Corebridge Q4 2024 Earnings Report

Key Takeaways

Corebridge Financial posted strong Q4 2024 results with a significant turnaround in net income, reaching $2.17 billion from a prior-year loss. Adjusted pre-tax operating income increased by 7.07% year-over-year, while adjusted EPS rose by 18.27%. The company benefited from higher fee income, improved underwriting margins, and disciplined expense management.

Total Revenue

$7.03B

Previous year: $2.81B

+150.3%

EPS

$1.23

Previous year: $1.04

+18.3%

Operating Margin

12.8%

Previous year: 11.2%

+14.3%

Return on Equity

69.3%

Previous year: -52%

-233.3%

Adjusted Return on Equity

12.8%

Previous year: 11.2%

+14.3%

Cash and Equivalents

$2.2B

Previous year: $628M

+250.3%

Free Cash Flow

$1.48B

Total Assets

$363B

Previous year: $351B

+3.4%

Corebridge Revenue

Corebridge EPS

Corebridge Revenue by Segment

Forward Guidance

Corebridge Financial expects continued earnings growth supported by cost efficiencies, balance sheet optimization, and favorable market trends in fixed annuities. The company remains focused on capital returns and expanding its investment portfolio.

Positive Outlook

Increased dividend to $0.24 per share, reflecting financial strength.
Expanded share repurchase authorization by $2 billion.
Higher deposits in guaranteed investment contracts supporting growth.
Strong balance sheet with $2.2 billion in liquidity.
Operational improvements and expense efficiencies driving profitability.

Challenges Ahead

Decline in Group Retirement segment due to lower out-of-plan annuity deposits.
Lower fixed annuity deposits affecting Individual Retirement growth.
Potential impact of macroeconomic uncertainties on investment returns.
Higher interest expenses due to debt pre-funding for 2025 maturities.
Market volatility may influence underwriting margins and investment performance.