Corebridge Financial Reports 26% Growth in Premiums and Deposits

By Tamara Parker • Thursday, February 15 12:42 • Permanent Link

Corebridge Financial, Inc. has released its financial results for the fourth quarter and full year of 2023, revealing a strong performance with substantial growth in premiums and deposits. The company reported premiums and deposits of $10.5 billion for the fourth quarter, marking a 20% increase over the prior year quarter, and $39.9 billion for the full year, representing a 26% increase over the previous year.

Kevin Hogan, President and CEO of Corebridge Financial, emphasized the company's achievements, stating, "Corebridge reported full year adjusted after-tax operating income of $2.6 billion, a 12% increase, executing on our strategic and operational priorities while capitalizing on market opportunities."

Hogan further highlighted the company's financial position and capital return, stating, "Corebridge maintains a robust financial position and continues to generate consistent cash flows, supporting a strong balance sheet and meaningful capital return."

The company's net loss for the fourth quarter was $1.3 billion, or $2.07 per share, while the net income for the full year was $1.1 billion, or $1.71 per share. Corebridge returned $2.2 billion to shareholders in 2023, resulting in an 84% payout ratio.

Regarding the outlook for 2024, Hogan expressed confidence in the company's prospects, stating, "Corebridge is positioned for continued success in 2024, supported by our diversified business model, broad distribution platform, disciplined risk management, strategic investment partnerships, and financial flexibility."

In terms of market performance, Corebridge Financial's shares have seen a 2.5% increase, reaching a trading price of $25.2.

For more details, the company's full 8-K submission is available here.

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