Corebridge Financial, Inc. ("Corebridge" or the "Company") (NYSE: CRBG) today reported financial results for the fourth quarter and full year ended December 31, 2023.
Kevin Hogan, President and Chief Executive Officer of Corebridge, said, "Corebridge reported full year adjusted after-tax operating income of $2.6 billion, a 12% increase, executing on our strategic and operational priorities while capitalizing on market opportunities. We increased annual sales across our diversified portfolio of spread-based products by 60% and total company premiums and deposits by 26% year over year. We also grew general account assets by 5% to $220 billion, and improved base spread income by 30% in 2023, contributing to healthy margins across our high-quality businesses.
"Corebridge maintains a robust financial position and continues to generate consistent cash flows, supporting a strong balance sheet and meaningful capital return. Over the last five years, our insurance companies have distributed over $2 billion per year while maintaining a Life Fleet RBC Ratio over 400%, demonstrating the resilience of our business franchise through market cycles. Additionally, we returned $2.2 billion of capital to shareholders in 2023 with $1.1 billion in the fourth quarter alone.
"Corebridge is positioned for continued success in 2024, supported by our diversified business model, broad distribution platform, disciplined risk management, strategic investment partnerships and financial flexibility. We remain focused on creating long-term value for shareholders, evidenced by the announced sales of our international operations, and are confident in our ability to deliver attractive levels of capital return. We will continue to look across our portfolio to allocate resources where the available risk-adjusted returns are highest and where customer needs are greatest."
CONSOLIDATED RESULTS
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
($ in millions, except per share data) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income (loss) attributable to common shareholders |
|
$ |
(1,309 |
) |
|
$ |
(207 |
) |
|
$ |
1,104 |
|
|
$ |
8,159 |
|
Income (loss) per common share attributable to common shareholders |
|
$ |
(2.07 |
) |
|
$ |
(0.32 |
) |
|
$ |
1.71 |
|
|
$ |
12.60 |
|
Weighted average shares outstanding - diluted |
|
|
633.0 |
|
|
|
648.7 |
|
|
|
645.2 |
|
|
|
647.4 |
|
Adjusted after-tax operating income |
|
$ |
661 |
|
|
$ |
610 |
|
|
$ |
2,647 |
|
|
$ |
2,371 |
|
Operating EPS |
|
$ |
1.04 |
|
|
$ |
0.93 |
|
|
$ |
4.10 |
|
|
$ |
3.66 |
|
Weighted average shares outstanding - operating |
|
|
635.3 |
|
|
|
653.1 |
|
|
|
645.2 |
|
|
|
647.4 |
|
Book value per common share |
|
$ |
18.93 |
|
|
$ |
14.54 |
|
|
$ |
18.93 |
|
|
$ |
14.54 |
|
Adjusted book value per common share1 |
|
$ |
36.82 |
|
|
$ |
36.34 |
|
|
$ |
36.82 |
|
|
$ |
36.34 |
|
Total common shares outstanding |
|
|
621.7 |
|
|
|
645.0 |
|
|
|
621.7 |
|
|
|
645.0 |
|
Pre-tax income (loss) |
|
$ |
(1,763 |
) |
|
$ |
(307 |
) |
|
$ |
940 |
|
|
$ |
10,491 |
|
Adjusted pre-tax operating income1 |
|
$ |
820 |
|
|
$ |
704 |
|
|
$ |
3,193 |
|
|
$ |
2,854 |
|
Premiums and deposits |
|
$ |
10,472 |
|
|
$ |
8,694 |
|
|
$ |
39,887 |
|
|
$ |
31,623 |
|
Net investment income |
|
$ |
3,012 |
|
|
$ |
2,555 |
|
|
$ |
11,078 |
|
|
$ |
9,576 |
|
Net investment income (APTOI basis)1 |
|
$ |
2,568 |
|
|
$ |
2,307 |
|
|
$ |
9,839 |
|
|
$ |
8,758 |
|
Base portfolio income2 - insurance operating businesses |
|
$ |
2,564 |
|
|
$ |
2,200 |
|
|
$ |
9,607 |
|
|
$ |
7,884 |
|
Variable investment income2 - insurance operating businesses |
|
$ |
4 |
|
|
$ |
23 |
|
|
$ |
165 |
|
|
$ |
442 |
|
Corporate and other3 |
|
$ |
? |
|
|
$ |
84 |
|
|
$ |
67 |
|
|
$ |
432 |
|
|
|
|
|
|
|
|
|
|
||||||||
Return on average equity |
|
|
(52.0 |
%) |
|
|
(9.2 |
%) |
|
|
10.7 |
% |
|
|
52.6 |
% |
Adjusted return on average equity1 |
|
|
11.2 |
% |
|
|
10.4 |
% |
|
|
11.3 |
% |
|
|
10.4 |
% |
Fourth Quarter
Net loss was $1.3 billion, compared to $207 million in the prior year quarter. The change largely was driven by realized losses recorded for the Fortitude Re funds withheld embedded derivative, partially offset by higher net investment income.
Adjusted pre-tax operating income ("APTOI") was $820 million, a 16% increase over the prior year quarter due to higher net investment income, partially offset by lower variable investment income. Excluding variable investment income, APTOI grew 20% over the same period, primarily the result of higher base spread income and expense efficiencies, partially offset by lower underwriting margin.
Premiums and deposits were $10.5 billion, a 20% increase over the prior year quarter. Excluding transactional activity (i.e., pension risk transfer, guaranteed investment contracts and Group Retirement plan acquisitions), premiums and deposits grew 21% over the same period. These results mainly reflect higher fixed annuity and fixed index annuity deposits, partially offset by lower variable annuity deposits in Individual Retirement and Group Retirement.
