CRBG - Earnings call transcript Q2 2024 | Corebridge Financial, Inc.

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Operator

Good morning. Thank you for attending today's Corebridge Financial's Second Quarter 2024 Earnings Call. My name is Jennifer, and I'll be your moderator today. [Operator Instructions] I would now like to pass the conference over to Isil Muderrisoglu with Corebridge Financial. Isil, please proceed.

Isil Muderrisoglu

welcome Quarter Corebridge of and for Earnings everyone, Second the XXXX. morning, to Financial the Update Good

Joining me Financial on and Chief the call are Officer; Elias Kevin and Habayeb, Chief Officer. Executive Hogan, President

remarks We will we take questions. your Kevin Elias, and will by begin then and prepared with

SEC comments forward-looking current and events the are those cause factors filings are upon such management's statements, by Today's and important subject uncertainties. assumptions. and with forward-looking or risks or may expressed events future details are statements performance contain expectations that Corebridge's results These statements. implied actual from not to which on to provide guarantees of based materially differ may or

any opinions the management's securities under required statements. forward-looking reliance change, Corebridge should by if as Except forward-looking any circumstances undue you not estimates place applicable to or are to on cautioned or laws, is statements and update no obligation

may measures which release, The and refer on our measures. earnings presentation, to financial financial most Additionally, at website our is available in figures of all the today's GAAP earnings to remarks included non-GAAP such are supplement of investor.corebridgefinancial.com. reconciliation comparable

remarks. I Elias the Kevin turn With for like call to their over would that, to prepared Kevin? and

Kevin Hogan

I you, once for report the value Thank again Financial am second demonstrating morning, and Isil, strong good everyone. proposition. quarter, to pleased operating results the Corebridge

sheet execution growth to continued balance disciplined create as and model, earnings our in the strong and demonstrated value Our by diversified cash business shareholder generation.

businesses growth create and customer drive strong X and Through conditions the demand quarter, capitalized on market-leading market attractive our value. to

a operating of reported Corebridge share Slide year-over-year. increase $X.XX, Turning to X% per X. earnings

investment XX% the operating same over expectations our EPS, long-term to rate returns run which period. adjusts alternative Our grew

of generated aggregate growth Corebridge over products decade benefit income. deposits core $XX.X of demand Our broad in delivered Corebridge, This year-over-year. XX% a X% suite in is also collective of and and for reflecting the a services. the our customer of highest and strong increase premiums sources businesses billion

our base attractive. deploy and and where income, demand sources: Reflecting customer ability to fee most each increased. are greatest X income resources the the All spread risk-adjusted returns underwriting margin, is

strong flexibility sides to return the to our We the and to and proactively in of sound businesses capital gives both capital maintain shareholders. balance balance Our both manage liquidity a sheet us invest sheet profile.

returns we committed We and million sales capital through to maintaining ability in robust are and to shareholders combination balance have our demonstrated our attractive support repurchases. And returned we of a quarter, our shareholders. with Since the the to in to returning sheet share IPO, metrics dividends consistently delivering while $XXX targets. line

also We our improve operating are leverage. continuing to

program year-over-year modernization is by company. which expenses operating and X% driven Corebridge divestitures. international Forward, achieved has life record of for a during after our been are General time of expense This by for the lower benefits the growth reduction, adjusting the

will be a financial management execution to of the Forward. we continue developed performance important Expense through as capabilities Corebridge contributor to

to improvement focus efficiency. further expect program We these skills have this leverage a enhance beyond on and continuous to shifted operating to

all ceding having approvals. began affiliated to we that July premiums Bermuda share to pleased am reinsurer the I in received Additionally, our required

of the XX% Corebridge for to a of lower necessary commitments at end first plans XXXX, the executing our that cylinders is all the generating on time the ROAE of we on firing target. achieving reported on deliver and of made This the the IPO. half includes

purpose, futures. to Through to individuals this achieve is to Slide our secure financial save businesses action Moving plan, creation. X. drive long-term for and market-leading X Corebridge and growth helping value dedicated take

aged large growing U.S. strong gap life growing retirement need and retirement tailwinds and and a Our are solutions. and for insurance significant addressable from markets the each population, benefit given protection

and fixed strong enjoyed Retirement in particular, index fixed In the Individual quarter, second for annuities. demand products its

have in been distribution a solutions participant income through our long of broad extensive and platform. accumulation-oriented markets, We a offering these range leading

in but needs partner. of each enjoy significant support channel to strategy our continued the growth We also our the distribution strong of broker-dealer bank to major reflecting channel, unique saw growth the success in

