COREBRIDGE FINANCIAL, INC. First Quarter 2024
Quarterly Financial Supplement
All financial information in this document is unaudited. This supplement should be read in conjunction with Corebridge's Form 10-Q for the quarter ended March 31, 2024, which will be filed with the Securities and Exchange Commission.
Corebridge Financial, Inc. | |
Contact: Investor Relations | |
Işıl Müderrisoğlu - Isil.Muderrisoglu@corebridgefinancial.com | |
Investor Relations Mailbox: InvestorRelations@corebridgefinancial.com | |
Table of Contents | Page(s) |
Consolidated Results | |
1-2 | |
Operating Results by Segment | |
6-9 | |
Group Retirement | 10-11 |
Variable Annuity Account Value by Type | 12 |
Life Insurance | 13-14 |
Institutional Markets | 15 |
Corporate and Other | 16 |
Investments | |
Total Investments | 17 |
Total Investments, Insurance Operating Subsidiaries | 18 |
Investments - Commercial Mortgage Loans | 19-20 |
Net Investment Income | 21 |
Net Realized Gains (Losses) | 22 |
Supplemental Information | 23-40 |
Corebridge Financial, Inc.
Consolidated Financial Highlights
(in millions, except per share data) | Quarterly | |||||||||||||
1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | ||||||||||
Results of Operations Data (attributable to Corebridge common shareholders) | ||||||||||||||
Net income (loss) | $ | 878 | $ | (1,309) | $ | 2,101 | $ | 771 | $ | (459) | ||||
Net income (loss) per share: | ||||||||||||||
Common stock - basic | $ | 1.41 | $ | (2.07) | $ | 3.29 | $ | 1.18 | $ | (0.70) | ||||
Common stock - diluted | $ | 1.41 | $ | (2.07) | $ | 3.28 | $ | 1.18 | $ | (0.70) | ||||
Weighted average shares outstanding: | ||||||||||||||
Common stock - basic | 624.0 | 633.0 | 639.0 | 650.7 | 650.8 | |||||||||
Common stock - diluted | 624.9 | 633.0 | 641.0 | 652.2 | 650.8 | |||||||||
Effective tax rate | 18.6 % | 24.5 % | 15.9 % | 17.6 % | 32.3 % | |||||||||
Adjusted after-tax operating income | $ | 688 | $ | 661 | $ | 675 | $ | 679 | $ | 632 | ||||
Operating earnings per common share | $ | 1.10 | $ | 1.04 | $ | 1.05 | $ | 1.04 | $ | 0.97 | ||||
Weighted average shares outstanding - operating | 624.9 | 635.3 | 641.0 | 652.2 | 652.8 | |||||||||
Adjusted effective tax rate | 17.8 % | 19.4 % | 17.0 % | 18.8 % | 12.7 % | |||||||||
Adjusted pre-tax/after-tax operating income (loss) | ||||||||||||||
Individual Retirement | $ | 622 | $ | 628 | $ | 576 | $ | 574 | $ | 534 | ||||
Group Retirement | 200 | 179 | 192 | 197 | 186 | |||||||||
Life Insurance | 54 | 79 | 136 | 76 | 82 | |||||||||
Institutional Markets | 112 | 93 | 75 | 126 | 85 | |||||||||
Corporate and Other | (148) | (155) | (163) | (136) | (163) | |||||||||
Consolidation and elimination | (3) | (4) | (3) | (1) | - | |||||||||
Adjusted pre-tax operating income | ||||||||||||||
837 | 820 | 813 | 836 | 724 | ||||||||||
Income tax expense | 149 | 159 | 138 | 157 | 92 | |||||||||
Adjusted after-tax operating income | ||||||||||||||
$ | 688 | $ | 661 | $ | 675 | $ | 679 | $ | 632 | |||||
Sources of Income | ||||||||||||||
Base spread income | $ | 1,016 | $ | 987 | $ | 918 | $ | 924 | $ | 890 | ||||
Variable investment income | 3 | 7 | 33 | 90 | 28 | |||||||||
Spread income | 1,019 | 994 | 951 | 1,014 | 918 | |||||||||
Fee income | 513 | 485 | 485 | 474 | 469 | |||||||||
Underwriting margin | 315 | 361 | 398 | 381 | 373 | |||||||||
Total | $ | 1,847 | $ | 1,840 | $ | 1,834 | $ | 1,869 | $ | 1,760 | ||||
Adjusted Return On Average Equity (ROAE) | ||||||||||||||
ROAE | 30.1 % | (52.0)% | 88.8 % | 27.9 % | (17.5)% | |||||||||
Adjusted ROAE | 11.9 % | 11.2 % | 11.4 % | 11.7 % | 10.8 % | |||||||||
Consolidated Financial Highlights | 1 |
Corebridge Financial, Inc.