Net investment income was $3.0 billion, an 18% increase over the prior year quarter, and net investment income on an APTOI basis was $2.6 billion, an 11% increase over the same period. This improvement was due in large part to higher base portfolio income, which grew $364 million, or 17%, over the prior year quarter. This increase in net investment income was partially offset by variable investment income which declined $19 million, or 83%, over the same period.
Full Year
Net income was $1.1 billion, compared to $8.2 billion in the prior year. The change largely was driven by realized losses recorded for the Fortitude Re funds withheld embedded derivative, partially offset by higher net investment income and changes in the fair value of market risk benefits.
APTOI was $3.2 billion, a 12% increase over the prior year due to higher net investment income, partially offset by lower variable investment income. Excluding variable investment income, APTOI grew 26% over the same period, the result of higher base spread income and expense efficiencies, partially offset by lower fee income and higher interest expense on financial debt arising from the Company's new capital structure.
Premiums and deposits were $39.9 billion, a 26% increase over the prior year. Excluding transactional activity, premiums and deposits grew 14% over the same period. These results mainly reflect higher fixed annuity and fixed index annuity deposits, partially offset by lower variable annuity deposits in Individual Retirement and Group Retirement.
Net investment income was $11.1 billion, a 16% increase over the prior year, and net investment income on an APTOI basis was $9.8 billion, a 12% increase over the same period. This improvement was due in large part to higher base portfolio income, which grew $1.7 billion, or 22%, over the prior year. This increase in net investment income was partially offset by variable investment income which declined $277 million, or 63%, over the same period.
CAPITAL AND LIQUIDITY HIGHLIGHTS
BUSINESS RESULTS
Individual Retirement |
|
Three Months Ended
|
||||
($ in millions) |
|
2023 |
|
2022 |
||
Premiums and deposits |
|
$ |
5,282 |
|
$ |
3,827 |
Spread income |
|
$ |
715 |
|
$ |
574 |
Base spread income |
|
$ |
704 |
|
$ |
552 |
Variable investment income |
|
$ |
11 |
|
$ |
22 |
Fee income2 |
|
$ |
288 |
|
$ |
283 |
Adjusted pre-tax operating income |
|
$ |
628 |
|
$ |
465 |
Group Retirement |
|
Three Months Ended
|
||||
($ in millions) |
|
2023 |
|
2022 |
||
Premiums and deposits |
|
$ |
2,083 |
|
$ |
2,243 |
Spread income |
|
$ |
193 |
|
$ |
210 |
Base spread income |
|
$ |
189 |
|
$ |
209 |
Variable investment income |
|
$ |
4 |
|
$ |
1 |
Fee income |
|
$ |
181 |
|
$ |
169 |
Adjusted pre-tax operating income |
|
$ |
179 |
|
$ |
172 |
Life Insurance |
|
Three Months Ended
|
|||||
($ in millions) |
|
2023 |
|
2022 |
|||
Premiums and deposits |
|
$ |
1,103 |
|
|
$ |
1,073 |
Underwriting margin2 |
|
$ |
341 |
|
|
$ |
430 |
Underwriting margin excluding variable investment income |
|
$ |
343 |
|
|
$ |
425 |
Variable investment income |
|
$ |
(2 |
) |
|
$ |
5 |
Adjusted pre-tax operating income |
|
$ |
79 |
|
|
$ |
142 |
Institutional Markets |
|
Three Months Ended
|
||||||
($ in millions) |
|
2023 |
|
2022 |
||||
Premiums and deposits |
|
$ |
2,004 |
|
|
$ |
1,551 |
|
Spread income |
|
$ |
86 |
|
|
$ |
51 |
|
Base spread income |
|
$ |
94 |
|
|
$ |
57 |
|
Variable investment income |
|
$ |
(8 |
) |
|
$ |
(6 |
) |
Fee income |
|
$ |
16 |
|
|
$ |
16 |
|
Underwriting margin |
|
$ |
20 |
|
|
$ |
17 |
|
Underwriting margin excluding variable investment income |
|
$ |
21 |
|
|
$ |
17 |
|
Variable investment income |
|
$ |
(1 |
) |
|
$ |
? |
|
Adjusted pre-tax operating income |
|
$ |
93 |
|
|
$ |
60 |
|
Corporate and Other |
|
Three Months Ended
|
||||||
($ in millions) |
|
2023 |
|
2022 |
||||
Corporate expenses |
|
$ |
(36 |
) |
|
$ |
(46 |
) |
Interest on financial debt |
|
$ |
(107 |
) |
|
$ |
(103 |
) |
Asset management |
|
$ |
? |
|
|
$ |
15 |
|
Consolidated investment entities |
|
$ |
(2 |
) |
|
$ |
2 |
|
Other |
|
$ |
(14 |
) |
|
$ |
(3 |
) |
Adjusted pre-tax operating income (loss) |
|
$ |
(159 |
) |
|
$ |
(135 |
) |
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 | Includes consolidations and eliminations |
|
CONFERENCE CALL
Corebridge will host a conference call on Thursday, February 15, 2024, at 8:30 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 $380 billion in assets under management and administration as of December 31, 2023, 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 and YouTube. 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," "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:
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 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 from operations before income tax. 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 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 are 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:
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:
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 Book Value per Common Share is computed as adjusted book value divided by total common shares outstanding.
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.
Normalized distributions are defined as dividends paid by the Life Fleet subsidiaries as well as the international insurance subsidiaries, less non-recurring dividends, plus dividend capacity that would have been available to Corebridge absent strategies that resulted in utilization of tax attributes. We believe that presenting normalized distributions is useful in understanding a significant component of our liquidity as a stand-alone company.