Individual $X.X $X.X Retirement XX% surrender significantly the in level by quarters. produced annuity history. Fixed any lowest Concurrently, annuity than of we to saw recent higher billion, quarterly in fixed up sales declined annuity sales fixed year-over-year, led products. were our billion, rate X quarter the

in the flows of contributed already the Retirement have trends all Individual net for general of net we demand quarter in-plan serve exceeded combination billion. continue range solutions. other account Retirement, $X.X to of expand out-of-plan general our to The on general net XXXX. Touching of businesses. Year-to-date, to our briefly growing billion and the $X in Retirement flows X produced Individual of account In Group these account flows offerings

of for need We increasing advice the at time the are the optimistic out-of-plan for about unprecedented aging transfer. wealth potential population generational response which reflects a our business, the of in to

XX%. increased once opportunity, now XX% of expanded Capitalizing deposits premiums assets brokerage on again administration sales we under out-of-plan this by total and which and and comprise advisory

and Insurance we last we been announced second Corebridge underwriting our of the part, of sales success practices. delivered reflects, market. over Insurance, This growth business name accelerated month, recently, the we Direct. Life Life XX% the direct-to-consumer outpacing have prior to in the change quarter, In the Also, of our long-standing And year. in automated

to proud put the are Corebridge name on have business. We this

a quarter, so our starting Markets, $X.X conditions issued demonstrating favorable following the billion, and with being Institutional the of IPO. we In regular GICs, issuer strategy in more were

risk transfer Additionally, we an attractive work continue through potential to of pipeline pension opportunities.

business from happy to during that am the Corebridge, to Across we we approach with is I sheet new approvals X. Bermuda how be our our quarter management. a provides to capital Slide second balance framework to aligned to begin to Bermuda regulatory see received announce an regulators to priority, and that attractive continues entity. execution Moving access

we effectively our and origination flow first our capital deploy efficiently, business. shareholders. value focusing facility annuities and more reinsurance Bermuda-based opportunities index fixed both our capabilities on In Utilizing entity new presents our written through us creating leverage Individual to for more fixed initiated July, Retirement business for

we means first one optimizing strategy attractive capital explore of of is achieved drive entity Corebridge Bermuda-based has continue over continues return others. our profile. half believe efficiency, to and we Our XXXX, an the and much to

and model, Our disciplined enable insurance our balance strong diversified generate business sheet execution flows. companies cash to significant

and Year-to-date, resulted billion distributed full has of to remain to Corebridge shareholders. payout $X.X $XXX ratio our in our on This holding year insurance subsidiaries track million company and to XX%, the meet firmly has returned we a target.

power reflect financial Our and earnings the of franchise. is position results our our strong

positioned across and our earnings With positive are to financial cash while momentum maintaining flexibility. flows grow our businesses, further well we

continue strengthen strategy to our will on and growth shareholder our We generate optimize execute and our capital and franchise value. to long-term

we following achieved to about opportunities regulatory results remain for the with pleased Life the are as date future. approval. We the a Nippon excited welcoming have and to shareholder look We forward

Corebridge, and at proud commitment your our and consistently for ability am I to colleagues To you so you have execute. professionalism. thank your accomplished of what

turn will now the to call Elias. over I

Elias Habayeb

reported pretax I you, results our operating begin Slide Thank key income $XXX remarks provide million. quarter X, adjusted overview quarter. will the will Kevin. my financial where Corebridge second an this for on I of of morning

alternative This $X.XX share from our rate delivered of $X.XX, improvement share investment an basis. grew XX% aligning EPS returns of run long-term operating a year-over-year includes to X% We per $X.XX on a expectations. earnings operating increase year-over-year to basis. Our on per a

was efficiencies ROE quarter basis has results our is financial management. rate our offering run XX% XX%. diverse driven since of our target income, points capital grown initial optimization, and of Year-to-date XX% and expense the for of growing sources of over strength to within asset public range XXX The by

to X. Moving Slide

Our higher prior account companies as the new investment administration of grew grew business benefiting same assets improvement administration result and under under of year-over-year separate and General billion The to assets $XXX a volume. delivered And income XX% investment values. management our account over account grew portfolio X% $X.X improved time, assets a X% net the insurance year-over-year. of assets year billion. from at X%,

