Corebridge Financial Q3 net income surges on realized gains
CRBG•Corebridge Financial reported Q3 net income of $1.40 billion, mainly on favorable changes in net realized gains, while operating EPS rose 27% year over year. Premiums and deposits fell 29%, mainly due to lower fixed index annuity sales.
1. Quarterly results
Corebridge Financial said Q3 net income rose sharply from a year earlier, mainly due to favorable changes in net realized gains, including Fortitude Re embedded derivatives. Operating income was pressured by lower base spread income and higher expenses, partly offset by increased fee income.
2. Sales and merger outlook
Premiums and deposits fell 29% year over year, mainly due to lower fixed index annuity sales. The company expects its merger with Equitable to deliver more than $100 million in expense synergies and said the regulatory approval process is advancing.