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.
Assets Under Management and Administration
KEY OPERATING METRICS AND KEY TERMS
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.
Cost of funds means the interest credited to policyholders excluding the amortization of deferred sales inducement assets.
Fee and Spread Income and Underwriting Margin
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
Net Investment Income
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, |
2023 |
2022 |
|||||||||||||||||||||||||||||
(in millions) |
Pre-tax |
Total Tax
|
Non-
|
After Tax |
Pre-tax |
Total Tax
|
Non-
|
After Tax |
|||||||||||||||||||||||
Pre-tax income/net income, including noncontrolling interests |
$ |
(1,763 |
) |
$ |
(432 |
) |
$ |
? |
|
$ |
(1,331 |
) |
$ |
(307 |
) |
$ |
(139 |
) |
$ |
? |
|
$ |
(168 |
) |
|||||||
Noncontrolling interests |
|
? |
|
|
? |
|
|
22 |
|
|
22 |
|
|
? |
|
|
? |
|
|
(39 |
) |
|
(39 |
) |
|||||||
Pre-tax income/net income attributable to Corebridge |
|
(1,763 |
) |
|
(432 |
) |
|
22 |
|
|
(1,309 |
) |
|
(307 |
) |
|
(139 |
) |
|
(39 |
) |
|
(207 |
) |
|||||||
Fortitude Re related items |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Net investment income on Fortitude Re funds withheld assets |
|
(471 |
) |
|
(91 |
) |
|
? |
|
|
(380 |
) |
|
(274 |
) |
|
(57 |
) |
|
? |
|
|
(217 |
) |
|||||||
Net realized (gains) losses on Fortitude Re funds withheld assets |
|
(114 |
) |
|
(27 |
) |
|
? |
|
|
(87 |
) |
|
125 |
|
|
26 |
|
|
? |
|
|
99 |
|
|||||||
Net realized losses on Fortitude Re funds withheld embedded derivative |
|
1,911 |
|
|
408 |
|
|
? |
|
|
1,503 |
|
|
347 |
|
|
69 |
|
|
? |
|
|
278 |
|
|||||||
Subtotal Fortitude Re related items |
|
1,326 |
|
|
290 |
|
|
? |
|
|
1,036 |
|
|
198 |
|
|
38 |
|
|
? |
|
|
160 |
|
|||||||
Other reconciling Items: |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Reclassification of disproportionate tax effects from AOCI and other tax adjustments |
|
? |
|
|
15 |
|
|
? |
|
|
(15 |
) |
|
? |
|
|
5 |
|
|
? |
|
|
(5 |
) |
|||||||
Deferred income tax valuation allowance (releases) charges |
|
? |
|
|
(17 |
) |
|
? |
|
|
17 |
|
|
? |
|
|
(6 |
) |
|
? |
|
|
6 |
|
|||||||
Change in fair value of market risk benefits, net |
|
478 |
|
|
101 |
|
|
? |
|
|
377 |
|
|
(245 |
) |
|
(50 |
) |
|
? |
|
|
(195 |
) |
|||||||
Changes in fair value of securities used to hedge guaranteed living benefits |
|
5 |
|
|
1 |
|
|
? |
|
|
4 |
|
|
(1 |
) |
|
? |
|
|
? |
|
|
(1 |
) |
|||||||
Changes in benefit reserves related to net realized gains (losses) |
|
? |
|
|
? |
|
|
? |
|
|
? |
|
|
(4 |
) |
|
(1 |
) |
|
? |
|
|
(3 |
) |
|||||||
Net realized (gains) losses(1) |
|
1,253 |
|
|
268 |
|
|
? |
|
|
985 |
|
|
1,019 |
|
|
214 |
|
|
? |
|
|
805 |
|
|||||||
Non-operating litigation reserves and settlements |
|
? |
|
|
? |
|
|
? |
|
|
? |
|
|
? |
|
|
? |
|
|
? |
|
|
? |
|
|||||||
Separation costs |
|
59 |
|
|
12 |
|
|
? |
|
|
47 |
|
|
54 |
|
|
26 |
|
|
? |
|
|
28 |
|
|||||||
Restructuring and other costs |
|
60 |
|
|
12 |
|
|
? |
|
|
48 |
|
|
22 |
|
|
5 |
|
|
? |
|
|
17 |
|
|||||||
Non-recurring costs related to regulatory or accounting changes |
|
1 |
|
|
? |
|
|
? |
|
|
1 |
|
|
7 |
|
|
2 |
|
|
? |
|
|
5 |
|
|||||||
Net (gain) loss on divestiture |
|
(621 |
) |
|
(91 |
) |
|
? |
|
|
(530 |
) |
|
? |
|
|
? |
|
|
? |
|
|
? |
|
|||||||
Pension expense - non operating |
|
? |
|
|
? |
|
|
? |
|
|
? |
|
|
? |
|
|
? |
|
|
? |
|
|
? |
|
|||||||
Noncontrolling interests |
|
22 |
|
|
? |
|
|
(22 |
) |
|
? |
|
|
(39 |
) |
|
? |
|
|
39 |
|
|
? |
|
|||||||
Subtotal: Non-Fortitude Re reconciling items |
|
1,257 |
|
|
301 |
|
|
(22 |
) |
|
934 |
|
|
813 |
|
|
195 |
|
|
39 |
|
|
657 |
|
|||||||
Total adjustments |
|
2,583 |
|
|
591 |
|
|
(22 |
) |
|
1,970 |
|
|
1,011 |
|
|
233 |
|
|
