Corebridge Financial, Inc. - CRBG STOCK NEWS

Corebridge Financial (NYSE: CRBG) reported a net loss of $1.2 billion ($2.02 per share) in Q3 2024, primarily due to realized losses from the Fortitude Re funds withheld embedded derivative. However, the company achieved adjusted after-tax operating income of $810 million and operating EPS of $1.38, representing a 31% year-over-year growth. Premiums and deposits reached $9.6 billion, up 5% from the previous year. The company returned $848 million to shareholders through dividends and share repurchases, maintaining an 83% year-to-date payout ratio. Core sources of income increased 4% year-over-year, with growth across base spread, fee income, and underwriting margin.

Corebridge Financial and Miami-Dade County Public Schools are celebrating 60 years of providing 403(b) retirement plans to educators, marking one of the earliest implementations in public schools. The partnership began in 1964 when The Variable Annuity Life Insurance Company, now part of Corebridge, issued a plan to a Coral Gables Elementary teacher at $25 per pay period.

Today, 403(b) plans hold approximately $1.3 trillion in retirement assets, supporting employees of public educational institutions, non-profits, hospitals, and religious organizations. Corebridge ranks among the top 5 retirement plan providers for K-12 schools and manages over $124 billion in customer assets, supported by more than 1,000 financial advisors.

Corebridge Financial (NYSE: CRBG) has announced its schedule for reporting third quarter 2024 financial results. The company will release its earnings after the market closes on Monday, November 4, 2024. Following the release, Corebridge will host a conference call on Tuesday, November 5, 2024, at 11:00 a.m. EST to discuss the results.

Investors and interested parties can access the earnings materials in the Investors section of the Corebridge Financial website. The conference call will be available as a webcast through the same section of the website, with a replay option provided shortly after the event concludes.

Corebridge Financial has launched Corebridge MarketLock® Annuity, a registered index-linked annuity (RILA) issued by its subsidiary American General Life Insurance Company. This launch makes Corebridge the only top 3 annuity provider with products in every major category. MarketLock features an exclusive Lock Strategy that automatically secures gains when a preset growth target is reached, along with popular RILA investment strategies.

The new RILA offers 20 different strategy account options, including Cap, Trigger, and Dual Direction crediting methods. It provides growth potential with downside protection through a buffer system. RILAs have been gaining popularity, setting new sales records for five consecutive quarters. Corebridge aims to meet diverse retirement needs and help tackle challenges like inflation, rising healthcare costs, and market volatility with this product.

A new survey by Corebridge Financial reveals that workers who prepare for workplace benefit enrollment are twice as likely to have a positive outlook on their retirement plans. Over 75% of respondents begin preparing at least a week before open enrollment. Key findings include:

- 42% of pre-planners review their current retirement plan contribution amount, compared to 25% of non-planners.
- 48% of pre-planners intend to increase their retirement contributions, versus 19% of non-planners.
- Gen Z workers are most likely to increase their contribution, with 51% planning a 2% or higher increase.

The survey also found that 41% of respondents are already contributing to a workplace retirement plan, up from 35% in 2023. While 82% find the open enrollment process simple, those who find it complex prefer one-on-one support (56%) and interactive educational tools (40%).

Corebridge Financial (NYSE: CRBG) has elected Edward Bousa as an independent director to its Board of Directors, effective immediately. Bousa brings 40 years of experience in investments, corporate strategy, and risk management to the role. He is a former mutual fund executive who retired from Wellington Management Company in 2020 after a 20-year career, where he was a member of the Executive Committee, a partner, and leader of Quality Value Equity Investment Strategies. Bousa is known for his in-depth assessments and analysis of companies across various sectors. He currently serves on the boards of Omnicell and Azenta, Inc., and is the treasurer and board member for the Iacocca Family Foundation.

Corebridge Financial (NYSE: CRBG) has announced its participation in the Barclays 22nd Annual Global Financial Services Conference. Kevin Hogan, the company's President and CEO, will take part in a fireside chat on Tuesday, September 10, 2024, at 2:45 p.m. EDT.

Investors and interested parties can access a live webcast of the event through the Investors section of the Corebridge Financial website. For those unable to attend in real-time, a replay will be made available shortly after the event concludes.

This participation highlights Corebridge Financial's commitment to engaging with the financial community and providing insights into its operations and strategy.

Corebridge Financial's new research reveals a significant life insurance coverage gap among Americans, with nearly 60% either lacking coverage or unsure about their status. Despite a good understanding of key principles, misunderstandings about cost contribute to this gap. While 80% recognize that buying young is most affordable, 45% of those without coverage cite cost as the primary deterrent. Only 11% correctly identified the typical monthly cost for a healthy 30-year-old's term policy.

The study also found that family influence plays a important role in life insurance adoption. Americans demonstrate strong knowledge in areas like policy conversion, living benefits, and legacy planning. However, there's room for improvement in understanding the differences between term and permanent life insurance. The research highlights the importance of Life Insurance Awareness Month in educating people about the broad range of benefits life insurance can offer beyond death benefits.

Corebridge Financial (NYSE: CRBG) reported strong Q2 2024 results, with net income of $365 million ($0.59 per share) and adjusted after-tax operating income of $692 million ($1.13 per share). The company saw a 5% increase in aggregate core sources of income and achieved $11.7 billion in premiums and deposits, the highest in over a decade. Corebridge returned $575 million to shareholders, including $436 million in share repurchases. The company's diversified business model and strong balance sheet contributed to positive results across its four market-leading businesses. Key highlights include:

- 9% year-over-year increase in operating earnings per share
- 17% increase in premiums and deposits
- 10% growth in net investment income
- $1.9 billion in holding company liquidity
- 70% payout ratio for the first half of the year