- Premiums and deposits1 excluding transactional activity grew
14% compared to the prior year quarter
- Base portfolio income for our insurance operating businesses
grew 19% while base yield expanded 54 basis points compared to the
prior year quarter
- Net loss of $566 million, or $0.87 per share, largely the
result of realized losses on derivatives and foreign exchange
movements
- Adjusted after-tax operating income of $574 million and
operating EPS of $0.88 per share reflects strong base spread income
and favorable mortality experience
- $2.2 billion of normalized distributions from our insurance
companies in 2022
- Paid $876 million in dividends in 2022 ($296 million since the
IPO)
- Declared quarterly cash dividend $0.23 per share of common
stock on February 16, 2023
Corebridge Financial, Inc. ("Corebridge" or the "Company")
(NYSE: CRBG) today reported financial results for the fourth
quarter and full year ended December 31, 2022.
Kevin Hogan, President and Chief Executive Officer of
Corebridge, said, “2022 was a year of significant milestones for
our company. We rebranded as Corebridge Financial early in the year
as our operational separation from AIG began, and in September, we
became a New York Stock Exchange listed company when our initial
public offering closed on September 19. We ended the year with
strong momentum and remain focused on our core mission of helping
individuals plan, save for and achieve secure financial
futures.
"In the fourth quarter and throughout the year, our diversified
business platform and broad reach enabled robust sales and
attractive margins in fixed and fixed index annuities, in addition
to strong performance realized across all our businesses. We
achieved meaningful growth in base spread income and substantial
improvement in underwriting margin, and we benefited from strong
deposit flows. We have made progress with Corebridge Forward, our
modernization initiative, and are benefiting from our partnerships
with Blackstone and BlackRock. We maintained a strong financial
position throughout the year and delivered on our capital
management goals for 2022.
"As we look ahead, the external environment remains uncertain,
but we are steadfastly focused on executing our strategies and
delivering on our financial goals. We have a strong balance sheet
and free cash flow profile, and we will stay disciplined in
deploying capital to create value for our customers, distribution
partners and other stakeholders."
CONSOLIDATED RESULTS
Three Months Ended December
31,
Twelve Months Ended December
31,
($ in millions, except per share data)
2022
2021
2022
2021
Net income (loss) attributable to common
shareholders
$
(566
)
$
3,122
$
8,149
$
7,355
Income (loss) per common share
attributable to common shareholders2
$
(0.87
)
$
5.24
$
12.59
$
11.80
Adjusted after-tax operating income
$
574
$
729
$
1,857
$
2,929
Operating EPS
$
0.88
$
1.13
$
2.87
$
4.54
Book value per common share
$
12.73
$
41.99
$
12.73
$
41.99
Adjusted book value per common share
$
33.10
$
30.31
$
33.10
$
30.31
Pre-tax income (loss)
$
(779
)
$
4,623
$
10,460
$
10,127
Adjusted pre-tax operating income
$
639
$
926
$
2,183
$
3,685
Premiums and deposits
$
8,694
$
8,501
$
31,623
$
30,608
Net investment income
$
2,555
$
2,925
$
9,576
$
11,672
Net investment income (APTOI basis)
$
2,307
$
2,492
$
8,758
$
9,917
Base portfolio income - insurance
operating businesses
$
2,200
$
1,846
$
7,884
$
7,494
Variable investment income - insurance
operating businesses
$
23
$
511
$
442
$
2,029
Corporate and other
$
84
$
135
$
432
$
394
Return on average equity
(28.8
%)
39.3
%
46.2
%
22.9
%
Adjusted return on average equity
10.6
%
12.1
%
9.1
%
12.6
%
Fourth Quarter
Net loss was $0.6 billion, a 118% decrease compared to the prior
year quarter. The change was largely driven by $3.0 billion of
gains recorded in the fourth quarter of 2021 attributed to the sale
of our affordable housing portfolio and $1.2 billion of net
realized losses in the fourth quarter of 2022 related to
derivatives and foreign exchange movements.
Adjusted pre-tax operating income ("APTOI") was $639 million, a
31% decrease compared to the prior year quarter, largely due to
challenging macroeconomic conditions and structural changes in our
business profile, including implementation of the Company's new
capital structure and divestitures. Variable investment income was
lower by $488 million, the largest contributor to the
year-over-year decline. Excluding variable investment income, APTOI
was $616 million, a 48% increase compared to the prior year
quarter, the result of higher base portfolio income, improved
mortality experience and lower expenses, partially offset by lower
fee income.
Premiums and deposits were $8.7 billion, a 2% increase compared
to the prior year quarter. Excluding transactional activity (i.e.,
pension risk transfer, guaranteed investment contracts and Group
Retirement plan acquisitions), premiums and deposits grew 14% when
compared to the prior year quarter. These results mainly reflect
higher fixed and fixed index annuity deposits partially offset by
lower variable annuity deposits in Individual Retirement and Group
Retirement.
Net investment income was $2.6 billion, a 13% decrease compared
to the prior year quarter, while net investment income on an APTOI
basis was $2.3 billion, a 7% decrease compared to the prior year
quarter. This decline largely was due to lower variable investment
income – notably weaker private equity returns, lower bond call and
tender income, and lower commercial mortgage loan prepayment
activity – partially offset by higher base portfolio income. Base
portfolio income grew 19% when compared to fourth quarter of
2021.
Full Year
Net income was $8.1 billion, an 11% increase year-over-year,
primarily the result of higher gains on the Fortitude Re funds
withheld embedded derivative and higher net realized gains,
partially offset by lower net investment income and a gain recorded
in 2021 associated with the sale of our affordable housing
portfolio.
APTOI was $2.2 billion, a 41% decrease compared to the prior
year, largely related to the impact from structural changes in our
business and challenging macroeconomic conditions driving higher
base portfolio income, lower variable investment income, lower fee
income and higher deferred acquisition costs amortization. Improved
mortality experience, as well as a comparatively less adverse
result from the annual actuarial assumption review, also impacted
results. Variable investment income was lower by $1.6 billion, the
largest contributor to the year-over-year decline.
Premiums and deposits were $31.6 billion, a 3% increase compared
to the prior year.3 Excluding transactional activity, premiums and
deposits grew 8% when compared to 2021. These results primarily
reflect higher fixed and fixed index annuity deposits partially
offset by lower variable annuity deposits in Individual Retirement
and Group Retirement.
Net investment income was $9.6 billion, an 18% decrease compared
to the prior year, while net investment income on an APTOI basis
was $8.8 billion, a 12% decrease compared to the prior year. This
decline largely was due to lower variable investment income –
notably weaker private equity returns, lower bond call and tender
income, and lower commercial mortgage loan prepayment activity –
partially offset by higher base portfolio income. Base portfolio
income grew 5% when compared to 2021.
