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Corebridge Financial Inc. 6.375% Junior Subordinated Notes due 2064 (CRBD+0.08%) has filed its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements and other information about the company's operations, financial condition, and results for the year. Corebridge reported total revenues of $18.781 billion for the year, compared to $18.878 billion in the previous year.
Net investment income increased to $12.228 billion from $11.078 billion in 2023, primarily driven by higher base portfolio income and variable investment income.
Policyholder benefits decreased to $6.632 billion from $9.362 billion in 2023, primarily due to lower benefits on new pension risk transfer business.
The company reported a pre-tax income of $2.803 billion, up from $940 million in the previous year, largely due to lower policyholder benefits and net realized losses.
Corebridge's net income attributable to shareholders was $2.230 billion, compared to $1.104 billion in 2023.
The filing also discusses the impact of Fortitude Re transactions, which continue to result in net income volatility due to changes in the fair value of embedded derivatives.
Corebridge's adjusted pre-tax operating income was $3.605 billion, compared to $3.193 billion in 2023, reflecting improvements in investment income and reduced expenses.
The report highlights the company's strategic partnership with Blackstone and investment management agreements with BlackRock, which manage significant portions of Corebridge's investment portfolio.
Corebridge's total assets were reported at $389.397 billion as of December 31, 2024, with total shareholders' equity of $11.462 billion.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Corebridge Financial Inc. 6.375% Junior Subordinated Notes due 2064 annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.