Fitch Ratings affirmed Corebridge Financial Inc.'s Long-Term Issuer Default Rating (IDR) at 'A-' and the Insurer Financial Strength (IFS) ratings of its life insurance subsidiaries at 'A+' (Strong) on January 13, 2025. The Rating Outlook remains Stable, reflecting Fitch's confidence in the company's financial strength and strategic execution.
The affirmation is based on Corebridge's well-diversified business profile, strong capitalization, and consistent profitability. Fitch noted the company's leading market positions in individual retirement, group retirement, life insurance, and institutional markets. Corebridge's Life Fleet RBC ratio remained above its target as of Q3 2024, and its financial leverage is expected to decline below 30% after a Q2 2025 debt repayment.
Fitch views Corebridge's profitability favorably, with adjusted pre-tax operating income increasing 15% for the first nine months of 2024 compared to the prior year. The company's diversified business model, which includes fee income, spread income, and underwriting margin, helps insulate financial performance from market volatility. Corebridge's solid financial flexibility and robust liquidity further support its strong rating.
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