Corebridge Financial, Inc. - CRBG STOCK NEWS

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

A new Corebridge Financial survey reveals that 80% of public sector employees are happy in their professions, but only 41% feel on track for their desired retirement. Despite 71% citing saving for retirement as their top financial goal, only 26% have clearly defined retirement goals. The survey highlights a disconnect between retirement aspirations and planning, with 62% stressed about saving for retirement.

Workplace retirement plans are crucial, with 73% of respondents intending to use them alongside Social Security to fund retirement. However, only 52% contribute 1-5% of their salary to these plans. The study emphasizes the importance of comprehensive financial planning, noting that 78% of those working with financial professionals feel more confident about retirement.

Corebridge Financial (CRBG) has announced the effectiveness of its Form S-4 Registration Statement and the launch of an exchange offer for up to $500 million of its 6.050% Senior Notes due 2033. The exchange offer, which began on July 15, 2024, allows holders of the company's outstanding notes to exchange them for new notes registered under the Securities Act of 1933. The offer will expire on August 12, 2024, at 5:00 p.m. EDT, unless extended.

This exchange offer does not represent a new sale of securities but rather a registration of existing notes. Interested parties can obtain the exchange offer prospectus and related documents from The Bank of New York Mellon, the designated exchange agent for this transaction.

Corebridge Financial (NYSE: CRBG) has scheduled the release of its second quarter 2024 financial results on Wednesday, July 31, 2024, after the market closes. The company's earnings materials will be accessible via the Investors section of their website. Additionally, Corebridge will hold a conference call to discuss these results on Thursday, August 1, 2024, at 10:00 a.m. EDT. The call and a subsequent replay will also be available on their website.

Corebridge Financial (NYSE: CRBG) has rebranded its direct-to-consumer life insurance business from AIG Direct to Corebridge Direct. The company aims to offer an accessible and straightforward way for individuals to obtain life insurance. Customers can visit corebridgedirect.com or call the hotline at 800-294-4544 for personalized quotes and coverage advice from licensed agents.

Tim Heslin, President of Life Insurance, emphasized the significance of this rebranding in Corebridge's broader strategy to help more people secure life insurance. Corebridge Financial is recognized as a top 7 provider in term life insurance sales in the U.S. and holds a strong presence with about 4.2 million in-force policies. The company’s life insurance entities have also received high financial strength ratings from independent agencies.

American International Group (AIG) has completed the deconsolidation of Corebridge Financial for accounting purposes. This move was facilitated by AIG waiving its right to majority representation on the Corebridge Board and the resignation of Chris Schaper from the Board. Peter Zaffino, AIG Chairman and CEO, highlighted this as a strategic decision positioning AIG as a leading global Property and Casualty insurer. AIG owns 48.35% of Corebridge's common stock, and Corebridge has developed partnerships with Blackstone, BlackRock, and Nippon Life, which aims to be a 20% strategic investor.

American International Group (AIG) announced the completion of its secondary offering of Corebridge Financial (CRBG) common stock. AIG sold 30 million shares of Corebridge Financial's common stock at $29.20 per share, generating approximately $872 million in net proceeds after expenses. Morgan Stanley & Co. acted as the underwriter for the offering. The secondary offering also included a 30-day option for the underwriter to purchase an additional 4.5 million shares. The registration statement for this offering was filed with the U.S. Securities and Exchange Commission and became effective automatically.

American International Group (NYSE: AIG) has priced its secondary offering of Corebridge Financial (NYSE: CRBG) common stock at $29.20 per share.

The offering involves 30 million shares, expected to net AIG approximately $876 million. Additionally, AIG has allowed the underwriter a 30-day option to purchase up to 4.5 million more shares.

The offering will close on June 3, 2024, pending customary conditions. Morgan Stanley & Co. is the sole underwriter and may sell the shares through various market channels.

Proceeds from the sale will go directly to AIG. Relevant documents can be obtained from the SEC's website or Morgan Stanley.

American International Group (NYSE: AIG) announced a secondary offering of 30 million shares of Corebridge Financial (NYSE: CRBG) common stock, with the option to sell an additional 4.5 million shares within 30 days. AIG will receive all net proceeds from the sale. The last reported price of Corebridge stock on May 29, 2024, was $29.47. Morgan Stanley & Co. is the underwriter, with shares potentially sold on the NYSE, OTC market, or through negotiated transactions. The offering will be conducted solely via prospectus.