Strong First Quarter Financial Performance
Corebridge reported operating earnings per share of $1.16 and a return on equity (ROE) of 11.8%. They returned $454 million to shareholders with a payout ratio of 70%.
Resilient Balance Sheet
Corebridge's balance sheet remains strong with holding company liquidity of $2.4 billion and a high-quality investment portfolio with an average rating of single A.
Organic Growth and Product Expansion
The company reported robust premiums and deposits of $9.3 billion, driven by strong demand in individual retirement, and launched a new RILA product with $260 million in sales in its first quarter.
Life Insurance and Institutional Markets Growth
Life Insurance delivered strong performance with favorable mortality results, while Institutional Markets saw a 48% year-over-year increase in GIC reserves.
Proactive Balance Sheet and Capital Management
Corebridge ceded approximately $2 billion in reserves to its affiliated reinsurer in Bermuda, continuing to enhance capital efficiency.