Corebridge Q1 net loss $459M on Fortitude Re derivative; adj. operating EPS $0.97

Corebridge Financial, Inc.

2023-Q1 EPS reported -$0.70 revenue$4,262,000,000

Premiums and deposits up 45% YoY; base portfolio income up 23%; base yield +60bps.
Net loss of $459M ($0.70/share) driven by realized losses on Fortitude Re funds withheld embedded derivative.
Adjusted after-tax operating income $632M, operating EPS $0.97; holding company liquidity $1.8B.
Board authorized $1B share repurchase program; declared $0.23 quarterly dividend.
Life Fleet RBC Ratio remains above 400% target; adopted long-duration targeted improvements retroactive to Jan 2021.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Corebridge Financial, Inc. reported the quarter ended March 31, 2023 results: net income Net loss of $459 million, EPS $0.70 per share.

Period: the quarter ended March 31, 2023
Net income: Net loss of $459 million
EPS: $0.70 per share
Result: reported results

Exact text from the filing

Corebridge Financial Announces First Quarter 2023 Results • Premiums and deposits 1 grew 45% compared to the prior year quarter • Base portfolio income 2 for our insurance operating businesses grew 23% while base yield 2 expanded 60 basis points compared to the prior year quarter • Net loss of $459 million , or $0.70 per share, largely the result of realized losses recorded for the Fortitude Re funds withheld embedded derivative • Adjusted after-tax operating income 1 of $632 million and operating EPS 1 of $0.97 per share reflect strong base spread income 2 • Holding company liquidity of $1.8 billion as of March 31, 2023 • Continue to maintain Life Fleet RBC Ratio 2 in excess of 400% target • Declared quarterly cash dividend $0.23 per share of common stock on May 8, 2023 • Adopted long-duration targeted improvements, retroactive to January 1, 2021 • Board of Directors authorized $1 billion share repurchase program

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Corebridge Financial, Inc. filing history →

Source: SEC EDGAR

accession 0001140361-23-023574

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