BUSINESS RESULTS
Individual
Retirement
Three Months Ended December
31,
($ in millions)
2022
2021
Premiums and deposits
$
3,827
$
3,308
Spread income
$
587
$
646
Base spread income
$
565
$
420
Variable investment income
$
22
$
226
Fee income
$
304
$
383
Adjusted pre-tax operating income
$
436
$
504
- Premiums and deposits increased $519 million, or 16%, as
compared to the prior year quarter largely driven by growth of
fixed and fixed index annuity deposits, partially offset by lower
variable annuity deposits. Net flows increased $244 million, or
718%, when compared to the fourth quarter of 2021 primarily the
result of stronger fixed annuity flows
- Base net investment spread of 2.21% for the quarter expanded 54
basis points and 27 basis points on a prior year and sequential
quarter basis, respectively
- APTOI decreased $68 million, or 13%, year-over-year primarily
due to lower variable investment income and lower fee income,
partially offset by higher base spread income and lower
expenses
Group
Retirement
Three Months Ended December
31,
($ in millions)
2022
2021
Premiums and deposits
$
2,243
$
1,862
Spread income
$
208
$
316
Base spread income
$
207
$
184
Variable investment income
$
1
$
132
Fee income
$
177
$
222
Adjusted pre-tax operating income
$
177
$
315
- Premiums and deposits increased $381 million, or 20%, as
compared to the prior year quarter due to higher plan acquisitions
and out-of-plan fixed annuity deposits, partially offset by lower
out-of-plan variable annuity deposits. Net flows increased $116
million, or 11%, when compared to the fourth quarter of 2021,
primarily the result of stronger in-plan flows
- Base net investment spread of 1.59% for the quarter expanded 17
basis points on a prior year quarter basis. Results were unchanged
sequentially
- APTOI decreased $138 million, or 44%, year-over-year primarily
due to lower variable investment income and lower fee income,
partially offset by higher base spread income
Life
Insurance
Three Months Ended December
31,
($ in millions)
2022
2021
Premiums and deposits
$
1,073
$
1,098
Underwriting margin
$
375
$
266
Underwriting margin excluding variable
investment income
$
370
$
188
Variable investment income
$
5
$
78
Adjusted pre-tax operating income
$
97
$
6
- APTOI increased $91 million year-over-year primarily due to
higher underwriting margin driven by improved mortality experience
and higher base portfolio income
- COVID mortality experience was in line with the previously
disclosed estimate of exposure sensitivity of $65 million to $75
million per 100,000 population deaths based on the reported fourth
quarter 2022 COVID-related deaths in the United States
Institutional
Markets
Three Months Ended December
31,
($ in millions)
2022
2021
Premiums and deposits
$
1,551
$
2,233
Spread income
$
65
$
139
Base spread income
$
71
$
73
Variable investment income (loss)
$
(6
)
$
66
Fee income
$
16
$
15
Underwriting margin
$
17
$
22
Underwriting margin excluding variable
investment income
$
17
$
15
Variable investment income
$
—
$
7
Adjusted pre-tax operating income
$
64
$
166
- Premiums and deposits decreased $682 million, or 31%, as
compared to the prior year quarter driven by lower volume of new
pension risk transfer activity, partially offset by higher
structured settlement annuities. Pension risk transfer sales were
$1.3 billion for the fourth quarter of 2022
- APTOI decreased $102 million, or 61%, year-over-year primarily
due to lower variable investment income
Corporate and
Other4
Three Months Ended December
31,
($ in millions)
2022
2021
Corporate expenses
$
(46
)
$
(36
)
Interest on financial debt
$
(103
)
$
(25
)
Asset management
$
15
$
—
Consolidated investment entities
$
2
$
(6
)
Other
$
(3
)
$
2
Adjusted pre-tax operating income
(loss)
$
(135
)
$
(65
)
- APTOI decreased $70 million, or 108%, year-over-year primarily
due to higher interest expense on financial debt driven by the
Company’s recapitalization in connection with the IPO
CAPITAL AND LIQUIDITY HIGHLIGHTS
- Life Fleet RBC Ratio estimated to exceed 400% target
- Financial leverage ratio of 29.6%, within our 25% to 30%
targeted range
- Parent liquidity of $1.5 billion as of December 31, 2022
- $200 million of normalized distributions from our insurance
companies during the fourth quarter, with $2.2 billion of
normalized distributions for the full year of 2022
- Adjusted book value grew $1.8 billion, or 9%, year-over-year by
delivering strong earnings while also paying $876 million in
dividends ($296 million since the IPO)
- Declared quarterly dividend of $0.23 per share of common stock
on February 16, 2023, payable on March 31, 2023, to shareholders of
record at the close of business on March 17, 2023
___________________________
1
This release refers to financial measures
not calculated in accordance with generally accepted accounting
principles (non-GAAP); definitions of non-GAAP measures and
reconciliations to their closest GAAP measures, as well as more
information on key operating metrics and key terms, can be found in
"Non-GAAP Financial Measures" or "Key Operating Metrics and Key
Terms" below
2
Prior period results reflect Class A
shares only. Net income per Class B shares was $1.21 and $7.77 in
4Q21 and 2021, respectively. Refer to page 19 for an explanation of
the share class structure in 2021
3
Excludes deposits from the sale of our
retail mutual fund business that were sold to Touchstone on July
16, 2021, or otherwise liquidated in connection with the sale
4
Includes consolidations and
eliminations
CONFERENCE CALL
Corebridge will host a conference call on Friday, February 17,
2023, at 8:30 a.m. EST to review these results. The call is open to
the public and can be accessed via a live listen-only webcast in
the Investors section of corebridgefinancial.com. A replay will be
available after the call at the same location.
Supplemental financial data and our investor presentation are
available in the Investors section of
www.corebridgefinancial.com.
About Corebridge Financial
Corebridge Financial makes it possible for more people to take
action in their financial lives. With more than $355 billion in
assets under management and administration as of December 31, 2022,
Corebridge is one of the largest providers of retirement solutions
and insurance products in the United States. We proudly partner
with financial professionals and institutions to help individuals
plan, save for and achieve secure financial futures. For more
information, visit corebridgefinancial.com and follow us on
LinkedIn, YouTube, Facebook and Twitter. These references with
additional information about Corebridge have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release.
