Strong Financial Performance
Corebridge reported second quarter adjusted pretax operating income of $942 million, or operating earnings per share of $1.36, a 20% increase year-over-year.
Transformative Reinsurance Transaction
The transaction is the most important value creation action since the IPO, generating $2.1 billion of net distributable proceeds, primarily for share repurchases.
Record Individual Retirement Sales
Individual Retirement sales exceeded last year's record second quarter, with new RILA product sales passing $1 billion just 9 months after launch.
Life Insurance Growth
Life Insurance business saw a 12% increase in underwriting margin and a 44% increase in adjusted pretax operating income year-over-year.
Group Retirement Growth
Group Retirement's fee income was flat year-over-year, with sequential fee earning assets up 7%, indicating potential fee income growth.