Corebridge reports Q4 operating EPS $1.04, consensus 97c

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.”