Slide 1: Fourth Quarter and Full Year 2024 Financial Results Presentation
Fourth Quarter and Full Year 2024 Financial Results Presentation February 13, 2025
Slide 2: Corebridge value proposition
Corebridge value proposition icon icon icon tbd tbd tbd Diversified Strong Disciplined business model balance sheet execution We are well positioned to continue creating shareholder shareholdervalue value as demonstrated by growth in our earnings, cash generation and capital return 2
Slide 3: Successfully delivered on financial targets set at initial public offering
Successfully delivered on financial targets set at initial public offering Profitability Capital return Balance sheet 13.2% 73% 420-430% Adjusted run rate ROAE1 Payout ratio2 Life Fleet RBC ratio3 Target 12-14% Target 60-65% Target > 400% Supported by 17% 13% $4.9B Aggregate core sources of income3,
Slide 4: Key full year 2024 highlights
Key full year 2024 highlights $4.83 Diversified business model continues to deliver strong organic growth • Robust sales with $41.7 billion of premiums and deposits,1 up 5% over a very strong prior year • Aggregate core sources of income2 grew 4% annually with increases across spread, fee and underw
Slide 5: Solid fundamentals drive strong business results
Solid fundamentals drive strong business results Adjusted return on average equity 0.1% 4Q23 4Q23 11.1% 11.2% APTOI Operating +100 bps ($M) EPS ($) excluding VII & Investments 50 0.06 4Q24 11.3% 1.5% 12.8% notable items Notable items 50 0.06 Operating EPS ($) Alternative investments returns versus (
Slide 6: Diversified businesses generate growth in core sources of income
Diversified businesses generate growth in core sources of income Core sources of income1 ($M) Spread income1,2 ($M) Fee income2 ($M) Underwriting margin1,2 ($M) +4% -5% +10% +22% excluding VII, notable items & excluding VII & notable items excluding VII, notable items & international life business i
Slide 7: Strong capital generation and attractive shareholder return while funding growth
Strong capital generation and attractive shareholder return while funding growth Insurance company distributions ($M) Capital and liquidity highlights • Insurance companies generated strong cash flows while maintaining Life Fleet RBC ratio within range of 420-430%, above target 600 550 550 500 500 •
Slide 8: Appendix
Appendix 8
Slide 9: Individual Retirement
Individual Retirement Sources of income ($M) Fourth quarter highlights 1,003 1,018 38 • Base spread income excluding notable items decreased 1% year over year primarily 11 from changes in short-term interest rates and related hedging activity on floating 288 315 rate assets +2% • Fee income increase
Slide 10: Group Retirement
Group Retirement Sources of income ($M) Fourth quarter highlights 374 363 • Business continues to transition into capital-light, fee-based revenue stream 4 17 ◦ Fee income increased 12% year over year driven by higher account values and 181 growing advisory and brokerage business -5% 203 ◦ Base spre
Slide 11: Life Insurance
Life Insurance Sources of income ($M) Fourth quarter highlights 370 • Underwriting margin excluding VII, notable items and international life increased 336 — 8 25% year over year driven by more favorable mortality experience 48 • New business sales reflect strong product positioning and success of d
Slide 12: Institutional Markets
Institutional Markets Sources of income ($M) Fourth quarter highlights 161 • Total sources of income increased 32% year over year supported by reserve growth 122 42 ◦ Core sources of income excluding notable items decreased $7 million year over 21 18 year as a result of small changes in base spread
Slide 13: High-quality, well-diversified investment portfolio
High-quality, well-diversified investment portfolio 3% 2%2% 4% Government obligations • Liability driven investment strategy supported by 15% Public corporate debt disciplined asset-liability management process Private corporate debt RMBS 35% CMBS • Diversified across asset class, sector, geography
Slide 14: Commercial mortgage loans
Commercial mortgage loans 60% Weighted average Multifamily LTV Other Represents 15% of total 40% 1% invested assets 1.88x • Continue to maintain strong Hotel credit metrics 6% • $41 million median loan size Weighted average debt service • 98.1% in good standing; only 1,2 coverage ratio two loans del
Slide 15: Commercial mortgage loans | office
Commercial mortgage loans | office 67% 79% Weighted Class A3 Represents 3% of total average LTV invested assets Traditional U.S. office • Traditional office represents 2% of total invested assets 50% 1.96x 82% • Continue to maintain sound credit metrics Life science 15% Weighted average Occupancy •
Slide 16: Notable items
Notable items ($ in millions, except per share data) 4Q24 Notable Items Alternative investments Business segment returns versus long-term Total adjustments Investments All other return expectations Individual Retirement — (2) (11) (13) Group Retirement — (9) (5) (14) Life Insurance — (5) (3) (8) Ins
Slide 17: Notable items
Notable items ($ in millions, except per share data) 2024 Notable Items Alternative investments Business segment returns versus long-term Total adjustments Annual unlocking All other return expectations Individual Retirement 18 43 (81) (20) Group Retirement (1) (1) (36) (38) Life Insurance (29) 35 (
Slide 18: Modeling assumptions for 2025
Modeling assumptions for 2025 Total company Alternative investments returns Long-term assumption of 8-9%, with returns weighted towards second half of 2025 2-3 bps increase / decrease on average assets expected for every 25 bps increase / decrease in SOFR; Base portfolio income impact of each rate a
Slide 19: Explanation of footnotes
Explanation of footnotes This presentation refers to financial measures not calculated in accordance with generally accepted accounting principles (Non-GAAP). Definitions of Non-GAAP measures and 1 reconciliations to their most directly comparable GAAP measures are included in the Appendix Page 2 Pe