Consolidated Financial Highlights
(in millions, except per share data) | Quarterly | |||||||||||||
1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | ||||||||||
Total Premiums and Deposits | $ | 10,595 | $ | 10,472 | $ | 9,133 | $ | 9,941 | $ | 10,341 | ||||
Corebridge Capitalization | ||||||||||||||
Adjusted book value | $ | 23,218 | $ | 22,892 | $ | 24,221 | $ | 23,175 | $ | 23,257 | ||||
Financial debt | 9,368 | 9,368 | 9,371 | 9,373 | 9,371 | |||||||||
Amounts drawn under revolving credit facility | - | - | - | - | - | |||||||||
Non-redeemable noncontrolling interest | 810 | 869 | 890 | 907 | 910 | |||||||||
Total capital | ||||||||||||||
$ | 33,396 | $ | 33,129 | $ | 34,482 | $ | 33,455 | $ | 33,538 | |||||
Interest Expense - Financial Debt | $ | 107 | $ | 107 | $ | 110 | $ | 106 | $ | 108 | ||||
Leverage Ratio | ||||||||||||||
Financial debt / total capital | 28.1 % | 28.3 % | 27.2 % | 28.0 % | 27.9 % | |||||||||
Common Stock Repurchases | ||||||||||||||
Aggregate repurchase of common stock (1) | $ | 243 | $ | 252 | $ | 46 | $ | 200 | $ | - | ||||
Number of common shares repurchased | 9.5 | 11.8 | 2.5 | 12.2 | - | |||||||||
Average price paid per share of common stock (1) | $ | 25.71 | $ | 21.28 | $ | 18.67 | $ | 16.41 | $ | - | ||||
Dividends (2) | ||||||||||||||
Dividends declared per common share | $ | 0.23 | $ | 1.39 | $ | 0.23 | $ | 0.85 | $ | 0.23 | ||||
Total dividends declared on common stock | $ | 143 | $ | 876 | $ | 146 | $ | 551 | $ | 149 | ||||
Adjusted Book Value Per Common Share | ||||||||||||||
Total Corebridge shareholders' equity (a) | $ | 11,576 | $ | 11,766 | $ | 8,366 | $ | 10,561 | $ | 11,555 | ||||
Less: Accumulated other comprehensive income (loss) (AOCI) | (14,139) | (13,458) | (19,294) | (15,182) | (14,067) | |||||||||
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets | (2,497) | (2,332) | (3,439) | (2,568) | (2,365) | |||||||||
Total adjusted book value (b) | ||||||||||||||
$ | 23,218 | $ | 22,892 | $ | 24,221 | $ | 23,175 | $ | 23,257 | |||||
Total common shares outstanding (c)(3) | 615.4 | 621.7 | 633.5 | 636.0 | 648.1 | |||||||||
Book value per common share (a/c) | $ | 18.81 | $ | 18.93 | $ | 13.21 | $ | 16.61 | $ | 17.83 | ||||
Adjusted book value per common share (b/c) | $ | 37.73 | $ | 36.82 | $ | 38.23 | $ | 36.44 | $ | 35.88 | ||||
Closing share price | $ | 28.73 | $ | 21.66 | $ | 19.75 | $ | 17.66 | $ | 16.02 | ||||
- Aggregate repurchase of common stock and average price paid per share of common stock excludes excise tax of $2 million due to the Inflation Reduction Act of 2022 for the three months ended March 31, 2024.