we increased to The an higher yield yields, new points XXX income Corebridge growth assets yields diversified year prior were of money portfolio points investment over year-over-year in XX% XX which account and average and above rating with portfolio is A. to Base quarter. benefit the Base the basis general from in high-quality X.XX%. as increased roll-off continued basis

expected. a our portfolio perspective, credit as of From inclusive performing commercial estate exposure is real

benefit continued to partnerships our capabilities Asset our internal Blackstone. from as as originations well BlackRock and origination with

billion half the asset we a of outlook, year. more accelerated the time of market for high-quality origination than our capabilities the $XX approximately the Given originated attractive assets the roughly origination in ago, We this year demonstrating our XX% assets model. account general of of first

assets. capital on without of reposition the align has our credit billion Year-to-date, improve sold of includes any better grade part return to quality. and investment profile, management, active As earnings. our $XXX portfolio This enhance million continue $X of impact to Corebridge ALM future to credit we below

investment the better X% year, expectation in traditional in X%, below but losses approximately private investments. estate declined alternative annualized equity the Positive Variable returns alternative which quarter, by returns funds income by long-term in broadly mark-to-market recent over partially and than were driven real to were offset our of hedge prior is equity X% quarters.

on hedge indicate estate XXXX, in first call tender and believe returns as some information for activity. from while real of well may lows the Looking initial portfolio forward, fund losses equity as quarter half third the our of we improve the potential

X. to Turning Slide

Corebridge Our income. create businesses multiple and sources of at complementary

in income average by of money growth Our higher higher activity. year-over-year, offset driven of and the Base grew X as driven account increase by sources the over general grew each portfolio X% result aggregate by an sources. funds year, core X% yields spread partially a prior of surrender income of cost sustained new

year, margin, has combination prior sale account by variable our life favorable income working advisory improved earnings investment X% prior more of XX% the year, year-over-year. growth. powers over assets by over driven the mortality excluding business, and increased along business higher Underwriting X% our The by diversified with and brokerage growing which improved together our the businesses experience. income Fee under driven values market-leading of our administration international

in-force. grew blocks highlights. portfolio's Retirement And asset income spreads strong of the year-over-year concentrated general base Individual result spread sources Base put are fee largely its combination are the a as overall business attractive of pressure investment X% lower new surrenders by which more driven few volume. the than to both funds, spread. in income. account of of growth and from new a income with cost on Spreads the net continues through of but be business are a spread by on Here increased tighter

was a the in items sequential first in As such, spread we the flat expect base for marginal quarter. basis said, future. notable net adjusting That compression on investment after

continue will discussed grow, expect base to basis during As income we earnings our spread a we call, on XXXX February notwithstanding some spread dollar compression.

income, the by earnings year-over-year. other between grew Retirement from income to accounts sources accumulation for generated Fee Individual XX% customers driven which X% increased benefiting year-over-year, of asset transition income. Fee businesses. net balance older on spread Group from and spread income while our of briefly impact consistent XX% asset fee Touching our outflows as distribution. the income base from age by Retirement declined

underwriting mortality from Insurance XX.X% overall with domestic an and second of margin ratio the favorable year. the for Life our prior basis points experience, of XXXX, up XXX over benefited business quarter reporting

reminder, a domestic purely results this business now the U.K. quarter, the life financial with business. Insurance's of Life As our represent sale

in part spread to Institutional in produces year-over-year, margin. PRT underwriting the and and our Base X% GIC fee income portfolios. spreads, income markets due growth from significant increased

we expect will to and to opportunities continue reserves ongoing of business, which further believe to We expand this growth lead meaningful earnings.

to of also growing efficiency as the financial sources multiple the quarter improve for as from demonstrate benefits ability Our well the balance while sheet. income our the results

operating than that more company To from Insurance sale of after $XXX of have business. businesses our excluding expenses point, X% On international our lower general savings million for results. parent and Corebridge our Forward life by the were into earned date,

Corebridge Moving flow shareholders. ] performance value generation continues sheet cash financial maintain to a [ our to delivers Slide to consistent while sound and X. strong balance

the target. Fleet million RBC in at Our quarter, liquidity were distributions is strong $X.X $XXX bringing and the a prior XX% above remained Life Distributions over ratio billion, to companies year. from holding billion, second our the Insurance year-to-date increase $X.X our company

business. year-to-date sale As in and repurchases net to to quarter, quarter, million $XXX in share delivered we the ratio $XXX in of dividends Corebridge our received XX%. from the million a $XXX U.K. the million the bringing shareholders of proceeds of reminder, payout