39 |
|
|
817 |
|
|||||||
Adjusted pre-tax operating income (loss)/Adjusted after-tax operating income (loss) attributable to Corebridge common shareholders |
$ |
820 |
|
$ |
159 |
|
$ |
? |
|
$ |
661 |
|
$ |
704 |
|
$ |
94 |
|
$ |
? |
|
$ |
610 |
|
|||||||
Twelve Months Ended December 31, |
2023 |
2022 |
|||||||||||||||||||||||||||||
(in millions) |
Pre-tax |
Total Tax
|
Non-
|
After Tax |
Pre-tax |
Total Tax
|
Non-
|
After Tax |
|||||||||||||||||||||||
Pre-tax income/net income, including noncontrolling interests |
$ |
940 |
|
$ |
(96 |
) |
$ |
? |
|
$ |
1,036 |
|
$ |
10,491 |
|
$ |
2,012 |
|
$ |
? |
|
$ |
8,479 |
|
|||||||
Noncontrolling interests |
|
? |
|
|
? |
|
|
68 |
|
|
68 |
|
|
? |
|
|
? |
|
|
(320 |
) |
|
(320 |
) |
|||||||
Pre-tax income/net income attributable to Corebridge |
|
940 |
|
|
(96 |
) |
|
68 |
|
|
1,104 |
|
|
10,491 |
|
|
2,012 |
|
|
(320 |
) |
|
8,159 |
|
|||||||
Fortitude Re related items |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Net investment income on Fortitude Re funds withheld assets |
|
(1,368 |
) |
|
(291 |
) |
|
? |
|
|
(1,077 |
) |
|
(891 |
) |
|
(187 |
) |
|
? |
|
|
(704 |
) |
|||||||
Net realized (gains) losses on Fortitude Re funds withheld assets |
|
224 |
|
|
48 |
|
|
? |
|
|
176 |
|
|
397 |
|
|
83 |
|
|
? |
|
|
314 |
|
|||||||
Net realized losses on Fortitude Re funds withheld embedded derivative |
|
1,734 |
|
|
369 |
|
|
? |
|
|
1,365 |
|
|
(6,347 |
) |
|
(1,370 |
) |
|
? |
|
|
(4,977 |
) |
|||||||
Subtotal Fortitude Re related items |
|
590 |
|
|
126 |
|
|
? |
|
|
464 |
|
|
(6,841 |
) |
|
(1,474 |
) |
|
? |
|
|
(5,367 |
) |
|||||||
Other reconciling Items: |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Reclassification of disproportionate tax effects from AOCI and other tax adjustments |
|
? |
|
|
89 |
|
|
? |
|
|
(89 |
) |
|
? |
|
|
95 |
|
|
? |
|
|
(95 |
) |
|||||||
Deferred income tax valuation allowance (releases) charges |
|
? |
|
|
(11 |
) |
|
? |
|
|
11 |
|
|
? |
|
|
(157 |
) |
|
? |
|
|
157 |
|
|||||||
Change in fair value of market risk benefits, net |
|
(6 |
) |
|
(1 |
) |
|
? |
|
|
(5 |
) |
|
(958 |
) |
|
(199 |
) |
|
? |
|
|
(759 |
) |
|||||||
Changes in fair value of securities used to hedge guaranteed living benefits |
|
16 |
|
|
3 |
|
|
? |
|
|
13 |
|
|
(30 |
) |
|
(6 |
) |
|
? |
|
|
(24 |
) |
|||||||
Changes in benefit reserves related to net realized gains (losses) |
|
(6 |
) |
|
(1 |
) |
|
? |
|
|
(5 |
) |
|
(15 |
) |
|
(3 |
) |
|
? |
|
|
(12 |
) |
|||||||
Net realized (gains) losses(1) |
|
1,792 |
|
|
381 |
|
|
? |
|
|
1,411 |
|
|
211 |
|
|
44 |
|
|
? |
|
|
167 |
|
|||||||
Non-operating litigation reserves and settlements |
|
? |
|
|
? |
|
|
? |
|
|
? |
|
|
(25 |
) |
|
(5 |
) |
|
? |
|
|
(20 |
) |
|||||||
Separation costs |
|
245 |
|
|
51 |
|
|
? |
|
|
194 |
|
|
180 |
|
|
142 |
|
|
? |
|
|
38 |
|
|||||||
Restructuring and other costs |
|
197 |
|
|
41 |
|
|
? |
|
|
156 |
|
|
147 |
|
|
31 |
|
|
? |
|
|
116 |
|
|||||||
Non-recurring costs related to regulatory or accounting changes |
|
18 |
|
|
4 |
|
|
? |
|
|
14 |
|
|
12 |
|
|
3 |
|
|
? |
|
|
9 |
|
|||||||
Net (gain) loss on divestiture |
|
(676 |
) |
|
(43 |
) |
|
? |
|
|
(633 |
) |
|
1 |
|
|
? |
|
|
? |
|
|
1 |
|
|||||||
Pension expense - non operating |
|
15 |
|
|
3 |
|
|
? |
|
|
12 |
|
|
1 |
|
|
? |
|
|
? |
|
|
1 |
|
|||||||
Noncontrolling interests |
|
68 |
|
|
? |
|
|
(68 |
) |
|
? |
|
|
(320 |
) |
|
? |
|
|
320 |
|
|
? |
|
|||||||
Subtotal: Non-Fortitude Re reconciling items |
|
1,663 |
|
|
516 |
|
|
(68 |
) |
|
1,079 |
|
|
(796 |
) |
|
(55 |
) |
|
320 |
|
|
(421 |
) |
|||||||
Total adjustments |
|
2,253 |
|
|
642 |
|
|
(68 |
) |
|
1,543 |
|
|
(7,637 |
) |
|
(1,529 |
) |
|
320 |
|
|
(5,788 |
) |
|||||||
Adjusted pre-tax operating income (loss)/Adjusted after-tax operating income (loss) attributable to Corebridge common shareholders |
