Corebridge Financial (CRBG) 5 Nov 24 2024 Q3 Earnings call transcript

In a recent earnings call, Corebridge Financial, Inc. showcased its financial health and growth prospects, highlighting a 31% increase in operating earnings per share (EPS) to $1.38 for the third quarter of 2024. This strong performance is a testament to the company's diversified business model, robust balance sheet, and focused execution strategy.

Strong Business Fundamentals

Corebridge Financial reported a run rate EPS of $1.29, a 13% increase year-over-year, demonstrating the company's ability to generate attractive returns under different market conditions. The core sources of income, including fee income and underwriting margin, grew by 4% year-over-year, reflecting the company's solid financial position. The company's focus on asset liability management and its market-leading businesses in Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets, served customers' needs and supported distribution partners' strategies.

Strategic Levers for Future Growth

Corebridge Financial highlighted its strategic levers for future growth, including organic growth, balance sheet optimization, expense efficiency, and capital management. The company is expanding its Bermuda strategy, leveraging excess capital to support new business generation and individual retirement. It is also exploring opportunities to further optimize its financial flexibility, such as through portfolio transactions and the attraction of third-party capital.

Diversified Business Model and Financial Results

Corebridge Financial's diversified business model and disciplined execution have been instrumental in creating shareholder value. The company's financial results for the quarter demonstrated the benefits of multiple sources of income and the ability to improve efficiency while growing the balance sheet. With a strong balance sheet, a focus on maintaining a high level of financial flexibility, and a commitment to delivering improved performance and enhanced operational efficiency, Corebridge Financial is well-positioned for future growth.

Looking Ahead

As Corebridge Financial moves forward, it will continue to focus on growing earnings per share and cash flows while increasing long-term shareholder value. With a solid foundation and a strategic roadmap in place, the company is poised to navigate the challenges and opportunities that lie ahead in the financial services sector.