In the discussion below, “we,” “us” and “our” refer to
Corebridge and its consolidated subsidiaries, unless the context
refers solely to Corebridge as a corporate entity.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
This release contains forward-looking statements. Words such as
“expects,” “believes,” “anticipates,” “intends,” “seeks,” “aims,”
“plans,” “assumes,” “estimates,” “projects,” “should,” “would,”
“could,” “may,” “will,” “shall” or variations of such words are
generally part of forward-looking statements. Also, forward-looking
statements include, without limitation, all matters that are not
historical facts. Forward-looking statements are made based on
management’s current expectations and beliefs concerning future
developments and their potential effects upon Corebridge and its
consolidated subsidiaries. There can be no assurance that future
developments affecting Corebridge and its consolidated subsidiaries
will be those anticipated by management.
Any forward-looking statements included herein are not a
guarantee of future performance and involve risks and
uncertainties, and there are certain important factors that could
cause actual results to differ, possibly materially, from
expectations or estimates reflected in such forward-looking
statements, including, among others, risks related to:
- market conditions, including risks related to rapidly
increasing interest rates, declining or negative interest rates,
deterioration of market conditions, geopolitical tensions, equity
market declines or volatility and the COVID-19 pandemic;
- insurance risk and related exposures, including risks related
to insurance liability claims exceeding reserves, reinsurance
becoming unavailable and the occurrence of events causing
acceleration of the amortization of deferred acquisition
costs;
- our investment portfolio and concentration of investments,
including risks related to realization of gross unrealized losses
on fixed maturity securities and changes in investment
valuations;
- liquidity, capital and credit, including risks related to our
access to funds from our subsidiaries being restricted, the
possible incurrence of additional debt, the ability to refinance
existing debt, the illiquidity of some of our investments, a
downgrade in our insurer financial strength ratings and
non-performance by counterparties;
- our business and operations, including risks related to pricing
for our products, guarantees within certain of our products, our
use of derivatives instruments, marketing and distribution of our
products through third parties, our reliance on third parties to
provide business and administrative services, maintaining the
availability of our critical technology systems, our risk
management policies becoming ineffective, significant legal or
regulatory proceedings, our business strategy becoming ineffective,
intense competition, catastrophes, changes in our accounting
principles and financial reporting requirements, our foreign
operations, business or asset acquisitions and dispositions and our
ability to protect our intellectual property;
- the intense regulation of our business;
- estimates and assumptions, including risks related to estimates
or assumptions used in the preparation of our financial statements
differing materially from actual experience, the effectiveness of
our productivity improvement initiatives and impairments of
goodwill;
- competition and employees, including risks related to our
ability to attract and retain key employees and employee error and
misconduct;
- our investment managers, including our reliance on agreements
with Blackstone ISG-1 Advisors L.L.C. which we have a limited
ability to terminate or amend and increased regulation or scrutiny
of investment advisers and investment activities;
- our separation from AIG, including risks related to the
replacement or replication of functions and the loss of benefits
from AIG’s global contracts, our inability to file a single US
consolidated income federal income tax return for a five-year
period, and limitations on our ability to use deferred tax assets
to offset future taxable income;
- our agreements with Fortitude Reinsurance Company Ltd.;
and
- other factors discussed in “Management’s Discussion and
Analysis of Financial Conditions and Results of Operations” and
“Risk Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2022, filed with the U.S. Securities and Exchange
Commission pursuant to Rule 424(b)(4) under the Securities Act of
1933, as amended.
Forward-looking statements should be read in conjunction with
the other cautionary statements, risks, uncertainties and other
factors identified in our filings with the Securities and Exchange
Commission. Further, any forward-looking statement speaks only as
of the date on which it is made, and we undertake no obligation to
update or revise any forward-looking statement to reflect events or
circumstances after the date on which the statement is made or to
reflect the occurrence of unanticipated events, except as otherwise
may be required by law.
NON-GAAP FINANCIAL MEASURES
Throughout this release, we present our financial condition and
results of operations in the way we believe will be most meaningful
and representative of our business results. Some of the
measurements we use are ‘‘non-GAAP financial measures’’ under
Securities and Exchange Commission rules and regulations. We
believe presentation of these non-GAAP financial measures allows
for a deeper understanding of the profitability drivers of our
business, results of operations, financial condition and liquidity.
These measures should be considered supplementary to our results of
operations and financial condition that are presented in accordance
with GAAP and should not be viewed as a substitute for GAAP
measures. The non-GAAP financial measures we present may not be
comparable to similarly-named measures reported by other
companies.
Adjusted pre-tax operating income (“APTOI”) is
derived by excluding the items set forth below from income from
operations before income tax. These items generally fall into one
or more of the following broad categories: legacy matters having no
relevance to our current businesses or operating performance;
adjustments to enhance transparency to the underlying economics of
transactions; and recording adjustments to APTOI that we believe to
be common in our industry. We believe the adjustments to pre-tax
income are useful for gaining an understanding of our overall
results of operations.
APTOI excludes the impact of the following items:
FORTITUDE RELATED ADJUSTMENTS:
The modco reinsurance agreements with
Fortitude Re transfer the economics of the invested assets
supporting the reinsurance agreements to Fortitude Re. Accordingly,
the net investment income on Fortitude Re funds withheld assets and
the net realized gains (losses) on Fortitude Re funds withheld
assets are excluded from APTOI. Similarly, changes in the Fortitude
Re funds withheld embedded derivative are also excluded from
APTOI.
As a result of entering into the reinsurance
agreements with Fortitude Re we recorded a loss which was primarily
attributed to the write-off of DAC, VOBA and deferred cost of
reinsurance assets. The total loss and the ongoing results
associated with the reinsurance agreement with Fortitude Re have
been excluded from APTOI as these are not indicative of our ongoing
business operations.
INVESTMENT RELATED ADJUSTMENTS:
APTOI excludes “Net realized gains (losses),”
including changes in the allowance for credit losses on
available-for-sale securities and loans, as well as gains or losses
from sales of securities, except for gains (losses) related to the
disposition of real estate investments. Net realized gains
(losses), except for gains (losses) related to the disposition of
real estate investments, are excluded as the timing of sales on
invested assets or changes in allowances depend largely on market
credit cycles and can vary considerably across periods. In
addition, changes in interest rates may create opportunistic
scenarios to buy or sell invested assets. Our derivative results,
including those used to economically hedge insurance liabilities,
also included in Net realized gains (losses) are similarly excluded
from APTOI except earned income (periodic settlements and changes
in settlement accruals) on derivative instruments used for
non-qualifying (economic) hedges or for asset replication. Earned
income on such economic hedges is reclassified from Net realized
gains and losses to specific APTOI line items based on the economic
risk being hedged (e.g., Net investment income and Interest
credited to policyholder account balances).