$ |
3,193 |
|
$ |
546 |
|
$ |
? |
|
$ |
2,647 |
|
$ |
2,854 |
|
$ |
483 |
|
$ |
? |
|
$ |
2,371 |
|
(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
|
Group
|
Life
|
Institutional
|
Corporate &
|
Eliminations |
Total
|
||||||||||
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 |
|
(in millions) |
Individual
|
Group
|
Life
|
Institutional
|
Corporate &
|
Eliminations |
Total
|
||||||||||
Three Months Ended December 31, 2022 |
|
|
|
|
|
|
|
||||||||||
Premiums |
$ |
63 |
$ |
3 |
$ |
582 |
$ |
1,375 |
$ |
20 |
|
$ |
? |
|
$ |
2,043 |
|
Policy fees |
|
178 |
|
96 |
|
397 |
|
49 |
|
? |
|
|
? |
|
|
720 |
|
Net investment income |
|
1,064 |
|
494 |
|
376 |
|
289 |
|
112 |
|
|
(28 |
) |
|
2,307 |
|
Net realized gains (losses)(1) |
|
? |
|
? |
|
? |
|
? |
|
27 |
|
|
? |
|
|
27 |
|
Advisory fee and other income |
|
105 |
|
73 |
|
27 |
|
1 |
|
20 |
|
|
? |
|
|
226 |
|
Total adjusted revenues |
|
1,410 |
|
666 |
|
1,382 |
|
1,714 |
|
179 |
|
|
(28 |
) |
|
5,323 |
|
Policyholder benefits |
|
73 |
|
7 |
|
866 |
|
1,524 |
|
? |
|
|
? |
|
|
2,470 |
|
Interest credited to policyholder account balances |
|
504 |
|
288 |
|
86 |
|
105 |
|
? |
|
|
? |
|
|
983 |
|
Amortization of deferred policy acquisition costs |
|
139 |
|
21 |
|
100 |
|
2 |
|
? |
|
|
? |
|
|
262 |
|
Non-deferrable insurance commissions |
|
86 |
|
34 |
|
10 |
|
5 |
|
? |
|
|
? |
|
|
135 |
|
Advisory fee expenses |
|
35 |
|
29 |
|
1 |
|
? |
|
? |
|
|
? |
|
|
65 |
|
General operating expenses |
|
108 |
|
115 |
|
177 |
|
18 |
|
87 |
|
|
(4 |
) |
|
501 |
|
Interest expense |
|
? |
|
? |
|
? |
|
? |
|
186 |
|
|
(22 |
) |
|
164 |
|
Total benefits and expenses |
|
945 |
|
494 |
|
1,240 |
|
1,654 |
|
273 |
|
|
(26 |
) |
|
4,580 |
|
Noncontrolling interests |
|
? |
|
? |
|
? |
|
? |
|
(39 |
) |
|
? |
|
|
(39 |
) |
Adjusted pre-tax operating income (loss) |
$ |
465 |
$ |
172 |
$ |
142 |
$ |
60 |
$ |
(133 |
) |
$ |
(2 |
) |
$ |
704 |
|
(in millions) |
Individual
|
Group
|
Life
|
Institutional
|
Corporate &
|
Eliminations |
Total
|
||||||||||
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 |
|
(in millions) |
Individual
|
Group
|
Life
|
Institutional
|
Corporate &
|
Eliminations |
Total
|
||||||||||
Twelve Months Ended December 31, 2022 |
|
|
|
|
|
|
|
||||||||||
Premiums |
$ |
235 |
$ |
19 |
$ |
1,864 |
$ |
2,913 |
$ |
82 |
|
$ |
? |
|
$ |
5,113 |
|
Policy fees |
|
741 |
|
415 |
|
1,564 |
|
194 |
|
? |
|
|
? |
|
|
2,914 |
|
Net investment income |
|
3,888 |
|
2,000 |
|
1,389 |
|
1,049 |
|
473 |
|
|
(41 |
) |
|
8,758 |
|
Net realized gains (losses)(1) |
|
? |
|
? |
|
? |
|
? |
|
170 |
|
|
? |
|
|
170 |
|
Advisory fee and other income |
|
451 |
|
305 |
|
121 |
|
2 |
|
121 |
|
|
? |
|
|
1,000 |
|
Total adjusted revenues |
|
5,315 |
|
2,739 |
|
4,938 |
|
4,158 |
|
846 |
|
|
(41 |
) |
|
17,955 |
|
Policyholder benefits |
|
285 |
|
35 |
|
3,010 |
|
3,404 |
|
? |
|
|
? |
|
|
6,734 |
|
Interest credited to policyholder account balances |
|
1,916 |
|
1,147 |
|
342 |
|
320 |
|
? |
|
|
? |
|
|
3,725 |
|
Amortization of deferred policy acquisition costs |
|
523 |
|
80 |
|
410 |
|
7 |
|
? |
|
|
? |
|
|
1,020 |
|
Non-deferrable insurance commissions |
|
351 |
|
123 |
|
72 |
|
20 |
|
2 |
|
|
? |
|
|
568 |
|
Advisory fee expenses |
|
141 |
|
124 |
|
1 |
|
? |
|
? |
|
|
? |
|
|
266 |
|
General operating expenses |
|
426 |
|
447 |
|
656 |
|
73 |
|
384 |
|
|
(2 |
) |
|
1,984 |
|
Interest expense |
|
? |
|
? |
|
? |
|
? |
|
535 |
|
|
(51 |
) |
|
484 |
|
Total benefits and expenses |
|
3,642 |
|
1,956 |
|
4,491 |
|
3,824 |
|
921 |
|
|
(53 |
) |
|
14,781 |
|
Noncontrolling interests |
|
? |
|
? |
|
? |
|
? |
|
(320 |
) |
|
? |
|
|
(320 |
) |
Adjusted pre-tax operating income (loss) |
$ |
1,673 |
$ |
783 |
$ |
447 |
$ |
334 |
$ |
(395 |
) |
$ |
