Corebridge Financial stung by quarterly loss
Corebridge Financial stung by quarterly loss | Insurance Business America
Insurance News
Corebridge Financial stung by quarterly loss
Full-year result also takes a beating
Insurance News
By
Terry Gangcuangco
Corebridge Financial has suffered a loss in the fourth quarter of 2023.
“Net loss was $1.3 billion, compared to $207 million in the prior year quarter,” Corebridge reported. “The change largely was driven by realized losses recorded for the Fortitude Re funds withheld embedded derivative, partially offset by higher net investment income.”
Here are the numbers for Corebridge:
Metric
Q4 2023
Q4 2022
FY 2023
FY 2022
Net income (loss) attributable to common shareholders
$(1.3 billion)
$(207 million)
$1.1 billion
$8.2 billion
Adjusted after-tax operating income
$661 million
$610 million
$2.6 billion
$2.4 billion
Premiums and deposits
$10.5 billion
$8.7 billion
$39.9 billion
$31.6 billion
Net investment income
$3 billion
$2.6 billion
$11.1 billion
$9.6 billion
As for the full-year result, the company noted: “Net income was $1.1 billion, compared to $8.2 billion in the prior year. The change largely was driven by realized losses recorded for the Fortitude Re funds withheld embedded derivative, partially offset by higher net investment income and changes in the fair value of market risk benefits.”
Focusing on the adjusted figure, president and chief executive Kevin Hogan said: “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.
“We increased annual sales across our diversified portfolio of spread-based products by 60% and total company premiums and deposits by 26% year over year. We also grew general account assets by 5% to $220 billion, and improved base spread income by 30% in 2023, contributing to healthy margins across our high-quality businesses.”
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