Our investment-oriented contracts, such as
universal life insurance, and fixed, fixed index and variable
annuities, are also impacted by net realized gains (losses), and
these secondary impacts are also excluded from APTOI. Specifically,
the changes in benefit reserves and DAC, VOBA and DSI assets
related to net realized gains (losses) are excluded from APTOI.
VARIABLE, FIXED INDEX ANNUITIES AND INDEX
UNIVERSAL LIFE INSURANCE PRODUCTS ADJUSTMENTS:
Certain of our variable annuity contracts
contain guaranteed minimum withdrawal benefits (“GMWBs”) and are
accounted for as embedded derivatives. Additionally, certain fixed
index annuity contracts contain GMWB or indexed interest credits
which are accounted for as embedded derivatives, and our index
universal life insurance products also contain embedded
derivatives. Changes in the fair value of these embedded
derivatives, including rider fees attributed to the embedded
derivatives, are recorded through “Net realized gains (losses)” and
are excluded from APTOI.
Changes in the fair value of securities used
to hedge guaranteed living benefits are excluded from APTOI.
OTHER ADJUSTMENTS:
Other adjustments represent all other adjustments that are
excluded from APTOI and includes the net pre-tax operating income
(losses) from noncontrolling interests related to consolidated
investment entities. The excluded adjustments include, as
applicable:
- restructuring and other costs related to initiatives designed
to reduce operating expenses, improve efficiency and simplify our
organization;
- non-recurring costs associated with the implementation of
non-ordinary course legal or regulatory changes or changes to
accounting principles;
- separation costs;
- non-operating litigation reserves and settlements;
- loss (gain) on extinguishment of debt;
- losses from the impairment of goodwill; and
- income and loss from divested or run-off business.
Adjusted after-tax operating income attributable to our
common shareholders (“Adjusted After-tax Operating Income”
or “AATOI”) is derived by excluding the tax effected APTOI
adjustments described above, as well as the following tax items
from net income attributable to us:
- changes in uncertain tax positions and other tax items related
to legacy matters having no relevance to our current businesses or
operating performance; and
- deferred income tax valuation allowance releases and
charges.
Book value, excluding AOCI, adjusted for the cumulative
unrealized gains and losses related to Fortitude Re’s funds
withheld assets (“Adjusted Book Value”) is used to
eliminate the asymmetrical impact resulting from changes in fair
value of our available-for-sale securities portfolio where there is
largely no offsetting impact for certain related insurance
liabilities that are not recorded at fair value. In addition, we
adjust for the cumulative unrealized gains and losses related to
Fortitude Re’s funds withheld assets since these fair value
movements are economically transferred to Fortitude Re.
Adjusted Book Value per Common Share is computed as
adjusted book value divided by total common shares outstanding.
Adjusted Return on Average Equity (“Adjusted
ROAE”) is derived by dividing AATOI by average Adjusted Book
Value and is used by management to evaluate our recurring
profitability and evaluate trends in our business. We believe this
measure is useful to investors because it eliminates items that can
fluctuate significantly from period to period, including changes in
fair value of our available-for-sale securities portfolio and
foreign currency translation adjustments. This measure also
eliminates the asymmetrical impact resulting from changes in fair
value of our available-for-sale securities portfolio for which
there is largely no offsetting impact for certain related insurance
liabilities. In addition, we adjust for the cumulative unrealized
gains and losses related to Fortitude Re funds withheld assets
since these fair value movements are economically transferred to
Fortitude Re.
Adjusted revenues exclude Net realized gains (losses)
except for gains (losses) related to the disposition of real estate
investments, income from non-operating litigation settlements
(included in Other income for GAAP purposes) and changes in fair
value of securities used to hedge guaranteed living benefits
(included in Net investment income for GAAP purposes).
Net investment income (APTOI basis) is the sum of
base portfolio income and variable investment income.
Normalized distributions are defined as dividends paid by
the Life Fleet subsidiaries as well as the international insurance
subsidiaries, less non-recurring dividends, plus dividend capacity
that would have been available to Corebridge absent strategies that
resulted in utilization of tax attributes. We believe that
presenting normalized distributions is useful in understanding a
significant component of our liquidity as a stand-alone
company.
Operating EPS is calculated by dividing AATOI by weighted
average diluted shares.
Premiums and deposits is a non-GAAP financial measure
that includes direct and assumed premiums received and earned on
traditional life insurance policies, group benefit policies and
life-contingent payout annuities, as well as deposits received on
universal life insurance, investment-type annuity contracts and
GICs. We believe the measure of premiums and deposits is useful in
understanding customer demand for our products, evolving product
trends and our sales performance period over period.
KEY OPERATING METRICS AND KEY TERMS
Assets Under Management and Administration
- Assets Under Management (“AUM”) include assets in
the general and separate accounts of our subsidiaries that support
liabilities and surplus related to our life and annuity insurance
products.
- Assets Under Administration (“AUA”) include Group
Retirement mutual fund assets and other third-party assets that we
sell or administer and the notional value of SVW contracts.
- Assets Under Management and Administration
(“AUMA”) is the cumulative amount of AUM and AUA.
Net Investment Income
- Base portfolio income includes interest, dividends and
foreclosed real estate income, net of investment expenses and
non-qualifying (economic) hedges.
- Variable investment income includes call and tender
income, commercial mortgage loan prepayments, changes in market
value of investments accounted for under the fair value option,
interest received on defaulted investments (other than foreclosed
real estate), income from alternative investments, affordable
housing investments and other miscellaneous investment income,
including income of certain partnership entities that are required
to be consolidated. Alternative investments include private equity
funds which are generally reported on a one-quarter lag.
Base spread income means base portfolio income less
interest credited to policyholder account balances, excluding the
amortization of deferred sales inducements assets.
Base net investment spread means base yield less cost of
funds, excluding the amortization of deferred sales
inducements.
Base yield means the returns from base portfolio income
including accretion and impacts from holding cash and short-term
investments.
Cost of funds means the interest credited to
policyholders excluding the amortization deferred of sales
inducement assets.
Fee and Spread Income and Underwriting Margin
- Fee income is defined as policy fees plus advisory fees
plus other fee income.
- Spread income is defined as net investment income less
interest credited to policyholder account balances, exclusive of
amortization of deferred sales inducement assets. Spread income is
comprised of both base spread income and variable investment
income.
- Underwriting margin for our Life Insurance segment
includes premiums, policy fees, advisory fee income, net investment
income, less interest credited to policyholder account balances and
policyholder benefits and excludes the annual assumption update.