12 |
|
$ |
2,854 |
|
(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
|
Twelve Months Ended
|
||||||||
(in millions) |
2023 |
|
2022 |
2023 |
|
2022 |
||||
Individual Retirement |
|
|
|
|
|
|
||||
Spread income |
$ |
715 |
|
$ |
574 |
$ |
2,694 |
|
$ |
2,027 |
Fee income |
|
288 |
|
|
283 |
|
1,134 |
|
|
1,192 |
Total Individual Retirement |
|
1,003 |
|
|
857 |
|
3,828 |
|
3,219 |
|
Group Retirement |
|
|
|
|
|
|
||||
Spread income |
|
193 |
|
|
210 |
|
828 |
|
|
867 |
Fee income |
|
181 |
|
|
169 |
|
715 |
|
|
720 |
Total Group Retirement |
|
374 |
|
|
379 |
|
1,543 |
|
1,587 |
|
Life Insurance |
|
|
|
|
|
|
||||
Underwriting margin |
|
341 |
|
|
430 |
|
1,442 |
|
|
1,561 |
Total Life Insurance |
|
341 |
|
|
430 |
|
1,442 |
|
|
1,561 |
Institutional Markets |
|
|
|
|
|
|
||||
Spread income |
|
86 |
|
|
51 |
|
355 |
|
|
285 |
Fee income |
|
16 |
|
|
16 |
|
64 |
|
|
63 |
Underwriting margin |
|
20 |
|
|
17 |
|
71 |
|
|
77 |
Total Institutional Markets |
|
122 |
|
|
84 |
|
490 |
|
|
425 |
Total |
|
|
|
|
|
|
||||
Spread income |
|
994 |
|
|
835 |
|
3,877 |
|
|
3,179 |
Fee income |
|
485 |
|
|
468 |
|
1,913 |
|
|
1,975 |
Underwriting margin |
|
361 |
|
|
447 |
|
1,513 |
|
|
1,638 |
Total |
$ |
1,840 |
|
$ |
1,750 |
$ |
7,303 |
|
$ |
6,792 |
The following table presents Life Insurance underwriting margin:
|
Three Months Ended
|
Twelve Months Ended
|
||||||||||||
(in millions) |
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
Premiums |
$ |
459 |
|
|
$ |
582 |
|
$ |
1,776 |
|
|
$ |
1,864 |
|
Policy fees |
|
371 |
|
|
|
397 |
|
|
1,488 |
|
|
|
1,564 |
|
Net investment income |
|
325 |
|
|
|
376 |
|
|
1,282 |
|
|
|
1,389 |
|
Other income |
|
9 |
|
|
|
27 |
|
|
93 |
|
|
|
121 |
|
Policyholder benefits |
|
(736 |
) |
|
|
(866 |
) |
|
(2,838 |
) |
|
|
(3,010 |
) |
Interest credited to policyholder account balances |
|
(87 |
) |
|
|
(86 |
) |
|
(340 |
) |
|
|
(342 |
) |
Less: Impact of annual actuarial assumption update |
|
? |
|
|
|
? |
|
|
(19 |
) |
|
|
(25 |
) |
Underwriting margin |
$ |
341 |
|
|
$ |
430 |
|
$ |
1,442 |
|
|
$ |
1,561 |
|
The following table presents Institutional Markets spread income, fee income and underwriting margin:
|
Three Months Ended
|
Twelve Months Ended
|
||||||||||||
(in millions) |
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
Premiums |
$ |
1,929 |
|
|
$ |
1,384 |
|
$ |
5,642 |
|
|
$ |
2,950 |
|
Net investment income |
|
404 |
|
|
|
253 |
|
|
1,446 |
|
|
|
901 |
|
Policyholder benefits |
|
(2,096 |
) |
|
|
(1,508 |
) |
|
(6,243 |
) |
|
|
(3,352 |
) |
Interest credited to policyholder account balances |
|
(151 |
) |
|
|
(78 |
) |
|
(490 |
) |
|
|
(213 |
) |
Less: Impact of annual actuarial assumption update |
|
? |
|
|
|
? |
|
|
? |
|
|
|
(1 |
) |
Spread income(1) |
$ |
86 |
|
|
$ |
51 |
|
$ |
355 |
|
|
$ |
285 |
|
SVW fees |
|
16 |
|
|
|
16 |
|
|
64 |
|
|
|
63 |
|
Fee income |
$ |
16 |
|
|
$ |
16 |
|
$ |
64 |
|
|
$ |
63 |
|
Premiums |
|
(8 |
) |
|
|
(9 |
) |
|
(35 |
) |
|
|
(37 |
) |
Policy fees (excluding SVW) |
|
34 |
|
|
|
33 |
|
|
131 |
|
|
|
131 |
|
Net investment income |
|
35 |
|
|
|
35 |
|
|
140 |
|
|
|
143 |
|
Other income |
|
1 |
|
|
|
1 |
|
|
2 |
|
|
|
2 |
|
Policyholder benefits |
|
(14 |
) |
|
|
(16 |
) |
|
(55 |
) |
|
|
(52 |
) |
Interest credited to policyholder account balances |
|
(28 |
) |
|
|
(27 |
) |
|
(110 |
) |
|
|
(107 |
) |
Less: Impact of annual actuarial assumption update |
|
? |
|
|
|
? |
|
|
(2 |
) |
|
|
(3 |
) |
Underwriting margin(2) |
$ |
20 |
|
|
$ |
17 |
|
$ |
71 |
|
|
$ |
77 |
|
(1) |
Represents spread income from Pension Risk Transfer, Guaranteed Investment Contracts and Structured Settlement products |
|
(2) |
Represents underwriting margin from Corporate Markets products, including COLI-BOLI, private placement variable universal life insurance and private placement variable annuity products |
