Corebridge Financial announced its third-quarter 2024 financial results, reporting an operating EPS of $1.38, a 31% increase compared to $1.05 in the prior year quarter. Adjusted pre-tax operating income (APTOI) reached $1.0 billion, marking a 27% increase from $813 million in Q3 2023. These figures demonstrate robust growth in the company's core operational profitability.
The company generated $9.6 billion in premiums and deposits, a 5% increase from $9.133 billion in the third quarter of 2023. Net investment income also saw a significant rise, reaching $3.3 billion, up 24% from $2.657 billion in the prior year period. Corebridge returned $848 million to shareholders through dividends and share repurchases during the quarter, bringing the year-to-date payout ratio to 83%.
Despite a net loss of $1.2 billion, primarily driven by higher realized losses related to the Fortitude Re funds withheld embedded derivative, the underlying operating performance remained strong. The company's diversified business model and disciplined execution contributed to these results, with the recent launch of the RILA product further enhancing its annuity platform.
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