Corebridge Financial reported a second-quarter net loss of $16 million, or $0.04 a share, for the period ended June 30, even as adjusted after-tax operating income came in at $512 million, or $1.12 per share. The loss was driven mostly by unfavorable swings in the fair value of market risk benefits and higher interest credited on policyholder accounts, while core sources of income rose 5% year over year to $1.6 billion. Institutional Markets premiums and deposits jumped 130% to $2.6 billion on higher guaranteed investment contract issuances, and core income excluding variable investment income climbed 36%. Corebridge returned $412 million to shareholders in the quarter, split between $300 million of buybacks and $112 million of dividends, and declared a $0.25 per share dividend payable September 30 to shareholders of record as of September 16. On July 30, Corebridge and Equitable Holdings shareholders approved their combination, clearing the biggest hurdle before the deal can close. Still, adjusted pre-tax operating income fell 21% to $664 million, Individual Retirement premiums and deposits dropped 41%, or $2.7 billion, and total company premiums and deposits fell 13% to $9.1 billion.
Corebridge Financial Inc.Q2 GAAP net loss of $16M on market-risk-benefit swings and higher policyholder interest, offset by $512M adjusted operating income, $412M returned via buybacks/dividends, and a declared $0.25 dividend.
CTBC Financial Holding Co Ltd
Axa Equitable Holdings IncEquitable Holdings shareholders approved the combination with Corebridge on July 30, clearing the biggest hurdle before the deal can close.
