Corebridge reports Q2 operating EPS $1.36, consensus $1.16

Kevin Hogan, President and Chief Executive Officer, said, “Corebridge (CRBG) delivered another quarter with very strong financial results and remains focused on driving shareholder value, as demonstrated by our variable annuity reinsurance transaction that further positions our company for the future. Year over year, adjusted pre-tax operating income was up 10%, operating earnings per share were up 20%, and adjusted return on average equity was up 230 basis points. In the quarter, we returned $442 million of capital to shareholders through dividends and share repurchases. Our transformative reinsurance transaction is the most important value-creation action we have taken since the IPO, reducing risk, improving the quality of earnings, and driving higher distributions. As we announced today, we have closed on the AGL portion of the transaction, which represents approximately 90% of the value, and expect the remaining portions to close in the fourth quarter, subject to customary closing conditions and regulatory approvals.”