Corebridge Financial Inc - CRBG STOCK NEWS

Corebridge Financial (NYSE: CRBG) reported strong Q4 and full-year 2024 results. Q4 highlights include net income of $2.2 billion ($3.80 per share), adjusted after-tax operating income of $701 million ($1.23 per share), and premiums and deposits of $9.9 billion.

Full-year 2024 performance showed net income of $2.2 billion ($3.72 per share), adjusted after-tax operating income of $2.9 billion ($4.83 per share), and premiums and deposits of $41.7 billion. The company returned $2.3 billion to shareholders through $1.8 billion in share repurchases and $544 million in dividends.

The Board approved a $2 billion increase to the share repurchase authorization and raised the quarterly dividend to $0.24 per share. The company maintains strong financial health with holding company liquidity of $2.2 billion and a Life Fleet RBC ratio of 420-430%.

Corebridge Financial has unveiled a new digital platform for retirement plan participants, featuring enhanced tools and capabilities for account management and financial planning. The platform includes a Personal Dashboard displaying account balances, performance metrics, and contribution details, with the ability to integrate outside assets.

Key features include an Action Bar for quick navigation to frequently used features, a Message Center for secure document handling, and integrated planning tools such as the Retirement Outlook Tool and Financial Wellness Assessment. The platform is available both on web and mobile app, with DALBAR recognizing it as one of the industry's best for mobile optimization.

The system provides personalized guidance through interactive education resources, financial wellness tools, and direct access to financial professionals, aiming to streamline the retirement planning experience for participants.

Corebridge Financial (NYSE: CRBG) has announced its schedule for the release of fourth quarter and full year 2024 financial results. The company will publish its earnings report after market close on Wednesday, February 12, 2025. Following the release, Corebridge will host a conference call at 10:00 a.m. EST on Thursday, February 13, 2025, to discuss the results.

All earnings materials will be made available in the Investors section of corebridgefinancial.com. Investors can access the webcast through the company's website, and a replay will be available shortly after the event.

Corebridge Financial (NYSE: CRBG) has expanded its Board of Directors to 13 members with the appointment of Keith Gubbay and Colin J. Parris. Gubbay's appointment follows Nippon Life Insurance Company's acquisition of a 21.6% equity stake in Corebridge. He previously served as Chairman of Resolution Life Group's US businesses and held senior positions at Sun Life and ING Americas.

Parris joins the board after serving as Senior VP and Chief Technology Officer at GE Digital and Senior Corporate Officer of GE until April 2024. His background includes 20 years at IBM in executive roles and current board positions at APTIV and Diebold Nixdorf. Both appointments bring technical expertise and strategic insight to support Corebridge's innovation and execution goals.

Corebridge Financial (NYSE: CRBG) has announced that Polly Klane will join as General Counsel in February, overseeing legal, compliance, regulatory, corporate secretary and government affairs functions. Klane, who will report to CEO Kevin Hogan and serve on the Executive Leadership Team, succeeds Christine Nixon, who is retiring after more than 30 years of service.

Klane brings extensive experience from her previous roles as General Counsel and Chief Legal Officer at Citizens Financial Group, along with senior legal positions at Capital One and Fannie Mae. Nixon, who joined SunAmerica in 1993 and transitioned to AIG in 1999 following its acquisition of SunAmerica, became General Counsel for AIG Life & Retirement in 2010 and continued in this role at Corebridge. She will remain through the first quarter to ensure a smooth transition.

Corebridge Financial's new research reveals significant gaps between women's retirement expectations and reality. Only 19% of retired women found retirement matching their expectations, with 50% finding it more expensive than anticipated and 46% retiring earlier than planned. While 51% of retired women rate their current financial health as good/very good, 63% wish they had started saving earlier.

The study shows that only 27% began saving between ages 18-29, and 42% didn't prioritize retirement planning until age 41 or later. For working women, key concerns include inflation (52%) and retiring comfortably (34%). The research highlights that women working with financial professionals show better financial health (59%) compared to those who don't (33%).

Corebridge Financial (NYSE: CRBG) announced significant changes to its Board of Directors. Alan Colberg, who has served on the board since September 2022, will succeed Peter Zaffino as Board Chairman. Jon Gray will step down, while Gilles Dellaert, Global Head of Blackstone Credit and Insurance, joins the board.

Following Nippon Life Insurance Company's recent acquisition of a 21.6% equity stake in Corebridge from AIG, Minoru Kimura, Managing Executive Officer and Head of Global Business at Nippon Life, has been elected to the board. AIG executives Sabra Purtill and Mia Tarpey are also stepping down. These changes result in a board composition of 11 members.

Corebridge Financial (NYSE: CRBG) announced the pricing of a secondary offering by American International Group (AIG) at $31.20 per share. AIG is offering 30 million existing shares, representing approximately $936 million in gross proceeds, with an option for underwriters to purchase an additional 4.5 million shares within 30 days. The offering, expected to close on November 12, 2024, represents a portion of AIG's approximately 568 million total outstanding shares. J.P. Morgan and Morgan Stanley are serving as underwriters, with all net proceeds going to AIG.

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.