Corebridge Financial Reports $18.781 Billion in Revenues for 2024, Net Income Increases to $2.230 Billion

Corebridge Financial, Inc. reported total revenues of $18.781 billion for the year ended December 31, 2024, compared to $18.878 billion in 2023. This decrease was primarily offset by lower policyholder benefits ($2.7 billion), higher net investment income ($1.2 billion), and lower general operating expenses ($270 million). The company's net income attributable to Corebridge was $2.230 billion in 2024, down from $1.104 billion in 2023. Adjusted pre-tax operating income, a non-GAAP measure, increased to $3.605 billion in 2024 from $3.193 billion in 2023.

Significant changes compared to the previous fiscal year included a decrease in premiums ($3.1 billion), primarily due to new pension risk transfer business, and an increase in interest credited to policyholder account balances ($813 million), mainly due to growth in fixed annuities, fixed index annuities, and GICs. The company completed the sale of its subsidiaries, Laya Healthcare Limited and AIG Life Limited, resulting in a net gain on divestitures of $(245) million in 2024 and $(676) million in 2023. Blackstone managed approximately $68.8 billion in book value of assets in Corebridge's investment portfolio as of December 31, 2024, while BlackRock managed approximately $86.8 billion.

Corebridge's four operating segments—Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets—reported adjusted pre-tax operating income of $2.478 billion, $744 million, $461 million, and $495 million, respectively, for 2024. The Corporate and Other segment reported an adjusted pre-tax operating loss of $(573) million. The company's assets under management and administration totaled $404.0 billion as of December 31, 2024. Corebridge launched Corebridge MarketLock® Annuity, a registered index-linked annuity contract, in October 2024. The company also noted that approximately 1.5 million in-plan participants did not have an out-of-plan product as of December 31, 2024.

Corebridge's key strategies include deepening distribution relationships, continuing product innovation, targeting opportunistic growth, and investing in technology and digitization. The company's risk management focuses on disciplined growth, effective risk management, and a sophisticated hedging program. As of December 31, 2024, Corebridge had over 5,200 employees. The company's outlook acknowledges the impact of macroeconomic factors, industry trends, and regulatory changes, including the SEC's final rules on climate-related disclosures and the DOL's updated definition of investment advice fiduciary. The company also noted that it is actively monitoring litigation related to the DOL rule.

Corebridge's 10-K filing highlights several risks, including those related to market conditions (interest rates, credit spreads, economic conditions, equity market volatility, and real estate values), insurance risk (claim unpredictability and reinsurance adequacy), investment portfolio liquidity, credit risk, operational risks (technology systems, third-party providers, and intellectual property), regulatory changes (insurance, securities, and tax laws), and employee retention. The filing also discusses conflicts of interest with AIG and Nippon, indemnification obligations to AIG, and the complexities of being a publicly traded company. The company's Board of Directors authorized a $5 billion share repurchase program, with approximately $2.5 billion remaining as of February 11, 2025.