- During the year ended December 31, 2023, we declared a special dividend of $0.62 per share on our common stock, payable during the second quarter 2023, and a special dividend of $1.16 per share on our common stock, payable during the fourth quarter 2023.
- Total common shares outstanding are presented net of treasury stock.
Consolidated Financial Highlights | 2 |
Corebridge Financial, Inc.
Consolidated Statement of Operations
(in millions)
RevenuesPremiums (1) Policy fees
Net investment income:
Net investment income - excluding Fortitude Re funds withheld assets Net investment income - Fortitude Re funds withheld assets
Total net investment income Net realized gains (losses):
Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative Net realized gains (losses) on Fortitude Re funds withheld assets
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative Total net realized gains (losses)
Advisory fee income Other income
Total revenues
Benefits and expenses
Policyholder benefits (1)
Change in the fair value of market risk benefits, net (2) Interest credited to policyholder account balances
Amortization of deferred policy acquisition costs and value of business acquired Non-deferrable insurance commissions
Advisory fee expenses General operating expenses Interest expense
Net (gain) loss on divestitures Total benefits and expenses
Income (loss) before income tax expense
Income tax expense (benefit)
Net income (loss)
Less net income (loss) attributable to noncontrolling interests
Net income (loss) attributable to Corebridge
(1) Includes PRT and SS sales activity of:
Quarterly
1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | |||||||||
$ | 2,295 | $ | 2,442 | $ | 701 | $ | 2,443 | $ | 2,105 | ||||
714 | 703 | 702 | 694 | 698 | |||||||||
2,592 | 2,541 | 2,424 | 2,444 | 2,301 | |||||||||
332 | 471 | 233 | 270 | 394 | |||||||||
2,924 | 3,012 | 2,657 | 2,714 | 2,695 | |||||||||
(178) | (1,217) | 368 | (312) | (453) | |||||||||
(164) | 114 | (228) | (130) | 20 | |||||||||
22 | (1,911) | 1,080 | 122 | (1,025) | |||||||||
(320) | (3,014) | 1,220 | (320) | (1,458) | |||||||||
124 | 118 | 118 | 115 | 116 | |||||||||
99 | 93 | 107 | 111 | 106 | |||||||||
5,836 | 3,354 | 5,505 | 5,757 | 4,262 | |||||||||
2,807 | 2,889 | 1,102 | 2,876 | 2,495 | |||||||||
(369) | 478 | (418) | (262) | 196 | |||||||||
1,199 | 1,189 | 1,134 | 1,078 | 1,026 | |||||||||
267 | 260 | 268 | 258 | 256 | |||||||||
143 | 153 | 146 | 153 | 136 | |||||||||
68 | 67 | 65 | 64 | 65 | |||||||||
572 | 563 | 611 | 604 | 582 | |||||||||
138 | 139 | 135 | 134 | 172 | |||||||||
(5) | (621) | 1 | (59) | 3 | |||||||||
4,820 | 5,117 | 3,044 | 4,846 | 4,931 | |||||||||
1,016 | (1,763) | 2,461 | 911 | (669) | |||||||||
189 | (432) | 392 | 160 | (216) | |||||||||
827 | (1,331) | 2,069 | 751 | (453) | |||||||||
(51) | (22) | (32) | (20) | 6 | |||||||||
$ | 878 | $ | (1,309) | $ | 2,101 | $ | 771 | $ | (459) | ||||
$ | 1,805 | $ | 1,929 | $ | 209 | $ | 1,921 | $ | 1,583 |
(2) Represents changes in fair value of market risk benefits compared to prior periods, except for our own credit risk changes (non-performance adjustments) which are recognized in other comprehensive income.
Consolidated Statement of Operations | 3 |
Corebridge Financial, Inc.