For our Institutional Markets segment, select products utilize
underwriting margin, which includes premiums, net investment
income, non-SVW fee and advisory fee income, less interest credited
and policyholder benefits and excludes the annual assumption
update.
Life Fleet RBC Ratio
- Life Fleet includes our three primary risk-bearing
entities, American General Life Insurance Company (“AGL”), The
United States Life Insurance Company in the City of New York
(“USL”) and The Variable Annuity Life Insurance Company (“VALIC”).
AGL, USL and VALIC are domestic insurance entities with a statutory
surplus greater than $500 million on an individual basis. The Life
Fleet does not include AGC Life Insurance Company, as it has no
operations outside of internal reinsurance.
- Life Fleet RBC Ratio is the risk-based capital (“RBC”)
ratio for the Life Fleet. RBC ratios are quoted using the Company
Action Level.
RECONCILIATIONS
The following tables present a reconciliation of pre-tax income
(loss)/net income (loss) attributable to Corebridge to adjusted
pre-tax operating income (loss)/adjusted after-tax operating income
(loss) attributable to Corebridge:
Three Months Ended December 31,
2022
2021
(in millions)
Pre-tax
Total Tax (Benefit)
Charge
Non- controlling
Interests
After Tax
Pre-tax
Total Tax (Benefit) Charge
Non- controlling Interests
After Tax
Pre-tax income/net income, including
noncontrolling interests
$
(779
)
$
(252
)
$
—
$
(527
)
$
4,623
$
884
$
—
$
3,739
Noncontrolling interests
—
—
(39
)
(39
)
—
—
(617
)
(617
)
Pre-tax income/net income attributable
to Corebridge
(779
)
(252
)
(39
)
(566
)
4,623
884
(617
)
3,122
Fortitude Re related items
Net investment income on Fortitude Re
funds withheld assets
(274
)
(57
)
—
(217
)
(439
)
(92
)
—
(347
)
Net realized (gains) losses on Fortitude
Re funds withheld assets
125
26
—
99
(442
)
(93
)
—
(349
)
Net realized losses on Fortitude Re funds
withheld embedded derivative
347
69
—
278
658
138
—
520
Net realized losses on Fortitude
transactions
—
—
—
—
(26
)
(5
)
—
(21
)
Subtotal Fortitude Re related
items
198
38
—
160
(249
)
(52
)
—
(197
)
Other reconciling Items:
Changes in uncertain tax positions and
other tax adjustments
—
5
—
(5
)
—
16
—
(16
)
Deferred income tax valuation allowance
(releases) charges
—
(6
)
—
6
—
9
—
(9
)
Changes in fair value of securities used
to hedge guaranteed living benefits
(1
)
—
—
(1
)
1
—
—
1
Changes in benefit reserves and DAC, VOBA
and DSI related to net realized gains (losses)
(120
)
(25
)
—
(95
)
(13
)
(3
)
—
(10
)
Loss on extinguishment of debt
—
—
—
—
(10
)
(2
)
—
(8
)
Net realized (gains) losses(a)
1,297
272
—
1,025
113
23
15
105
Separation costs
54
26
—
28
—
—
—
—
Restructuring and other costs
22
5
—
17
24
5
—
19
Non-recurring costs related to regulatory
or accounting changes
7
2
—
5
5
2
—
3
Net (gain) loss on divestiture
—
—
—
—
(2,978
)
(688
)
—
(2,290
)
Pension expense - non operating
—
—
—
—
12
3
—
9
Noncontrolling interests
(39
)
—
39
—
(602
)
—
602
—
Subtotal: Non-Fortitude Re reconciling
items
1,220
279
39
980
(3,448
)
(635
)
617
(2,196
)
Total adjustments
1,418
317
39
1,140
(3,697
)
(687
)
617
(2,393
)
Adjusted pre-tax income(loss)/Adjusted
after-tax income (loss) attributable to Corebridge common
shareholders
$
639
$
65
$
—
$
574
$
926
$
197
$
—
$
729
Twelve Months Ended December
31,
2022
2021
(in millions)
Pre-tax
Total Tax (Benefit)
Charge
Non- controlling
Interests
After Tax
Pre-tax
Total Tax (Benefit) Charge
Non- controlling Interests
After Tax
Pre-tax income/net income, including
noncontrolling interests
$
10,460
$
1,991
$
—
$
8,469
$
10,127
$
1,843
$
—
$
8,284
Noncontrolling interests
—
—
(320
)
(320
)
—
—
(929
)
(929
)
Pre-tax income/net income attributable
to Corebridge
10,460
1,991
(320
)
8,149
10,127
1,843
(929
)
7,355
Fortitude Re related items
Net investment income on Fortitude Re
funds withheld assets
(891
)
(187
)
—
(704
)
(1,775
)
(373
)
—
(1,402
)
Net realized (gains) losses on Fortitude
Re funds withheld assets
397
83
—
314
(924
)
(194
)
—
(730
)
Net realized losses on Fortitude Re funds
withheld embedded derivative
(6,347
)
(1,370
)
—
(4,977
)
687
144
—
543
Net realized losses on Fortitude
transactions
—
—
—
—
(26
)
(5
)
—
(21
)
Subtotal Fortitude Re related
items
(6,841
)
(1,474
)
—
(5,367
)
(2,038
)
(428
)
—
(1,610
)
Other reconciling Items:
Changes in uncertain tax positions and
other tax adjustments
—
95
—
(95
)
—
174
—
(174
)
Deferred income tax valuation allowance
(releases) charges
—
(157
)
—
157
—
(26
)
—
26
Changes in fair value of securities used
to hedge guaranteed living benefits
(30
)
(6
)
—
(24
)
(56
)
(12
)
—
(44
)
Changes in benefit reserves and DAC, VOBA
and DSI related to net realized gains (losses)
308
65
—
243
101
21
—
80
Loss on extinguishment of debt
—
—
—
—
219
46
—
173
Net realized (gains) losses(a)
(1,710
)
(359
)
—
(1,351
)
(813
)
(171
)
68
(574
)
Non-operating litigation reserves and
settlements
(25
)
(5
)
—
(20
)
—
—
—
—
Separation costs
180
142
—
38
—
—
—
—
Restructuring and other costs
147
31
—
116
44
9
—
35
Non-recurring costs related to regulatory
or accounting changes
12
3
—
9
31
7
—
24
Net (gain) loss on divestiture
1
—
—
1
(3,081
)
(710
)
—
(2,371
)
Pension expense - non operating
1
—
—
1
12
3
—
9
Noncontrolling interests
(320
)
—
320
—
(861
)
—
861
—
Subtotal: Non-Fortitude Re reconciling
items
(1,436
)
(191
)
320
(925
)
(4,404
)
(659
)
929
(2,816
)
Total adjustments
(8,277
)
(1,665
)
320
(6,292
)
(6,442
)
(1,087
)
929
(4,426
)
Adjusted pre-tax income(loss)/Adjusted
after-tax income (loss) attributable to Corebridge common
shareholders
$
2,183
$
326
$
—
$
1,857
$
3,685
$
756
$
—
$
2,929
(a) Includes all net realized gains and
losses except earned income (periodic settlements and changes in
settlement accruals) on derivative instruments used for
non-qualifying (economic) hedging or for asset replication.
