Company did not provide specific financial guidance or quantitative outlook for future periods
Overview
US retirement solutions provider reported Q2 net loss of $16 mln, improved from prior year
Adjusted after-tax operating income for Q2 fell 24% yr/yr to $512 mln
Premiums and deposits declined 13% yr/yr, mainly on lower annuity sales
Result drivers
Lower annuity sales - Co said premiums and deposits declined 13% yr/yr, mainly due to reduced fixed and fixed indexed annuity sales, partially offset by higher GIC issuances
Higher policyholder benefits and interest credited - Co said adjusted pre-tax operating income fell 21% yr/yr, driven by higher policyholder benefits, interest credited to policyholder account balances and other expenses, partially offset by higher premiums and net investment income
Increased fee and base spread income - Co said core sources of income rose , largely due to higher fee and base spread income, partially offset by lower underwriting margin
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 3 "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 $36.00, about 15% above its August 3 closing price of $31.31
The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 5 three months ago
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