Corebridge Q2 2023 Earnings Report

Corebridge reported strong Q2 2023 results driven by focused execution, disciplined risk management and the competitive strengths of diversified businesses.

Key Takeaways

Corebridge Financial reported an excellent quarter with significant growth in premiums and deposits (42%) and base spread income (42%). Net income was $771 million, and adjusted after-tax operating income was $679 million. The company returned $750 million to shareholders through dividends and share repurchases.

Premiums and deposits grew 42% compared to the prior year quarter.

Base spread income grew 42% while base yield expanded 76 basis points compared to the prior year quarter.

Net income of $771 million, or $1.18 per share, largely reflects strong base portfolio income as well as favorable mark to market movements on embedded derivatives and market risk benefits

Returned $750 million to shareholders during the quarter in the form of dividends and share repurchases.

Total Revenue

$5.85B

Previous year: $6.79B

Adjusted Return on Equity

11.7%

Previous year: 8.7%