Additionally, gains (losses) related to the disposition of real
estate investments are also excluded from this adjustment
The following table presents Corebridge’s adjusted pre-tax
operating income by segment:
(in millions)
Individual Retirement
Group Retirement
Life Insurance
Institutional Markets
Corporate & Other
Eliminations
Total Corebridge
Three Months Ended December 31,
2022
Premiums
$
62
$
3
$
587
$
1,375
$
20
$
—
$
2,047
Policy fees
199
104
382
49
—
—
734
Net investment income(a)
1,064
494
376
289
112
(28
)
2,307
Net realized gains (losses)(a)(b)
—
—
—
—
27
—
27
Advisory fee and other income
105
73
27
1
20
—
226
Total adjusted revenues
1,430
674
1,372
1,714
179
(28
)
5,341
Policyholder benefits
132
19
911
1,518
—
—
2,580
Interest credited to policyholder account
balance(c)(d)
485
289
86
105
—
—
965
Amortization of deferred policy
acquisition costs
148
11
73
1
—
—
233
Non-deferrable insurance commissions
86
34
27
8
—
—
155
Advisory fee expenses
35
29
1
—
—
—
65
General operating expenses
108
115
177
18
87
(4
)
501
Interest expense
—
—
—
—
186
(22
)
164
Total benefits and expenses
994
497
1,275
1,650
273
(26
)
4,663
Noncontrolling interests
—
—
—
—
(39
)
—
(39
)
Adjusted pre-tax operating income
(loss)
$
436
$
177
$
97
$
64
$
(133
)
$
(2
)
$
639
(in millions)
Individual Retirement
Group Retirement
Life Insurance
Institutional Markets
Corporate & Other
Eliminations
Total Corebridge
Three Months Ended December 31,
2021
Premiums
$
66
$
7
$
402
$
2,150
$
21
$
—
$
2,646
Policy fees
245
133
357
47
—
—
782
Net investment income(a)
1,080
603
380
294
139
(4
)
2,492
Net realized gains (losses)(a)(b)
—
—
—
—
503
—
503
Advisory fee and other income
138
89
30
—
31
—
288
Total adjusted revenues
1,529
832
1,169
2,491
694
(4
)
6,711
Policyholder benefits
162
18
814
2,245
—
—
3,239
Interest credited to policyholder account
balance(c)(d)
445
291
89
53
—
—
878
Amortization of deferred policy
acquisition costs
124
16
54
2
—
—
196
Non-deferrable insurance commissions
126
32
32
8
1
—
199
Advisory fee expenses
40
37
—
—
—
—
77
General operating expenses
118
116
168
15
85
5
507
Interest expense
10
7
6
2
70
(8
)
87
Total benefits and expenses
1,025
517
1,163
2,325
156
(3
)
5,183
Noncontrolling interests
—
—
—
—
(602
)
—
(602
)
Adjusted pre-tax operating income
(loss)
$
504
$
315
$
6
$
166
$
(64
)
$
(1
)
$
926
(in millions)
Individual Retirement
Group Retirement
Life Insurance
Institutional Markets
Corporate & Other
Eliminations
Total Corebridge
Twelve Months Ended December 31,
2022
Premiums
$
230
$
19
$
1,871
$
2,913
$
82
$
—
$
5,115
Policy fees
836
451
1,491
194
—
—
2,972
Net investment income(a)
3,888
2,000
1,389
1,049
473
(41
)
8,758
Net realized gains (losses)(a)(b)
—
—
—
—
170
—
170
Advisory fee and other income
451
305
121
2
121
—
1,000
Total adjusted revenues
5,405
2,775
4,872
4,158
846
(41
)
18,015
Policyholder benefits
626
97
3,229
3,381
—
—
7,333
Interest credited to policyholder account
balance(c)(d)
1,877
1,142
342
320
—
—
3,681
Amortization of deferred policy
acquisition costs
761
96
265
6
—
—
1,128
Non-deferrable insurance commissions
351
123
131
29
2
—
636
Advisory fee expenses
141
124
1
—
—
—
266
General operating expenses
426
447
656
73
384
(2
)
1,984
Interest expense
—
—
—
—
535
(51
)
484
Total benefits and expenses
4,182
2,029
4,624
3,809
921
(53
)
15,512
Noncontrolling interests
—
—
—
—
(320
)
—
(320
)
Adjusted pre-tax operating income
(loss)
$
1,223
$
746
$
248
$
349
$
(395
)
$
12
$
2,183
(in millions)
Individual Retirement
Group Retirement
Life Insurance
Institutional Markets
Corporate & Other
Eliminations
Total Corebridge
Twelve Months Ended December 31,
2021
Premiums
$
191
$
22
$
1,573
$
3,774
$
86
$
—
$
5,646
Policy fees
962
522
1,380
187
—
—
3,051
Net investment income(a)
4,334
2,413
1,621
1,155
443
(49
)
9,917
Net realized gains (losses)(a)(b)
—
—
—
—
701
—
701
Advisory fee and other income(e)
592
337
110
2
134
—
1,175
Total adjusted revenues
6,079
3,294
4,684
5,118
1,364
(49
)
20,490
Policyholder benefits
580
76
3,231
4,141
—
—
8,028
Interest credited to policyholder account
balance(c)(d)
1,791
1,150
354
274
—
—
3,569
Amortization of deferred policy
acquisition costs
744
61
164
6
—
—
975
Non-deferrable insurance commissions
397
121
132
27
3
—
680
Advisory fee expenses
189
133
—
—
—
—
322
General operating expenses
437
445
682
77
375
—
2,016
Interest expense
46
35
25
9
286
(47
)
354
Total benefits and expenses
4,184
2,021
4,588
4,534
664
(47
)
15,944
Noncontrolling interests
—
—
—
—
(861
)
—
(861
)
Adjusted pre-tax operating income
(loss)
$
1,895
$
1,273
$
96
$
584
$
(161
)
$
(2
)
$
3,685
(a) Adjustments include Fortitude Re
activity of $(198) million and $419 million for the three months
ended December 31, 2022 and 2021, respectively, as well as $6,841
million and $2,012 million for the twelve months ended December 31,
2022 and 2021, respectively
(b) Net realized gains (losses) includes
the gains (losses) related to the disposition of real estate
investments
(c) Includes deferred sales inducement in
Individual Retirement of $8 million and $11 million for the three
months ended December 31, 2022 and 2021, respectively, as well as
$74 million and $107 million for the twelve months ended December
31, 2022 and 2021, respectively
(d) Includes deferred sales inducement in
Group Retirement of $3 million and $4 million for the three months
ended December 31, 2022 and 2021, respectively, as well as $13