Consolidated Balance Sheets
(in millions)
Assets
Investments:
Fixed maturity securities
Bonds available-for-sale, at fair value Other bond securities, at fair value
Equity securities, at fair value
Mortgage and other loans receivable, net of allowance Other invested assets
Short-term investments Total Investments Cash
Accrued investment income
Premiums and other receivables, net of allowance Reinsurance assets - Fortitude Re, net of allowance Reinsurance assets - other, net of allowance Deferred income taxes
Deferred policy acquisition costs and value of business acquired Market risk benefit assets, at fair value
Other assets, including restricted cash Separate account assets
Assets held-for-sale Total assets
Liabilities
Future policy benefits for life and accident and health insurance contracts Policyholder contract deposits
Market risk benefit liabilities, at fair value Other policyholder funds
Fortitude Re funds withheld payable Other liabilities
Short-term debt Long-term debt
Debt of consolidated investment entities Separate account liabilities
Liabilities held-for-sale Total liabilities
Corebridge shareholders' equity
Common stock
Treasury stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive income (loss)
Total Corebridge shareholders' equity
Non-redeemable noncontrolling interests
Total equity
Total liabilities and equity
March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | |||||||||
$ | 168,826 | $ | 166,527 | $ | 151,378 | $ | 156,908 | $ | 159,061 | ||||
4,646 | 4,578 | 4,186 | 4,240 | 4,103 | |||||||||
76 | 63 | 126 | 194 | 191 | |||||||||
47,830 | 46,867 | 46,054 | 46,497 | 45,869 | |||||||||
10,036 | 10,257 | 10,436 | 10,530 | 10,496 | |||||||||
4,144 | 4,336 | 4,730 | 4,066 | 4,006 | |||||||||
235,558 | 232,628 | 216,910 | 222,435 | 223,726 | |||||||||
410 | 612 | 569 | 751 | 465 | |||||||||
2,132 | 2,008 | 2,010 | 1,943 | 1,923 | |||||||||
586 | 594 | 717 | 739 | 745 | |||||||||
26,078 | 26,772 | 25,239 | 26,733 | 27,238 | |||||||||
1,592 | 1,620 | 1,633 | 2,578 | 2,643 | |||||||||
8,347 | 8,577 | 8,785 | 8,224 | 8,435 | |||||||||
10,049 | 10,011 | 9,973 | 10,715 | 10,641 | |||||||||
1,172 | 912 | 978 | 954 | 830 | |||||||||
2,142 | 2,294 | 1,814 | 2,680 | 2,688 | |||||||||
95,173 | 91,005 | 84,724 | 89,718 | 87,357 | |||||||||
2,349 | 2,237 | 2,240 | - | - | |||||||||
$ | 385,588 | $ | 379,270 | $ | 355,592 | $ | 367,470 | $ | 366,691 | ||||
$ | 57,587 | $ | 57,108 | $ | 50,355 | $ | 54,288 | $ | 53,406 | ||||
163,783 | 162,050 | 159,858 | 159,644 | 158,025 | |||||||||
5,167 | 5,705 | 4,519 | 4,977 | 5,144 | |||||||||
2,864 | 2,862 | 2,850 | 2,891 | 2,897 | |||||||||
25,323 | 25,957 | 24,335 | 26,012 | 26,633 | |||||||||
9,634 | 8,330 | 6,071 | 6,445 | 8,705 | |||||||||
250 | 250 | 1,000 | 1,500 | 1,500 | |||||||||
9,118 | 9,118 | 8,371 | 7,873 | 7,871 | |||||||||
2,530 | 2,504 | 2,596 | 2,654 | 2,688 | |||||||||
95,173 | 91,005 | 84,724 | 89,718 | 87,357 | |||||||||
1,773 | 1,746 | 1,657 | - | - | |||||||||
$ | 373,202 | $ | 366,635 | $ | 346,336 | $ | 356,002 | $ | 354,226 | ||||
$ | 7 | $ | 6 | $ | 6 | $ | 6 | $ | 6 | ||||
(717) | (503) | (249) | (202) | - | |||||||||
8,115 | 8,149 | 8,138 | 8,128 | 8,024 | |||||||||
18,310 | 17,572 | 19,765 | 17,811 | 17,592 | |||||||||
(14,139) | (13,458) | (19,294) | (15,182) | (14,067) | |||||||||
11,576 | 11,766 | 8,366 | 10,561 | 11,555 | |||||||||
810 | 869 | 890 | 907 | 910 | |||||||||
12,386 | 12,635 | 9,256 | 11,468 | 12,465 | |||||||||
$ | 385,588 | $ | 379,270 | $ | 355,592 | $ | 367,470 | $ | 366,691 | ||||
Consolidated Balance Sheet | 4 |
Corebridge Financial, Inc.
