CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80.96% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open platformOpen platform

Corebridge Financial Q3 net income surges on realized gains

By Reuters News


Overview

  • US retirement solutions provider's Q3 net income rose sharply from prior year

  • Operating EPS for Q3 increased 27% from prior year

  • Premiums and deposits fell 29% yr/yr, mainly due to lower fixed index annuity sales


Outlook

  • Company expects merger with Equitable to deliver over $100 mln in expense synergies

  • Company says regulatory approval process for Equitable merger is advancing

  • Company sees continued demand for retirement solutions supporting future growth


Result Drivers

  • LOWER BASE SPREAD INCOME AND HIGHER EXPENSES - Co said operating income was pressured by lower base spread income and higher expenses, partly offset by increased fee income

  • DECLINE IN FIXED INDEX ANNUITY SALES - Co said lower fixed index annuity sales were the main driver of the decrease in premiums and deposits

  • FAVORABLE NET REALIZED GAINS - Net income increase was mainly due to favorable changes in net realized gains, including Fortitude Re embedded derivatives


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 EPS

$3.22

Q3 Net Income

$1.40 bln

Q3 Dividend

$0.25


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the life & health insurance peer group is "buy"

  • Wall Street's median 12-month price target for Corebridge Financial Inc is $40.00, about 14.9% above its October 30 closing price of $34.81

  • The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 6 three months ago


Reuters Recommended Reads

  • Nov 2 - Marriott tops Q3 revenue, profit estimates

  • Nov 2 - Estee Lauder beats Q1 adjusted EPS estimates, raises FY outlook


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.