Yahoo Finance

• Operating Earnings Per Share (EPS): $1.16

• Return on Equity (ROE): 11.8%

• Shareholder Returns: $454 million returned, 70% payout ratio

• Holding Company Liquidity: $2.4 billion

• Premiums and Deposits: $9.3 billion

• Individual Retirement Premiums and Deposits: $4.7 billion

• RILA Product Sales: Over $260 million in the first quarter

• Group Retirement In-Plan Average Enrollments: Up 9%

• Group Retirement In-Plan Average Deposits: Up 10%

• Advisory and Brokerage Business AUMA Growth: 5% year over year

• GIC Reserves Growth: 48% year over year

• Adjusted Pretax Operating Income: $810 million

• Run Rate Operating EPS: $1.21

• Adjusted ROE: 12.3%

• Base Spread Income Decline: 3% year over year

• Fee Income Growth: 1% year over year

• Underwriting Margin Improvement: 12% year over year

• General Operating Expenses Increase: 5% year over year

• Individual Retirement Net Inflows: $1.1 billion

• Group Retirement Core Earnings: $167 million

• Life Insurance Adjusted Pretax Operating Income Increase: 23% year over year

• Institutional Markets Reserve Growth: 17% year over year

• Investment Portfolio: $223 billion, 97% in fixed income and short-term investments

• Investment Grade Fixed Maturities: 95%

• Cash on Hand at Holding Company: $1.4 billion

• Warning! GuruFocus has detected 5 Warning Sign with CRBG.

Release Date: May 06, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Corebridge Financial Inc (NYSE:CRBG) reported strong first-quarter results with operating earnings per share of $1.16 and a return on equity (ROE) of 11.8%.

• The company returned $454 million to shareholders, achieving a payout ratio of 70%.

• Corebridge's balance sheet remains resilient with $2.4 billion in holding company liquidity and a high-quality investment portfolio.

• The company is experiencing robust demand for its annuity products, driven by favorable market and demographic conditions.

• Corebridge continues to invest in digital capabilities and expand its product offerings, enhancing its competitive position in the market.

Negative Points

• Corebridge's annualized alternative investment returns were $0.06 short of long-term expectations, largely due to real estate equity returns.

• Base spread income declined by 3% year-over-year, impacted by Fed rate actions and dynamics in Group Retirement.

• The company anticipates elevated surrenders in individual retirement products in the latter half of the year.

• Corebridge's first-quarter general operating expenses were 5% higher year-over-year, reflecting business growth and higher compensation expenses.

• The company expects alternative investment returns to fall short of long-term expectations in 2025 due to current market uncertainty.