Assets Under Management and Administration (AUMA)
(in millions)
Individual Retirement
Beginning AUMA balance
Premiums and deposits
Surrenders and other withdrawals
Death benefits/other
Interest credited and investment performance
Ending AUMA balance
Group Retirement
Beginning AUMA balance
Premiums and deposits
Surrenders and other withdrawals
Death benefits/other
Interest credited and investment performance/other (1)
Ending AUMA balance
Life Insurance
Beginning AUMA balance
Premiums and deposits
Surrenders and other withdrawals
Death benefits/other
Interest credited and investment performance/other (2)
Ending AUMA balance
Institutional Markets
Beginning AUMA balance
Premiums and deposits
Surrenders and other withdrawals
Death benefit/other (3)
Interest credited and investment performance/other (4)
Ending AUMA balance
Total Corebridge AUMA
- Other represents the total change in off-balance sheet advisory and brokerage assets.
- Other represents assets reclassified to held-for-sale in the third quarter of 2023.
- Includes guaranteed investment contract maturities.
- Other represents the change in notional value of the stable value wrap products.
Quarterly
1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | |||||||||
$ | 149,691 | $ | 139,090 | $ | 143,420 | $ | 140,316 | $ | 136,696 | ||||
4,861 | 5,282 | 3,961 | 4,045 | 4,883 | |||||||||
(4,770) | (3,966) | (3,866) | (3,689) | (3,450) | |||||||||
(605) | (544) | (838) | (714) | (771) | |||||||||
3,888 | 9,829 | (3,587) | 3,462 | 2,958 | |||||||||
$ | 153,065 | $ | 149,691 | $ | 139,090 | $ | 143,420 | $ | 140,316 | ||||
$ | 122,181 | $ | 113,994 | $ | 118,601 | $ | 117,868 | $ | 114,932 | ||||
2,054 | 2,083 | 1,831 | 1,923 | 2,246 | |||||||||
(3,710) | (3,453) | (3,790) | (3,452) | (2,848) | |||||||||
(235) | (179) | (229) | (217) | (217) | |||||||||
5,925 | 9,736 | (2,419) | 2,479 | 3,755 | |||||||||
$ | 126,215 | $ | 122,181 | $ | 113,994 | $ | 118,601 | $ | 117,868 | ||||
$ | 26,691 | $ | 24,811 | $ | 27,208 | $ | 28,284 | $ | 27,760 | ||||
1,094 | 1,103 | 1,085 | 1,063 | 1,049 | |||||||||
(103) | (80) | (105) | (66) | (111) | |||||||||
(922) | (963) | (1,011) | (939) | (980) | |||||||||
229 | 1,820 | (2,366) | (1,134) | 566 | |||||||||
$ | 26,989 | $ | 26,691 | $ | 24,811 | $ | 27,208 | $ | 28,284 | ||||
$ | 85,285 | $ | 82,409 | $ | 82,534 | $ | 81,384 | $ | 77,764 | ||||
2,586 | 2,004 | 2,256 | 2,910 | 2,163 | |||||||||
(62) | (53) | (99) | (19) | (403) | |||||||||
(469) | (1,334) | (1,364) | (413) | (395) | |||||||||
(896) | 2,259 | (918) | (1,328) | 2,255 | |||||||||
$ | 86,444 | $ | 85,285 | $ | 82,409 | $ | 82,534 | $ | 81,384 | ||||
$ | 392,713 | $ | 383,848 | $ | 360,304 | $ | 371,763 | $ | 367,852 | ||||
Assets Under Management and Administration (AUMA) | 5 |
Corebridge Financial, Inc.
