The following is a summary of the Corebridge Financial, Inc. (CRBG) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Corebridge Financial reported a substantial growth in operating earnings per share to $1.38, marking a 31% increase year-over-year.

• Notable improvement in financials was driven by growth in each of Corebridge's income sources, including fee spread and underwriting.

• The company returned a total capital of $848 million to shareholders in Q3, highlighting their strong cash generation capabilities.

• Adjusted pretax operating income reached $1 billion, with a per share basis improvement significant at 31% year-over-year.

Business Progress:

• Corebridge expanded its product offerings by introducing a registered index-linked annuity (RILA), enhancing its position in the annuity market.

• The company successfully increased premiums and deposits in Individual Retirement by 40% year-over-year.

• Demonstrated continued growth in Group Retirement where premiums and deposits rose by 10% year-over-year, excluding planned acquisitions.

• Life Insurance sales grew by 14% year-over-year, outpacing the industry for eight consecutive quarters.

• Institutional Markets witnessed a 50% growth in adjusted pretax operating income year-over-year.

Opportunities:

• Further growth anticipated in Individual Retirement driven by new product launches like RILA and strong market demand.

• Existence of a large and growing retirement aged population in the U.S. and a Life Insurance protection gap present ongoing opportunities for expansion.

• Interest rates expected to remain attractive at mid-durations which supports sustained operations in favorable conditions.

Risks:

• Possible short-term impacts from lower interest rates at the short end of the yield curve could affect financial performance, although adjustments and hedging strategies are in place to mitigate these effects.

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