As $XXX approximately shares, repurchased of the worth of over million July first repurchases X over XX, our $XXX bringing year. we to months million of the share

the from management during the of year. business sale expect capital remaining to the the our distribute half We're with disciplined to and our proceeds second U.K. shareholders of life

balance strong to business earnings In diversified value conclusion, our cash demonstrated as and create sheet the shareholder execution growth our by disciplined continue generation. in and model,

I that, turn will back call the now With to Isil.

Isil Muderrisoglu

Instructions] [Operator Elias. you, Thank

Operator, begin of portion call. we are ready to Q&A the the now

Operator

[Operator Instructions] from Our Fargo. comes line Wells the of first Elyse question Greenspan with

Elyse Greenspan

the just My on is -- on first question Bermuda.

Now business could just expect can us of that transpiring? And ceding you there. give see you see capital we started through the that what of more kind lay you the business Bermuda? that how then us and land, see Could have guys could you the to you think from ceding efficiencies help to

Kevin Hogan

Yes. Bermuda as Look, tool we Elyse. Thanks, our management an of of capital kit. think extension

sales. part that our entity -- very existing of annuity robust an have We capital index begin did we new ceding fixed and has annuity and

with we strategy. our as opportunities several have We Bermuda advance

relative attractive those additional the business, environment. Bermuda to can products new in flow We reinsurance are see that on

create reinsurance opportunities. of in And we can ultimately, portfolio also terms in-force transactions

And support but that's robust as long-term see fixed so Bermuda sales of strategy. helped sales, and extension a capital annuity those management the now, indexed with right we us our

Elyse Greenspan

And then question up that. on second picking maybe is my

had you kind just here expect outlook the into comment you over of annuity the well? balance pretty as would and that the of strong from the guys sales year You year quarter. next Can in fixed on

Kevin Hogan

sure. Yes,

So in increasingly particular, are for supportive, we've annuities, also channel. fixed of indexed the channel strong as and active the and both to bank advisers and very broker-dealer were second fixed annuities. in savings products long-term seen plan, customers a very These both quarter very the part valuable conditions

spreads of X the were And started ultimately, first that and expectations rising crediting is but where in driven where And our quarter. we effectively rates, to last high customer and the customer access that months able are. which have yields demand tremendous executed responsive We tailing that are, the during future by also rates pricing were quarter, distribution reflects and off leverage the the month towards and of environment. the second

benefited that from available. some volumes were we support and made operational the We assets improvements year last attractive to

feel good execution may markets as the business if and participate. are we the quarter. customer not such have retail we quarters our demands that. opportunity able So have in supportive, always about to We to But the consistent during are be certainly, the

second able level or increase in have to growth think on maybe to products. last our Since you quarter we've been I we've focusing capital of X look X broader support But year, just production. than enjoyed the while the this overall returns. balance of on delivering the strengthening sheet and

our respond the execution, So we about conditions in to feel and we'll evolve as good continue future.

Operator

Our of Krueger with comes from the KBW. next Ryan question line

Ryan Krueger

other a and to had on question efficiency continuing higher-level options. comments Bermuda your I both explore on

these to ratio? XX% enabling Should there of grow achieve to we think because payout continuing potential actions? of you more these targeted the as while to to XX% Or things is payout upside ratio actual the

Elias Habayeb

it's Ryan, Elias.

growth, And the to way what in So is use management strategy. fund listen, it as in an and kind quarter which contribute in tool as see Bermuda about efficient you cash we look to higher important how capital earnings Kevin our to second to all which higher at way, going over the said, our is think flows another of we we in the is distributable strategy. time, higher

we -- And past, how how now to as on the our got X in in And next we we which and we regulatory manage what's on optimize capital. the our Bermuda sheet. first considering -- we you've will we're further opportunities other balance place, very step active seen the see we're we're

Ryan Krueger

with company? strategic passive being shareholder shareholder, them And see large beyond just them the Nippon you do with then of Okay. opportunities a becoming any a