Individual Retirement Sources of Earnings and Operating Statistics
(in millions)
Sources of Earnings
Spread income (1)
Fee income
Policyholder benefits, net of premiums
Non deferrable insurance commissions
Amortization of DAC and DSI
General operating expense
Other (2)
Adjusted pre-tax operating income
Market risk benefit liabilities, net of reinsurance
Surrender rates by product
Fixed annuities
Fixed index annuities
Variable annuities
Spread income
Base portfolio income
Interest credited to policyholder account balances (1)
Base spread income
Variable investment income
Total spread income
Net flows
Fixed annuities
Fixed index annuities
Variable annuities
Total net flows
- Excludes amortization of Deferred Sales Inducement (DSI) of:
- Other represents interest expense and advisory fee expenses.
Quarterly
1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | |||||||||
$ | 713 | $ | 715 | $ | 672 | $ | 684 | $ | 623 | ||||
307 | 288 | 289 | 280 | 277 | |||||||||
5 | 1 | - | (5) | 13 | |||||||||
(90) | (85) | (90) | (94) | (86) | |||||||||
(162) | (161) | (164) | (151) | (151) | |||||||||
(116) | (94) | (96) | (104) | (108) | |||||||||
(35) | (36) | (35) | (36) | (34) | |||||||||
$ | 622 | $ | 628 | $ | 576 | $ | 574 | $ | 534 | ||||
$ | 3,746 | $ | 4,485 | $ | 3,325 | $ | 3,747 | $ | 3,995 | ||||
20.6% | 16.9% | 17.7% | 15.9% | 15.1% | |||||||||
8.0% | 7.1% | 6.4% | 6.8% | 6.7% | |||||||||
9.4% | 8.5% | 7.9% | 7.7% | 7.1% | |||||||||
$ | 1,335 | $ | 1,305 | $ | 1,230 | $ | 1,194 | $ | 1,123 | ||||
(626) | (601) | (568) | (540) | (505) | |||||||||
709 | 704 | 662 | 654 | 618 | |||||||||
4 | 11 | 10 | 30 | 5 | |||||||||
$ | 713 | $ | 715 | $ | 672 | $ | 684 | $ | 623 | ||||
$ | (211) | $ | 691 | $ | (1,356) | $ | (1,115) | $ | (90) | ||||
925 | 1,113 | 1,519 | 1,612 | 1,388 | |||||||||
(1,228) | (1,032) | (906) | (855) | (636) | |||||||||
$ | (514) | $ | 772 | $ | (743) | $ | (358) | $ | 662 | ||||
$ | 13 | $ | 14 | $ | 14 | $ | 13 | $ | 14 |
Individual Retirement | 6 |
Corebridge Financial, Inc.
Individual Retirement Results - Fixed Annuities Operating Statistics
(in millions)
Assets under management and administration
General account
Separate accounts
Total assets under management and administration
Fee income as a % of average AUMA (annualized)
Spread income
Base portfolio income
Interest credited to policyholder account balances (1)
Base spread income
Variable investment income (loss)
Total spread income
Net investment spread (annualized) (2)
Total yield
Less: Variable investment income (3)
Base yield (4)
Cost of funds (1)
Base net investment spread (5)
Total net investment spread
DAC/VOBA rollforward
Balance at beginning of period
Capitalization
Amortization expense
Other
Balance at end of period
Quarterly
1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | |||||||||
$ | 53,088 | $ | 53,422 | $ | 49,897 | $ | 52,340 | $ | 52,346 | ||||
156 | 148 | 137 | 140 | 134 | |||||||||
$ | 53,244 | $ | 53,570 | $ | 50,034 | $ | 52,480 | $ | 52,480 | ||||
0.11 % | 0.10 % | 0.11 % | 0.10 % | 0.10 % | |||||||||
$ | 725 | $ | 714 | $ | 681 | $ | 691 | $ | 664 | ||||
(375) | (366) | (352) | (345) | (335) | |||||||||
350 | 348 | 329 | 346 | 329 | |||||||||
(1) | 8 | 5 | 14 | 1 | |||||||||
$ | 349 | $ | 356 | $ | 334 | $ | 360 | $ | 330 | ||||
5.17 % | 5.16 % | 4.97 % | 4.92 % | 4.65 % | |||||||||
0.16 % | 0.12 % | 0.13 % | 0.08 % | 0.18 % | |||||||||
5.33 % | 5.28 % | 5.10 % | 5.00 % | 4.83 % | |||||||||
3.18 % | 3.11 % | 2.97 % | 2.89 % | 2.82 % | |||||||||
2.15 % | 2.17 % | 2.13 % | 2.11 % | 2.01 % | |||||||||
1.99 % | 2.05 % | 2.00 % | 2.03 % | 1.83 % | |||||||||
$ | 1,027 | $ | 1,001 | $ | 1,008 | $ | 1,007 | $ | 992 | ||||
63 | 71 | 38 | 37 | 57 | |||||||||
(45) | (45) | (45) | (38) | (40) | |||||||||
- | - | - | 2 | (2) | |||||||||
$ | 1,045 | $ | 1,027 | $ | 1,001 | $ | 1,008 | $ | 1,007 | ||||
- Excludes the amortization of DSI.
