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Corebridge Financial's Q4 2024: Contradictions Unveiled in Income Growth, Bermuda Strategy, and Annuity Sales

Earnings DecryptThursday, Feb 13, 2025 4:41 pm ET
3min read
These are the key contradictions discussed in Corebridge Financial's latest 2024Q4 earnings call, specifically including: Base Spread Income Expectations, Bermuda Capital Management Strategy, Fixed Annuity Sales Performance, and Open Market Repurchases:

CRBG Basic EPS, P/E(TTM)...


Strong Financial Performance:
- Corebridge reported fourth-quarter adjusted pretax operating income of $878 million, with operating earnings per share of $1.23, up 18% year-over-year.
- This performance was supported by organic growth, balance sheet optimization, and expense efficiencies.

Capital Management and Return:
- Corebridge increased its share repurchase authorization by $2 billion and raised the quarterly dividend to $0.24 per share.
- The company's strong balance sheet and financial flexibility allowed for these capital management initiatives.

Reinsurance Strategy and Asset Origination:
- Corebridge ceded over $12 billion of reserves to its Bermuda affiliate, with assets sourced through partnerships like Blackstone and BlackRock exceeding $43 billion in 2024.
- The strategy of strategic use of reinsurance and asset origination supports target returns and enhances balance sheet management.

Individual Retirement Segment Dynamics:
- Base spread income in the Individual Retirement segment declined by 18 basis points sequentially.
- This was attributed to the impact of recent rate cuts and lower floating rate assets, with expectations for recovery as reset cycles earn through.

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Touma_Kazusa
02/13
Corebridge's capital strategy = 💰 future growth potential
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Far_Sentence_5036
02/13
Solid earnings, but that 18% EPS drop in Individual Retirement is a red flag. Rate cuts biting hard.
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BeefMasters1
02/13
Corebridge's reinsurance strategy looks solid, but that 18% EPS drop would give me pause. What's the community's take on their long-term viability?
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Progress_8
02/13
Holding $CRBR for retirement, annuity segment got potential.
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YungPersian
02/14
@Progress_8 How long you been holding $CRBR? You think the annuity segment will keep climbing?
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Longjumping_Rip_1475
02/13
Corebridge's capital management is on point. $2B repurchase auth and dividend hike show confidence. 🚀
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anonymus431
02/13
Rate cuts hurting short-term, but long-term gains incoming
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