Kevin Hogan

Ryan. thanks, Well,

strategy. forward transaction begin looking of when regulatory welcoming the the have those a closes, supportive and very to we'll We is them we concluded our engage environments. I are subject once mean, as They regulatory to Nippon various market, They're their shareholder tremendously the in to to have understand industry. opportunities approvals. successful

aligned, an them welcoming looking We as values believe investor. are and our to forward we're

Operator

comes of John Our Barnidge Piper line Sandler. from next question with the

John Barnidge

free targets. cash Your flow conversion

do an a You good extension as as the to the them. see hitting that long-term a of job raise done bigger mentioned opportunity portfolio? Bermuda, of pretty becomes it With capital strategy. management portion you at You've those a

Elias Habayeb

So John, it's Elias.

going new time, at capital companies. said cash to will pursue listen, it as look time is, the from our that that we've support over we ideas we our grow just we tool management flexibility. strategy we're as some way business, I got grow it other enhances see So then the going in financial our leveraging as started flows earlier, well distributable insurance another that view and to And as earnings over

If we've XXXX, our ratio. U.K., what the proceeds second from the extra from we're year. doing That's the from putting year, what top. that's U.K. -- XX% to the in payout focused And the of first done be half aside and we're focus on for the you our for management the would XX% at a look capital on half delivering proceeds of the

John Barnidge

as You hit improve Can capital mentioned you a on those follow-up, efficiency other mentioned Bermuda? my beyond for levers little maybe bit. -- you

Kevin Hogan

Yes. Thanks, John.

of So on pro basis. credit considerations. any portfolio, a and look, to accretive seeking we're value different be the transactions to from risk franchise to risk-adjusted look I managing And the at transaction increase mean clearly including opportunities that and lenses, we exploring other has forma always a including optimize couple impact,

look equation. the that differential also multiple as economic we at And part of

we're that right of there. talked now us, prioritized about, front were value in of a Elias And international lot we few shareholder transactions Bermuda. As enabling a generated

potentially as externally. And both present we as to and continue the us that potential, does well internally so transactions explore

see in others, go And evaluate our to availability extent all anything to aware disclose, but continue are prioritize We enhancement we have options. it. of as We and to the an of further and the the we'll than important options. we'll disclose to have Bermuda discussions engaged some markets

Elias Habayeb

I to since on management ways where about But well since reduced we've income -- is of the the expenses one been can I done And grew John, on the we've Kevin work organic creating asset has value as expense it. our the shareholder beginning, the what Elias, been the where balance management done of you've focused almost on we since capital sheet. by our it's if by as made and XX% we've IPO we've side add spread growth, IPO, the on we've seen progress the think XX%

So all levers -- us, to in to value our shareholders. to be capital, addition we continue creating to remain them those available focused and for on

Operator

Our next Jefferies. question of comes from Suneet with the line Kamath

Suneet Kamath

crediting I noticed that up old annuity guess, new I of versus of, the fixed the pressures business in competitive sequential of dramatically. terms pretty the how was much just We roll-off rate change business? in was that guess the

Kevin Hogan

Yes. Thanks, Suneet.

I couple business. fixed of to think a the relative things

the First second first quarter the account we of nominal those, did And disclose sequential growth in on in flat the last $X and when see look the we essentially did all, strong quarter in in a year. quarter, basis. general one-timers were our the we beyond very fourth billion. the of some of And of spreads impact growth

relative repositioning a the to and quickly do the market, change the asset the as We moved to in-force we spread take actions And and portfolios. of albeit grow to at in, business expect continue slower earns to beginning able the were the at in we pace. income

business higher And portfolio. overall in the is what are businesses. of that of on than the is seeing And cost fund we're in-force we're funds seeing new what surrenders cost lower the

funds. creating the is in So creep of that cost a effect

margins peaked spread indicated so marginal may new to and now. price on but are we available may we've the forward, spreads and have And compression there in-force going locked business in some as before, be according nominal the what's themselves

income spread there compression. continue though some grow to expect may even We be to spread marginal

Suneet Kamath

growth incredible which do I sales of I'm at be in a And sales what that? income guess think you is spread that pretty guess base to it. just growth, income of spread see that through level base Got order to on trying to the drivers in sort this mean, I I of level, are? need

Kevin Hogan

there's ] [ It's income. spread X to for the growth in drivers life.

new at So to you continue quarter saw to to X it is level we business. don't need the grow. No, be the in second

in-force shared is where delta is in coming we thing with exiting deck, portfolio. is money earnings And second on between kind into our the the money portfolio. where and the The the of the new you portfolio

a XXX differential. had we point So basis

of the has healthy kind that spread still a our that's leaving higher reinvestment growth which to what's So cushion in portfolio, income. our for rate, relative tailwind another

will expect So and going continue spread the into be driving we to tailwinds income those that X the future. forward, to

Operator

from of line Tom comes question the Gallagher next with Our Evercore.

