Corebridge (CRBG) Q3 2024 Earnings Call Transcript

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Tuesday, Nov. 5, 2024 astatine 11:00 a.m. ET

• Chief Executive Officer — Kevin Hogan

• Chief Financial Officer — Elias Habayeb

• Head of Investor Relations — Isil Muderrisoglu

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Kevin Hogan: Thank you, Isil, and bully morning, everyone. Today, I volition reappraisal our results for the 3rd 4th and item however Corebridge Financial erstwhile again delivered connected our worth proposition. Through our diversified concern model, beardown equilibrium expanse and focused execution, we continued to make shareholder worth demonstrated by maturation successful net and currency procreation and instrumentality of important superior to shareholders. Moving to Slide 3. Corebridge had a precise beardown 4th arsenic we grew operating net per stock to $1.38, a 31% summation year-over-year. Additionally, our tally complaint EPS accrued 13% implicit the aforesaid period. With coagulated fundamentals crossed our diversified businesses, our halfway sources of income grew 4% year-over-year and 5% sequentially.

Each of our sources of income, interest dispersed and underwriting accrued year-over-year. We achieved these charismatic concern results portion besides maintaining a beardown equilibrium sheet, erstwhile supported by high-quality assets and liabilities, prudent hazard absorption and diversification. We are heavy focused connected plus liability management, which is embedded crossed each facets of Corebridge. Our plus strategy is driven by our liability illustration and our wide merchandise portfolio reflects a agelong contented of thoughtful merchandise plan and dynamic merchandise management. Reflecting our hazard absorption focus, Corebridge had nary important reserve adjustments arsenic portion of our 2024 yearly actuarial presumption update. Built connected our beardown foundation, Corebridge continues to make shareholder worth done disciplined execution.

Total superior instrumentality to shareholders for the 3rd 4th was $848 million, including portion of the proceeds from the merchantability of our U.K. Life Insurance business. Moving to Slide 4. Our market-leading businesses proceed to service customers' needs and enactment our organisation partners' strategies. Our addressable markets are important and each payment from beardown tailwinds fixed a ample and increasing status aged U.S. colonisation and a Life Insurance extortion gap. The macroeconomic situation besides continues to beryllium supportive of our business. Interest rates astatine mid-durations are expected to stay astatine charismatic levels and caller wealth rates were successful excess of 6%.

As Elias volition grow upon, determination whitethorn beryllium immoderate short-term impacts from little rates astatine the abbreviated extremity of the output curve but these volition beryllium much than offset by maturation successful the wide portfolio implicit time. A steeper curve is mostly amended for our business. Now turning to the businesses. In Individual Retirement, premiums and deposits accrued 40% year-over-year to $5.5 billion. General relationship nett flows supported by beardown income measurement and improving surrenders were astir $1.7 cardinal for the 4th and $5.3 cardinal for the year-to-date, a level that already exceeds what we scope for afloat twelvemonth 2023. These straw flows successful the wide relationship continued to service arsenic a level to thrust existent and aboriginal earnings.