|
The following table presents the reconciliation of dividends to normalized distributions:
At Period End |
|
|
December 31,
|
|
December 31,
|
||
(in millions) |
|
|
|
|
|
||
Subsidiary dividends paid |
|
|
$ |
2,027 |
|
$ |
1,821 |
Less: Non-recurring dividends |
|
|
|
? |
|
|
? |
Tax sharing payments related to utilization of tax attributes |
|
|
|
? |
|
|
401 |
Normalized distributions |
|
|
$ |
2,027 |
|
$ |
2,222 |
|
|
|
|
|
|
||
The following table presents Operating EPS:
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||
(in millions, except per common share data) |
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
GAAP Basis |
|
|
|
|
|
|
|||||||
Numerator for EPS |
|
|
|
|
|
|
|||||||
Net income (loss) |
$ |
(1,331 |
) |
|
$ |
(168 |
) |
$ |
1,036 |
|
|
$ |
8,479 |
Less: Net income (loss) attributable to noncontrolling interests |
|
(22 |
) |
|
|
39 |
|
|
(68 |
) |
|
|
320 |
Net income (loss) attributable to Corebridge common shareholders |
$ |
(1,309 |
) |
|
$ |
(207 |
) |
$ |
1,104 |
|
|
$ |
8,159 |
|
|
|
|
|
|
|
|||||||
Denominator for EPS |
|
|
|
|
|
|
|||||||
Weighted average common shares outstanding - basic(1) |
|
633.0 |
|
|
|
648.7 |
|
|
643.3 |
|
|
|
646.1 |
Dilutive common shares(2) |
|
? |
|
|
|
? |
|
|
1.9 |
|
|
|
1.3 |
Weighted average common shares outstanding - diluted |
|
633.0 |
|
|
|
648.7 |
|
|
645.2 |
|
|
|
647.4 |
|
|
|
|
|
|
|
|||||||
Income per common share attributable to Corebridge common shareholders |
|
|
|
|
|
|
|||||||
Common stock - basic |
$ |
(2.07 |
) |
|
$ |
(0.32 |
) |
$ |
1.72 |
|
|
$ |
12.63 |
Common stock - diluted |
$ |
(2.07 |
) |
|
$ |
(0.32 |
) |
$ |
1.71 |
|
|
$ |
12.60 |
|
|
|
|
|
|
|
|||||||
Operating Basis |
|
|
|
|
|
|
|||||||
Adjusted after-tax operating income attributable to Corebridge shareholders |
$ |
661 |
|
|
$ |
610 |
|
$ |
2,647 |
|
|
$ |
2,371 |
Weighted average common shares outstanding - diluted |
|
635.3 |
|
|
|
653.1 |
|
|
645.2 |
|
|
|
647.4 |
Operating earnings per common share |
$ |
1.04 |
|
|
$ |
0.93 |
|
$ |
4.10 |
|
|
$ |
3.66 |
(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,
|
|
September 30,
|
|
December 31,
|
||||||
(in millions, except per share data) |
|
|
|
|
|
||||||
Total Corebridge shareholders' equity (a) |
$ |
11,766 |
|
|
$ |
8,366 |
|
|
$ |
9,380 |
|
Less: Accumulated other comprehensive income (AOCI) |
|
(13,458 |
) |
|
|
(19,294 |
) |
|
|
(16,863 |
) |
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets |
|
(2,332 |
) |
|
|
(3,439 |
) |
|
|
(2,806 |
) |
Total adjusted book value (b) |
$ |
22,892 |
|
|
$ |
24,221 |
|
|
$ |
23,437 |
|
Total common shares outstanding (c)(1) |
|
621.7 |
|
|
|
633.5 |
|
|
|
645.0 |
|
Book value per common share (a/c) |
$ |
18.93 |
|
|
$ |
13.21 |
|
|
$ |
14.54 |
|
Adjusted book value per common share (b/c) |
$ |
36.82 |
|
|
$ |
38.23 |
|
|
$ |
36.34 |
|
(1) | Total common shares outstanding are presented net of treasury stock |
|
The following table presents the reconciliation of Adjusted ROAE:
|
Three Months Ended
|
Twelve Months Ended
|
||||||||||||
(in millions, unless otherwise noted) |
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
Actual or annualized net income (loss) attributable to Corebridge shareholders (a) |
$ |
(5,236 |
) |
|
$ |
(828 |
) |
$ |
1,104 |
|
|
$ |
8,159 |
|
Actual or annualized adjusted after-tax operating income attributable to Corebridge shareholders (b) |
|
2,644 |
|
|
|
2,440 |
|
|
2,647 |
|
|
|
2,371 |
|
Average Corebridge Shareholders' equity (c) |
|
10,066 |
|
|
|
8,988 |
|
|
10,326 |
|
|
|
15,497 |
|
Less: Average AOCI |
|
(16,376 |
) |
|
|
(17,409 |
) |
|
(15,773 |
) |
|
|
(8,143 |
) |
Add: Average cumulative unrealized gains and losses related to Fortitude Re funds withheld assets |
|
(2,886 |