Thomas Gallagher

any margins is by existing during was on Was that sales. that feel was an those? commodity First about the just the up of product that the Because spike quarter? fixed go much. question you really new caused And in so considered whenever launched? like Or somewhat like annuity how that I product something product see fixed do you in a that's a think annuities accelerated

you some you sales? to going be about There's those talk profit about feel But a that margin. how on profit skepticism margin it's good the can

Kevin Hogan

Yes. the We profit with feel good in We sales. the Thanks, the about fixed annuity pricing manage discipline. on great our margin business Tom.

ability we're to had very micro do focused the of to products we able reprice cycles were day of that, the competition. every if the have we pandemic, and on to, of our essentially during all in-force kind We

X given quarter demand the broker-dealer is fixed plan. historically, were. that strong. products to where And where that is just I the investor value quarter-to-quarter long-term our bank period at part Part of these where great a see where the our be demands were. rates where think, And varied happens channel second the of was of the both it that, expectations of crediting of has time customer as businesses of production a customer in is the a a to lot according in annuities are advisers, and was Part investment very

to pricing margins the new continue business. We in philosophy attractive were change any and conditions quarter. be the of attractive our second very on So the didn't

Thomas Gallagher

it. Got

like product think Is no was new the you your the catching just it of on you were and about really fair probably product picked that was sounds a and way that it? demand just thinking that shelf up industry Kevin, So share.

Kevin Hogan

wouldn't I it that, of think like No, necessarily Tom.

I significant demand. And able quarter second very some have with capability to we that response distribution distribution in strong a the think the to were partnership partners. mobilize we in

So time matter it's our any multiple just given was. and then having returns the to a able that focus having the distribution model platform step business attractive risk-adjusted business to being be a where annuity having most our of able I taking not market our business to where at for It's multiple a put reflects that capital model the are back moment. channels to work. mean, And just products, relative fixed the entire opportunity. to from

the growth at And kind you from products look and quarters, the quarter, stood but so demand. if annuity second of response previous various of fixed the channels to various out in -- enjoyed market we've that couple sales in

would being going very a we There If quarter opportunities in was performance to conditions it. were anticipate be repeat, fixed annuities. to greatest, the we And look those similar we'll are continuing that how able so at respond the forward. to to where strong that's a deliver

Operator

question Autonomous Research. of the next Carmichael with from Our Wes line comes

Wesley Carmichael

expecting kind of business. the interest like portfolio the the including of is Tom going equal, get cost line But of a else pressure of overall are on that. you rates? I think on forward, new all higher business, new had versus when we mentioned similar MYGAs. cost totally I on But Kevin, the question funds along you And about funds

coming I forward? rates guess continuing about more the up expect products I crediting market, do these to focus would entrants of so think into just push the you Bermuda, new on on that like going strategies companies kind

Kevin Hogan

on So was funds at business. the of that just rate clear on reflects something. than very a that different of I to the Wes, fact a the interest originated want that lot in-force lower environments. actually new in-force cost is It's be And the

causing is the what's And flowing creep the the cost the and new in of business. of so actually funds

margins the are, where say rates very funds. Now cost on be new that continue is the creep on the attractive. what based what's of is, that business and to in But spreads causing I'll

going -- at and reductions indexed for As think the particularly annuity the the front is are I of mean, to very that and long-term of environment fixed now, I are there end Because continue its believe asset base crediting demand supporting that these even a nominal some products important continues, something part attractive savings the I to as rates, fixed to curve. strong. plan the very rates be very if are the as where allocation. products in are

Wesley Carmichael

you my are there that then it. mentioned on kind term the think the you with some follow-up, wirehouses shelf term? but any see or distribution, be Got even And just in where shelf and retail on of annuities get you space, strong opportunities I that in on expect near agencies could to some meaningful the near

Kevin Hogan

part and significant is strength available discovering the on we almost broker-dealer channel, that major firm of has that the of fact, an us which advisers an as the for asset a saw of recent area where been broker-dealer the quarters recent allocation, every and believe the includes wirehouses. the in an important part in distribution value already of are generation new these growth is shelf. we products channel, are there's our an We So that area,