million and $12 million for the twelve months ended December 31,
2022 and 2021, respectively
(e) Individual Retirement includes
advisory fee income of $54 million for the twelve months ended
December 31, 2021, related to the assets of the retail mutual funds
business that were sold to Touchstone on July 16, 2021, or
otherwise liquidated, in connection with the sale
The following table presents a summary of Corebridge's spread
income, fee income and underwriting margin:
Three Months Ended December
31,
Twelve Months Ended December
31,
(in millions)
2022
2021
2022
2021
Individual Retirement
Spread income
$
587
$
646
$
2,085
$
2,650
Fee income(a)
304
383
1,287
1,500
Total Individual Retirement(a)
891
1,029
3,372
4,150
Group Retirement
Spread income
208
316
871
1,275
Fee income
177
222
756
859
Total Group Retirement
385
538
1,627
2,134
Life Insurance
Underwriting margin
375
266
1,284
1,067
Total Life Insurance
375
266
1,284
1,067
Institutional Markets(b)
Spread income
65
139
295
478
Fee income
16
15
63
61
Underwriting margin
17
22
77
102
Total Institutional Markets
98
176
435
641
Total
Spread income
860
1,101
3,251
4,403
Fee income
497
620
2,106
2,420
Underwriting margin
392
288
1,361
1,169
Total
$
1,749
$
2,009
$
6,718
$
7,992
(a) Excludes fee income of $54 million for
the twelve months ended December 31, 2021, related to the assets of
the retail mutual funds business that were sold to Touchstone on
July 16, 2021, or otherwise liquidated, in connection with the
sale
(b) Fee income for Institutional Markets
includes only Stable Value Wrap fee income, while underwriting
margin includes fee and advisory income on products other than
Stable Value Wrap
The following table presents Life Insurance underwriting
margin:
Three Months Ended December
31,
Twelve Months Ended December
31,
(in millions)
2022
2021
2022
2021
Premiums
$
587
$
402
$
1,871
$
1,573
Policy fees
382
357
1,491
1,380
Net investment income
376
380
1,389
1,621
Other income
27
30
121
110
Policyholder benefits
(911
)
(814
)
(3,229
)
(3,231
)
Interest credited to policyholder account
balances
(86
)
(89
)
(342
)
(354
)
Less: Impact of annual actuarial
assumption update
—
—
(17
)
(32
)
Underwriting margin
$
375
$
266
$
1,284
$
1,067
The following table presents Institutional Markets spread
income, fee income and underwriting margin:
Three Months Ended December
31,
Twelve Months Ended December
31,
(in millions)
2022
2021
2022
2021
Net investment income
$
253
$
252
$
901
$
969
Interest credited to policyholder account
balances
(78
)
(26
)
(213
)
(166
)
Policyholder benefits
(110
)
(87
)
(393
)
(325
)
Total spread income(a)
$
65
$
139
$
295
$
478
Policy fees
16
15
63
61
Total fee income(b)
$
16
$
15
$
63
$
61
Premiums
(9
)
(8
)
(37
)
(35
)
Policy fees (excluding SVW)
33
32
131
126
Net investment income
35
39
143
175
Other income
1
—
2
1
Policyholder benefits
(16
)
(14
)
(52
)
(57
)
Interest credited to policyholder account
balances
(27
)
(27
)
(107
)
(108
)
Less: Impact of annual actuarial
assumption update
—
—
(3
)
—
Total underwriting margin(c)
$
17
$
22
$
77
$
102
(a) Represents spread income from Pension
Risk Transfer, Guaranteed Investment Contracts and Structured
Settlement products
(b) Represents fee income from Stable
Value Wrap
(c) Represents underwriting margin from
Corporate Markets products, including private placement variable
universal life insurance and private placement variable annuity
products
The following table presents the Operating EPS:
Three Months Ended December
31,
Twelve Months Ended December
31,
(in millions, except per common share
data)
2022
2021
2022
2021
GAAP
Basis
Numerator for
EPS
Net income (loss)
$
(527
)
$
3,739
$
8,469
$
8,284
Less: Net income (loss) attributable to
noncontrolling interests
39
617
320
929
Net income (loss) attributable to
Corebridge common shareholders
$
(566
)
$
3,122
$
8,149
$
7,355
Net income attributable to Class A
shareholders
N/A
$
3,045
N/A
$
6,859
Net income attributable to Class B
shareholders
N/A
$
77
N/A
$
496
Denominator for
EPS(a)
Weighted average common shares outstanding
- basic
648.7
N/A
646.1
N/A
Dilutive common shares(b)
—
N/A
1.3
N/A
Weighted average common shares outstanding
- diluted
648.7
N/A
647.4
N/A
Common stock Class A - basic and
diluted
N/A
581.1
N/A
581.1
Common stock Class B - basic and
diluted
N/A
63.9
N/A
63.9
Income per common
share attributable to Corebridge common
shareholders(a)
Basic
Common stock
$
(0.87
)
N/A
$
12.61
N/A
Common stock Class A
N/A
$
5.24
N/A
$
11.80
Common stock Class B
N/A
$
1.21
N/A
$
7.77
Diluted
Common stock
$
(0.87
)
N/A
$
12.59
N/A
Common stock Class A
N/A
$
5.24
N/A
$
11.80
Common stock Class B
N/A
$
1.21
N/A
$
7.77
Operating
Basis(a)
Adjusted after-tax operating income
attributable to Corebridge shareholders
$
574
$
729
$
1,857
$
2,929
Weighted average common shares outstanding
- diluted
653.1
645.0
647.4
645.0
Operating earnings per common share
$
0.88
$
1.13
$
2.87
$
4.54
(a) The results of the September 6, 2022
stock split have been applied retroactively for all periods prior
to September 6, 2022. Operating earnings per share is the same for
Common stock Class A and B
(b) Potential dilutive common shares
include our share-based employee compensation plans
Note: On September 6, 2022, Corebridge
Financial, Inc. effectuated a stock split and recapitalization of
its 100,000 shares of common stock, of which 90,100 shares were
Class A Common Stock and 9,900 shares were Class B Common Stock.