- Excludes immediate annuities.
- Includes incremental effect on base yield of variable investment income.
- Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments.
- Excludes the impact of variable investment income.
Individual Retirement | 7 |
Corebridge Financial, Inc.
Individual Retirement Results - Fixed Index Annuities Operating Statistics
(in millions)
Assets under management and administration
General account
Separate accounts
Total assets under management and administration
Fee income as a % of average AUMA (annualized)
Spread income
Base portfolio income
Interest credited to policyholder account balances (1)
Base spread income
Variable investment income
Total spread income
Net investment spread (annualized)
Total yield
Less: Variable investment income (2)
Base yield (3)
Cost of funds (1)
Base net investment spread (4)
Total net investment spread
DAC/VOBA rollforward
Balance at beginning of period
Capitalization
Amortization expense
Balance at end of period
Quarterly
1Q24 | 4Q23 | 3Q23 | 2Q23 | 1Q23 | |||||||||
$ | 43,004 | $ | 40,661 | $ | 37,262 | $ | 35,874 | $ | 33,257 | ||||
- | - | - | - | - | |||||||||
$ | 43,004 | $ | 40,661 | $ | 37,262 | $ | 35,874 | $ | 33,257 | ||||
0.45 % | 0.45 % | 0.44 % | 0.45 % | 0.45 % | |||||||||
$ | 552 | $ | 525 | $ | 482 | $ | 437 | $ | 386 | ||||
(230) | (214) | (194) | (173) | (148) | |||||||||
322 | 311 | 288 | 264 | 238 | |||||||||
1 | 5 | 3 | 13 | 3 | |||||||||
$ | 323 | $ | 316 | $ | 291 | $ | 277 | $ | 241 | ||||
4.94 % | 4.96 % | 4.77 % | 4.69 % | 4.30 % | |||||||||
0.16 % | 0.13 % | 0.14 % | 0.07 % | 0.16 % | |||||||||
5.10 % | 5.09 % | 4.91 % | 4.76 % | 4.46 % | |||||||||
2.30 % | 2.19 % | 2.06 % | 1.95 % | 1.79 % | |||||||||
2.80 % | 2.90 % | 2.85 % | 2.81 % | 2.67 % | |||||||||
2.64 % | 2.77 % | 2.71 % | 2.74 % | 2.51 % | |||||||||
$ | 1,634 | $ | 1,594 | $ | 1,543 | $ | 1,481 | $ | 1,424 | ||||
89 | 89 | 101 | 108 | 100 | |||||||||
(51) | (49) | (50) | (46) | (43) | |||||||||
$ | 1,672 | $ | 1,634 | $ | 1,594 | $ | 1,543 | $ | 1,481 | ||||
- Excludes the amortization of DSI.
- Includes incremental effect on base yield of variable investment income.
- Includes returns from base portfolio income including accretion and impacts from holding cash and short-term investments.
- Excludes the impact of variable investment income.
Individual Retirement | 8 |
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Corebridge Financial Inc. published this content on 02 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2024 13:54:08 UTC.