) |
|
|
(2,879 |
) |
|
(2,702 |
) |
|
|
(919 |
) |
Average Adjusted Book Value (d) |
$ |
23,556 |
|
|
$ |
23,518 |
|
$ |
23,397 |
|
|
$ |
22,721 |
|
Return on Average Equity (a/c) |
|
(52.0 |
)% |
|
(9.2 |
)% |
|
10.7 |
% |
|
52.6 |
% |
||
Adjusted ROAE (b/d) |
|
11.2 |
% |
|
10.4 |
% |
|
11.3 |
% |
|
10.4 |
% |
||
The following table presents a reconciliation of net investment income (net income basis) to net investment income (APTOI basis):
|
Three Months Ended
|
Twelve Months Ended
|
||||||||||||
(in millions) |
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
Net investment income (net income basis) |
$ |
3,012 |
|
|
$ |
2,555 |
|
$ |
11,078 |
|
|
$ |
9,576 |
|
Net investment (income) on Fortitude Re funds withheld assets |
|
(471 |
) |
|
|
(274 |
) |
|
(1,368 |
) |
|
|
(891 |
) |
Change in fair value of securities used to hedge guaranteed living benefits |
|
(14 |
) |
|
|
(16 |
) |
|
(55 |
) |
|
|
(56 |
) |
Other adjustments |
|
(6 |
) |
|
|
(13 |
) |
|
(28 |
) |
|
|
(50 |
) |
Derivative income recorded in net realized gains (losses) |
|
47 |
|
|
|
55 |
|
|
212 |
|
|
|
179 |
|
Total adjustments |
|
(444 |
) |
|
|
(248 |
) |
|
(1,239 |
) |
|
|
(818 |
) |
Net investment income (APTOI basis)(1) |
$ |
2,568 |
|
|
$ |
2,307 |
|
$ |
9,839 |
|
|
$ |
8,758 |
|
(1) |
Includes net investment income (loss) from Corporate and Other of $0 million and $84 million for the three months ended December 31, 2023 and December 31, 2022, respectively, as well as $92 million and $473 million for the twelve months ended December 31, 2023 and December 31, 2022, respectively |
|
The following table presents the premiums and deposits:
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||
(in millions) |
|
2023 |
|
|
2022 |
|
2023 |
|
|
|
2022 |
|
|
Individual Retirement |
|
|
|
|
|
|
|||||||
Premiums |
$ |
40 |
|
|
$ |
63 |
$ |
213 |
|
|
$ |
235 |
|
Deposits |
|
5,245 |
|
|
|
3,764 |
|
17,971 |
|
|
|
14,900 |
|
Other(1) |
|
(3 |
) |
|
|
? |
|
(13 |
) |
|
|
(15 |
) |
Premiums and deposits |
|
5,282 |
|
|
|
3,827 |
|
18,171 |
|
|
|
15,120 |
|
Group Retirement |
|
|
|
|
|
|
|||||||
Premiums |
|
4 |
|
|
|
3 |
|
20 |
|
|
|
19 |
|
Deposits |
|
2,079 |
|
|
|
2,240 |
|
8,063 |
|
|
|
7,923 |
|
Premiums and deposits(2)(3) |
|
2,083 |
|
|
|
2,243 |
|
8,083 |
|
|
|
7,942 |
|
Life Insurance |
|
|
|
|
|
|
|||||||
Premiums |
|
459 |
|
|
|
582 |
|
1,776 |
|
|
|
1,864 |
|
Deposits |
|
408 |
|
|
|
411 |
|
1,583 |
|
|
|
1,601 |
|
Other(1) |
|
236 |
|
|
|
80 |
|
941 |
|
|
|
771 |
|
Premiums and deposits |
|
1,103 |
|
|
|
1,073 |
|
4,300 |
|
|
|
4,236 |
|
Institutional Markets |
|
|
|
|
|
|
|||||||
Premiums |
|
1,921 |
|
|
|
1,375 |
|
5,607 |
|
|
|
2,913 |
|
Deposits |
|
75 |
|
|
|
169 |
|
3,695 |
|
|
|
1,382 |
|
Other(1) |
|
8 |
|
|
|
7 |
|
31 |
|
|
|
30 |
|
Premiums and deposits |
|
2,004 |
|
|
|
1,551 |
|
9,333 |
|
|
|
4,325 |
|
Total |
|
|
|
|
|
|
|||||||
Premiums |
|
2,424 |
|
|
|
2,023 |
|
7,616 |
|
|
|
5,031 |
|
Deposits |
|
7,807 |
|
|
|
6,584 |
|
31,312 |
|
|
|
25,806 |
|
Other(1) |
|
241 |
|
|
|
87 |
|
959 |
|
|
|
786 |
|
Premiums and deposits |
$ |
10,472 |
|
|
$ |
8,694 |
$ |
39,887 |
|
|
$ |
31,623 |
|
(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 $741 million and $973 million for the three months ended December 31, 2023 and December 31, 2022, respectively, as well as $3,245 million and $3,476 million for the twelve months ended December 31, 2023 and December 31, 2022, respectively |
|
(3) |
Excludes client deposits into advisory and brokerage accounts of $603 million and $414 million for the three months ended December 31, 2023 and December 31, 2022, respectively, as well as $2,381 million and $2,058 million for the twelve months ended December 31, 2023 and December 31, 2022, respectively |
These press releases may also interest you
|