New: Corebridge Financial, Inc. (NYSE: CRBG) has released its financial results for the fourth quarter and full year 2022. As a company dedicated to helping individuals plan, save, and achieve secure financial futures, Corebridge achieved significant milestones during this period.
Key Highlights:
Rebranding and NYSE Listing: In 2022, Corebridge underwent an operational separation from AIG and rebranded as Corebridge Financial. In September, the company became a New York Stock Exchange (NYSE) listed entity after a successful initial public offering.
Financial Performance:
- Premiums and deposits (excluding transactional activity) grew by 14% compared to the prior year’s quarter.
- Base portfolio income for insurance operating businesses increased by 19%, with a 54 basis point expansion in base yield.
- Net loss of $566 million was primarily due to realized losses on derivatives and foreign exchange movements.
- Adjusted after-tax operating income stood at $574 million, reflecting strong base spread income and favorable mortality experience.
Capital Management and Dividends:
- The company received $2.2 billion in normalized distributions from its insurance companies in 2022.
- Corebridge paid $876 million in dividends during the year (including $296 million since the IPO).
- A quarterly cash dividend of $0.23 per share of common stock was declared on February 16, 2023.
Corebridge Forward and Partnerships:
- Corebridge Forward, the company’s modernization initiative, made progress.
- Partnerships with Blackstone and BlackRock contributed to robust sales and attractive margins.
Outlook:
Despite external uncertainties, Corebridge remains focused on executing its strategies and delivering financial goals.
Strong balance sheet and free cash flow profile support value creation for customers, distribution partners, and stakeholders.
Consolidated Results (Full Year 2022):
| Metric | 2022 | 2021 |
|---|---|---|
| Net income (loss) | $8,149 million | $7,355 million |
| Income (loss) per common share | $12.59 | $11.80 |
| Adjusted after-tax operating income | $574 million | N/A |
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For LinkedIn – https://www.linkedin.com/company/corebridgefinancial
Kevin Hogan, President and Chief Executive Officer of Corebridge, emphasized the company’s commitment to secure financial futures. He stated, “We ended the year with strong momentum and remain focused on our core mission. As we look ahead, we will stay disciplined in deploying capital to create value.”
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