Slide 20: Explanation of footnotes
Explanation of footnotes 1 GAAP carrying value Page 2 Insurance operating businesses. Excludes funds withheld assets, allowance for credit losses on mortgage loans, policy loans, consolidated investment entities as well as eliminations 14 primarily between the consolidated investment entities and th
Slide 21: Cautionary statement regarding forward-looking information, non-GAAP financial measures
Cautionary statement regarding forward-looking information, non-GAAP financial measures, key operating metrics and key terms Certain statements in this presentation and other publicly available documents may include statements of historical or present fact, which, to the extent they are not statemen
Slide 22: Important factors that could cause actual results to differ
Important factors that could cause actual results to differ, possibly materially, from expectations or estimates (continued from prior page) • our ability to adequately assess risks and estimate losses related to the pricing of our products; • the failure of third parties that we rely upon to provid
Slide 23: Use of non-GAAP financial measures
Use of non-GAAP financial measures Throughout this presentation, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are ‘‘Non-GAAP financial measures’’ under SEC rules
Slide 24: Use of non-GAAP financial measures
Use of non-GAAP financial measures (continued from prior page) OTHER ADJUSTMENTS: Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income (losses) from noncontrolling interests related to consolidated investment entities. The exclu
Slide 25: Use of non-GAAP financial measures; Key operating metrics and key terms
Use of non-GAAP financial measures (continued from prior page) Adjusted revenues exclude Net realized gains (losses) except for gains (losses) related to the disposition of real estate investments, income from non-operating litigation settlements (included in Other income for GAAP purposes) and chan
Slide 26: Key operating metrics and key terms
Key operating metrics and key terms (continued from prior page) Fee and Spread Income and Underwriting Margin • Fee income is defined as policy fees plus advisory fees plus other fee income. For our Institutional Markets segment, its Stable Value Wrap products generate fee income. • Spread income is
Slide 27: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Pre-tax income to adjusted pre-tax operating income & after-tax income to adjusted after-tax operating income Three Months Ended December 31, 2024 2023 Total Tax Non- Total Tax Non- Pre-tax (Benefit) controlling After Tax Pre-tax (Benefit) con
Slide 28: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Pre-tax income to adjusted pre-tax operating income & after-tax income to adjusted after-tax operating income Twelve Months Ended December 31, 2024 2023 Total Tax Non- Total Tax Non- Pre-tax (Benefit) controlling After Tax Pre-tax (Benefit) co
Slide 29: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Adjusted pre-tax operating income by segment (in millions) Individual Retirement Group Retirement Life Insurance Institutional Markets Corporate & Other Eliminations Total Corebridge Premiums $ 30 $ 2 $ 366 $ 723 $ 19 $ — $ 1,140 Policy fees 2
Slide 30: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Adjusted pre-tax operating income by segment (in millions) Individual Retirement Group Retirement Life Insurance Institutional Markets Corporate & Other Eliminations Total Corebridge Premiums $ 137 $ 12 $ 1,483 $ 2,894 $ 74 $ — $ 4,600 Policy
Slide 31: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Sources of income Three Months Ended December 31, Twelve Months Ended December 31, (in millions) 2024 2023 2024 2023 Individual Retirement Spread income $ 703 $ 715 $ 2,868 $ 2,694 Fee income 315 288 1,251 1,134 Total Individual Retirement 1,0
Slide 32: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Sources of income Three Months Ended December 31, Twelve Months Ended December 31, (in millions) 2024 2023 2024 2023 Premiums $ 366 $ 459 $ 1,483 $ 1,776 Policy fees 371 371 1,465 1,488 Net investment income 337 325 1,321 1,282 Life Insurance
Slide 33: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Operating earnings per share Three Months Ended December 31, Twelve Months Ended December 31, (in millions, except per common share data) 2024 2023 2024 2023 GAAP Basis Numerator for EPS Net income (loss) $ 2,222 $ (1,331) $ 2,203 $ 1,036 Less
Slide 34: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Adjusted return on average equity Three Months Ended December 31, Twelve Months Ended December 31, (in millions, unless otherwise noted) 2024 2023 2024 2023 Actual or annualized net income (loss) attributable to Corebridge shareholders (a) $ 8
Slide 35: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Notable items and alternative investment returns versus long-term return expectations | segment details Three Months Ended December 31, Twelve Months Ended December 31, (in millions) 2024 2023 2024 2023 Individual Retirement: Alternative inves
Slide 36: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Notable items and alternative investment returns versus long-term return expectations | total company Three Months Ended December 31, Twelve Months Ended December 31, (in millions) 2024 2023 2024 2023 Total Corebridge: Alternative investments
Slide 37: Non-GAAP reconciliations and other financial disclosures
Non-GAAP reconciliations and other financial disclosures Premiums and deposits Three Months Ended December 31, Twelve Months Ended December 31, (in millions) 2024 2023 2024 2023 Individual Retirement Premiums $ 30 $ 40 $ 137 $ 213 Deposits 4,970 5,245 22,046 17,971 Other(1) — (3) (9) (13) Premiums a