What caused CRBG's earnings to drop in Q2 2024?

Corebridge Financial Inc. (CRBG) did not experience a drop in earnings in Q2 2024. On the contrary, the company reported a robust set of results for the quarter. Here are the key facts:

1. **Strong Financial Performance**: CRBG reported a net income of $341 million for Q2 2024, which is a significant recovery from the net loss of $459 million reported in the same period the previous year. This indicates a turnaround in the company's financial performance.

|code|Ticker|Name|Date|Net Income YoY|Net Income|market_code|
|---|---|---|---|---|---|---|
|CRBG|CRBG.N|Corebridge Financial|2023 Q3|-18.285939968404424|2.069E9|169|
|CRBG|CRBG.N|Corebridge Financial|2023 Q4|-692.2619047619047|-1.331E9|169|
|CRBG|CRBG.N|Corebridge Financial|2024 Q1|282.560706401766|8.27E8|169|
|CRBG|CRBG.N|Corebridge Financial|2024 Q2|-54.593874833555255|3.41E8|169|

2. **Earnings Per Share (EPS) and Revenue**: The company's EPS for Q2 2024 was $1.41, which exceeded analysts' expectations of $1.05. The total revenue for the quarter was $12.23 billion, reflecting a strong sales volume and market demand.

3. **Business Segment Performance**: CRBG's business segments, including Net Investment Income, Premiums, and Policy Fees, contributed significantly to the company's revenue. For instance, the Net Investment Income segment generated $9.21 billion, while the Premiums segment contributed $4.6 billion and $3.46 billion, respectively.
4. **Strategic Achievements**: CRBG achieved $10.6 billion of premiums and deposits in the first quarter, demonstrating robust sales volume and market demand. The company also successfully completed its modernization program, Corebridge Forward, realizing full $400 million of run rate savings.
5. **Analyst Expectations and Market Outlook**: Analysts had expected a year-over-year increase in earnings for CRBG when it reported results for Q2 2024. The company's earnings per share (EPS) of $1.41 for Q2 2024 exceeded analysts' expectations, indicating a positive market sentiment and confidence in the company's financial stability and operational efficiency.

In conclusion, Corebridge Financial Inc. did not experience a drop in earnings in Q2 2024. Instead, the company reported strong financial performance, exceeding analysts' expectations in both EPS and revenue. The company's business segments, strategic achievements, and positive market outlook all contributed to its robust financial results for the quarter.