Corebridge Financial posts Q3 net income on rise in premiums, deposits

Overview

• Corebridge Q3 net income of $144 mln, reversing a loss from prior year

• Adjusted after-tax operating income fell 28% due to actuarial updates

• Premiums and deposits rose 34% yr/yr, driven by annuity deposits

Outlook

• Corebridge Financial did not provide specific financial guidance for the upcoming quarter or year

Result Drivers

• PREMIUMS AND DEPOSITS - Premiums and deposits increased 34% yr/yr, driven by growth in fixed index annuity and RILA deposits

• ACTUARIAL ASSUMPTION UPDATE - Annual actuarial assumption update decreased APTOI by $98 mln in current qtr

• VA REINSURANCE TRANSACTION - VA reinsurance transaction enhanced company's position by simplifying operations and reducing risk

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the life & health insurance peer group is "buy"

• Wall Street's median 12-month price target for Corebridge Financial Inc is $39.00, about 16.5% above its October 31 closing price of $32.56

• The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 7 three months ago

Press Release:

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