Subsequent to September 6, 2022, there is a single class of Common
Stock. Accordingly, the two-class method for allocating net income
will no longer be applicable. Corebridge Financial, Inc. split its
100,000 shares of Class A shares and Class B shares in a 6,450 to 1
stock split for a total of 645,000,000 shares of a single class of
Common Stock.
The results of the stock split have been
applied retroactively to the weighted average common shares
outstanding for all periods prior to September 6, 2022. After
closing the sale of a 9.9% equity stake in Corebridge to Blackstone
on November 2, 2021, Blackstone owned 63,855,000 shares of Class B
Common Stock. Prior to the sale of the Class B shares to Blackstone
on November 2, 2021, Class B shares did not exist. The Class B
Common Stock was pari passu to the Class A Common Stock except for
distributions associated with the sale of the affordable housing
portfolio.
Prior to September 6, 2022, we used the
two-class method for allocating net income to each class of our
common stock. Prior to November 1, 2021, the EPS calculation
allocates all net income ratably to Class A and Class B shares.
After November 2, 2021, income was allocated ratably to the Class A
and B shares, except for distributions associated with the sale of
the affordable housing portfolio in 2021 in which the Class B
shareholder did not participate.
The following table presents a reconciliation of dividends to
normalized distributions:
Three Months Ended December
31,
Twelve Months Ended December
31,
(in millions)
2022
2021
2022
2021
Subsidiary dividends paid
$
200
$
641
$
1,821
$
1,564
Less: Non-recurring dividends
—
(295
)
—
(295
)
Tax sharing payments related to
utilization of tax attributes
—
132
401
902
Normalized distributions
$
200
$
478
$
2,222
$
2,171
The following table presents the reconciliation of Adjusted Book
Value:
At Period End
December 31, 2022
December 31, 2021
(in millions, except per share data)
Total Corebridge shareholders' equity
(a)
$
8,210
$
27,086
Less: Accumulated other comprehensive
income (AOCI)
(15,947
)
10,167
Add: Cumulative unrealized gains and
losses related to Fortitude Re funds withheld assets
(2,806
)
2,629
Total adjusted book value (b)
21,351
19,548
Total common shares outstanding (c)
645.0
645.0
Book value per common share (a/c)
$
12.73
$
41.99
Adjusted book value per common share
(b/c)
$
33.10
$
30.31
The following table presents the reconciliation of Adjusted
ROAE:
Three Months Ended December
31,
Twelve Months Ended December
31,
(in millions, unless otherwise noted)
2022
2021
2022
2021
Actual or annualized net income (loss)
attributable to Corebridge shareholders (a)
$
(2,264
)
$
12,488
$
8,149
$
7,355
Actual or annualized adjusted after-tax
operating income attributable to Corebridge shareholders (b)
2,296
2,916
1,857
2,929
Average Corebridge shareholders’ equity
(c)
7,870
31,798
17,648
32,159
Less: Average AOCI
(16,619
)
10,382
(2,890
)
12,410
Add: Average cumulative unrealized gains
and losses related to Fortitude Re funds withheld assets
(2,879
)
2,727
(89
)
3,427
Average Adjusted Book Value (d)
$
21,610
$
24,143
$
20,449
$
23,176
Return on Average Equity (a/c)
(28.8
)%
39.3
%
46.2
%
22.9
%
Adjusted ROAE (b/d)
10.6
%
12.1
%
9.1
%
12.6
%
The following table presents a reconciliation of net investment
income (net income basis) to net investment income (APTOI)
basis:
Three Months Ended December
31,
Twelve Months Ended December
31,
(in millions)
2022
2021
2022
2021
Net investment income (net income
basis)
$
2,555
$
2,925
$
9,576
$
11,672
Net investment (income) on Fortitude Re
funds withheld assets
(274
)
(439
)
(891
)
(1,775
)
Change in fair value of securities used to
hedge guaranteed living benefits
(16
)
(14
)
(56
)
(60
)
Other adjustments
(13
)
(10
)
(50
)
(30
)
Derivative income recorded in net realized
investment gains (losses)
55
30
179
110
Total adjustments
(248
)
(433
)
(818
)
(1,755
)
Net investment income (APTOI
basis)(a)
$
2,307
$
2,492
$
8,758
$
9,917
(a) Includes net investment income (loss)
from Corporate and Other of $112 million and $139 million for the
three months ended December 31, 2022 and 2021, respectively, as
well as $473 million and $443 million for the twelve months ended
December 31, 2022 and 2021, respectively
The following table presents the premiums and deposits:
Three Months Ended December
31,
Twelve Months Ended December
31,
(in millions)
2022
2021
2022
2021
Individual Retirement
Premiums
$
62
$
66
$
230
$
191
Deposits(a)
3,764
3,244
14,900
13,473
Other(b)
1
(2
)
(10
)
(7
)
Premiums and deposits
3,827
3,308
15,120
13,657
Group Retirement
Premiums
3
7
19
22
Deposits
2,240
1,855
7,923
7,744
Premiums and deposits(c)
2,243
1,862
7,942
7,766
Life Insurance
Premiums
587
402
1,871
1,573
Deposits
411
426
1,601
1,635
Other(b)
75
270
764
1,020
Premiums and deposits
1,073
1,098
4,236
4,228
Institutional Markets
Premiums
1,375
2,150
2,913
3,774
Deposits
169
77
1,382
1,158
Other(b)
7
6
30
25
Premiums and deposits
1,551
2,233
4,325
4,957
Total
Premiums
2,027
2,625
5,033
5,560
Deposits
6,584
5,602
25,806
24,010
Other(b)
83
274
784
1,038
Premiums and deposits
$
8,694
$
8,501
$
31,623
$
30,608
(a) Excludes deposits from the assets of
our retail mutual funds business that were sold to Touchstone on
July 16, 2021, or otherwise liquidated in connection with the sale.
Deposits from these retail mutual funds were $259 million for the
twelve months ended December 31, 2021
(b) Other principally consists of ceded
premiums, in order to reflect gross premiums and deposits
(c) Excludes client deposits into advisory
and brokerage accounts of $414 million and $629 million for the
three months ended December 31, 2022 and 2021, respectively, as
well as $2,058 million and $2,502 million for the twelve months
ended December 31, 2022 and 2021
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230216005927/en/
Josh Smith (Investors):
investorrelations@corebridgefinancial.com Dana Ripley (Media):
dana.ripley@aig.com
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