The following is a summary of the Corebridge Financial, Inc. (CRBG) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Corebridge Financial's Q1 report showed an adjusted operating income of $688M, marking a 13% increase from last year.

• The return on average equity improved by 110 basis points from last year, reflecting a run rate return on equity at 13.1%.

• The company's diversified business model and attractive margins have driven growth, with general account products yielding a 14% YoY growth for base spread income and a 9% YoY increase in fee income.

• Despite dealing with one-time reinsurance-related items and seasonal mortality, underwriting margin remains as per expectations.

• Corebridge's board approved a $2B increase to the existing share repurchase, indicating the company's strong financial condition.

• Corebridge reported $1.07B in cash, with an expected further $550 million following the completion of the U.K. sale.

Business Progress:

• Corebridge's individual retirement and group retirement businesses continue to maintain strong sales.

• The company is committed to improving customer experience with digital end-to-end platforms and automated underwriting tools.

• Corebridge is on track with regulatory approvals to support business growth through its Bermuda entity in 2024.

• The Pension Risk Transfers (PRT) business is growing due to a conducive market for pension transfers.

• The company is preparing for the introduction of prohibited transaction exemptions in September 2024 as part of adapting to new regulations.

• Corebridge Financial is exploring major transactions and expansion opportunities to optimize its portfolio and create shareholder value.

More details: Corebridge Financial IR

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