Operator

[Operator Instructions] Joel from Our line Hurwitz next question Partners. comes the Dowling with of

Joel Hurwitz

on A one VII. quick

further So nonalternative was there the about and you looks out VII? quarter in unfavorable in the VII call tender like what negative alternatives, the there what including but that pressure was see you just income, guys in only it called quarter,

Elias Habayeb

Elias. it's Joel,

and quarter, a a had purchased the the it in premium, call. a we So pandemic it a yes, when low, that why we had where upon purchased during call situation it was we the loss a had at bond had rates event on we were really hence,

Joel Hurwitz

Okay.

just onetime a there? So or

Elias Habayeb

I quarter. signaled looking third third also those as script limited run that quarter, expect more But of at at the in kind another my I necessarily than one the look in would Yes. a we rate.

Joel Hurwitz

space? And overall in then what in just you some half? on for And PRT provide that second more can the your the competitive are just outlook seeing you color environment

Kevin Hogan

In plan in strong. focus risk very the not full and transfer, pension were market plan the sure. transaction be on strong. pipelines there our quarter, in very to but We have sized continues the quarter, in full terminations Yes, pipeline a significant be did no second space, continue we the but the to second termination

And great the the actually, for We to very and good we position. about we investment in good structures across business, The well. were in continue there, Institutional guaranteed Markets see as feel engaged in some growth the issuance conditions contracts our quarter.

in pension land little focus There's plenty risk million the terms full billion to plan quarter. land transactions. $XXX $X.X pipeline, don't on going we So when they every of transfer in the in We range. is volatile be to do but terms a the

Operator

Our next Citigroup. of the Mike with question line Ward comes from

Michael Ward

with changes mix in and with terms moving Bermuda do Curious you guys the risk forward? deconsolidation transfer Just curious business see you you weigh going arrangements. how your how external for kind today? business of gears internally mix the opportunities or Specifically of

Kevin Hogan

So thanks, a Mike. very we've in We believe businesses we chosen. the have that position strong

worked and in to perform. and front on that hone hard X us. focusing we're portfolio that of have We've are scale market-leading over to We year, able at the right businesses what's

may actively whether opportunities portfolio, In we're solutions, optimizing of exploring solutions internal for be. those the equally or terms external they're opportunities where

them we have against value. generate shareholder other weighing And to opportunities

us. what in prioritizing focus the important transaction multiples, of We're the aware most on of we are transactions continue of front is We opportunity are. aware what the terms conditions in and to market of

Michael Ward

a Limra sorry growth, And looking result the see question. to in at annuity -- just sales But keep back declined right? industry this positive ] to going I'm [ certainly That's sales fixed actually data and the quarter. to

mentioned question, just I last noticed improvements earlier away. some volumes. trying you we're kind operational an So I in that of to support square to this made year you think And

really a to part was there seem that was new of it? decline? So growth, Or to distribution while this their that contributed others sales see

Kevin Hogan

respond can't speak our I speak is platform to that ours I can Look, and what to and distribution others a discipline pricing can be. market what for we strategies for to flex. may to maintain opportunities maintain that is,

the in started and of last which improvements. we the did tremendous quarter the year. online increased of of third quarter first After make our capacity volumes We year, last flexibility, operational coming

service second to And backlogs anything of so unusual that. issues without volumes any we were support quarter, like or the or the able

I the our think demand was. distribution partnerships where it's was But of and where it. were part customer that really,

strategy also, available the and that support were attractive quarter that we growth. to and have liabilities to an And them in support assets don't second never issue asset

pleased we're And So would time. I necessarily to it with given of at any that the that look you always a as expect We our respond quarter repeat. is quarter. form if annuities, capital execution to a wouldn't opportunities you -- production we at never to back fixed of It it look -- markets in markets a it's respond it's in linear. been it the business. and our transaction, is capital at

Operator

the Kevin now the I will for call to Corebridge will pass over remarks. closing CEO Financial question-and-answer session That conclude today. Hogan, of

Kevin Hogan

Thanks Thanks everybody. for day. joining Okay. have this Thanks, for and us morning. the nice a questions,

Operator

That will for your conclude today's call. participation. Thank you

disconnect now may lines. You your

Corebridge Financial (CRBG) 1 Aug 242024 Q2 Earnings call transcript