year, enhancing the company's earnings potential.
- Corebridge Financial Inc achieved $10.6 billion of premiums and deposits in the first quarter, demonstrating robust sales volume and market demand.
- The company successfully completed its modernization program, Corebridge Forward, realizing full $400 million of run rate savings, which positions it for continuous improvement and efficiency.
- Underwriting margin was impacted by one-time reinsurance-related items and seasonal mortality, although overall mortality remains within expectations.
- Variable investment income declined year-over-year due to losses in alternative investments, particularly from mark-to-market losses in real estate equity.
- The company noted potential for further marginal compression in base net investment spread in the near term, particularly in individual retirement.
- Life Insurance segment reported a 6% decrease in adjusted pretax operating income year-over-year after excluding variable investment income and notable items.
- Despite strong financial performance, there remains uncertainty in investment returns, particularly with continued negative real estate equity returns expected in the near future.
Hello, everyone, and welcome to the Corebridge Financial Inc. First Quarter 2024 Earnings Call. My name is Emily, and I'll be facilitating your call today.
(Operator Instructions)
After the presentation, you will have the opportunity to ask any questions, which you can do so by pressing star
I will now turn the call over to our host, Isil Muderrisoglu, Head of Investor and Rating Agency Relations. Please go ahead.
Good morning, everyone, and welcome to Corebridge Financial's earnings update for the first quarter of 2024. Joining me on the call are Kevin Hogan, President and Chief Executive Officer; and Elias Habayeb, Chief Financial Officer. We will begin with prepared remarks by Kevin and Elias, and then we will take your questions. Today's comments may contain forward-looking statements, which are subject to risks and uncertainties. These statements are not guarantees of future performance or events and are based upon management's
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