Q1 2024 Corebridge Financial Inc Earnings Call

May 3, 2024

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Hello, everyone and welcome to the Cobras financial incorporated first quarter 2024 earnings call. My name is Emily and I'll be facilitating Yoko today. After the presentation you will have the opportunity to ask any questions, which you can do so by pressing star followed by the number.

Emily: Hello everyone, and welcome to the Corebridge Financial Incorporated first quarter 2024 earnings call. My name is Emily, and I'll be facilitating your call today. After the presentation, you will have the opportunity to ask any questions, which you can do by pressing star followed by the number one on your telephone keypad. I will now turn the call over to our host, Isil Muderrisoglu, Head of Investor and Rating Agency Relations. Please go ahead.

One on your telephone keypad, Oh now chemical over to our host it sounds moved their renesola head of Investor and rating Agency Relations. Please go ahead.

Good morning, everyone and welcome to corporate financial earnings update for the first quarter of 2020 for joining me on the call are Kevin Hogan, President and Chief Executive Officer, and aligns the company as Chief Financial Officer, We will begin with prepared remarks by Kevin and Elias.

Isil Muderrisoglu: Good morning, everyone, and welcome to Corebridge Financial's earnings update for the first quarter of 2024. Joining me on the call are Kevin Hogan, President and Chief Executive Officer, and Elias Habayeb, Chief Financial Officer. We will begin with prepared remarks by Kevin and Elias, and then we will take your questions.

We will take your questions. Today's comments may contain forward looking statements, which are subject to risks and uncertainties. These statements are not guarantees of future performance or events and are based upon management's current expectations and assumptions.

Isil Muderrisoglu: Today's comments may contain forward-looking statements that are subject to risks and uncertainty. These statements are not guarantees of future performance or events and are based upon management's current expectations and assumptions. Corebridge's filings with the SEC provide details on important factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Except as required by the applicable securities laws, Corebridge is under no obligation to update any forward-looking statements if circumstances or management's estimates or opinions should change, and you are cautioned not to place undue reliance on any forward-looking statements.

Corporate filings with the SEC provide details on important factors that may cause actual results or events to differ materially from those expressed or implied by such forward looking statements.

Except as required by the applicable securities laws corporate is under no obligation to update any forward looking statements if circumstances or management's estimate their opinion should change and you are cautioned to not place undue reliance on any forward looking statements.

Isil Muderrisoglu: Additionally, today's remarks may refer to non-GAAP financial measures. The reconciliation of such measures to the most comparable GAAP figures is included in our earnings release, financial supplement, and earnings presentation, all of which are available on our website at investors.corebridgefinancials.com. With that, I would like to now turn the call over to Kevin and Elias for their prepared remarks.

Additionally, today's remarks may refer to non-GAAP financial measures. The reconciliation of such measures to the most comparable GAAP figure is included in our earnings release financial supplement and earnings presentation, all of which are available on our website at investors Dot corporate financial Dot com.

That I would like to now turn the call over to Kevin at Alliance for their prepared remarks, Kevin.

Kevin Timothy Hogan: Good morning, everyone. Our team continues to execute with focus, and we are delivering on our commitments to customers and shareholders. During today's call, I will discuss what has been a strong start to the year for Corebridge. In addition to reviewing our high-level results for our first quarter, I will share trends we are seeing across our company and how well we are positioned for the future. Elias will then follow with more detail on our performers.

Kevin Timothy Hogan: Good morning, everyone. Our team continues to execute with focus and we are delivering on our commitments to customers and shareholders.

Kevin Timothy Hogan: During today's call I will discuss what has been a strong start to the year for corporates.

Kevin Timothy Hogan: In addition to reviewing high level results for our first quarter I will share trends, we are seeing across our company and how well we are positioned for the future.

Kevin Timothy Hogan: Elias will then follow with more detail on our performance.

Elias: This morning, we reported adjusted after tax operating income of $688 million or operating earnings per share of $1 10 of.

Kevin Timothy Hogan: This morning, we reported adjusted after-tax operating income of $688 million, or operating earnings per share of $1.10, a 13% increase year over year. We also reported adjusted return on average equity of 11.9%, a 110 basis point improvement over the prior year quarter. Our run rate return on equity, which is adjusted for alternative investment returns that are below our long-term expectations and notable items, was 13.1%.

Elias: A 13% increase year over year.

Elias: We also reported adjusted return on average equity of 11, 9%, a 110 basis point improvement over the prior year quarter.

Elias: Our run rate return on equity, which is adjusted for alternative investment returns that are below our long term expectations and notable items was 13, 1%.

Kevin Timothy Hogan: That is solidly within our target range of 12 to 14%. This first quarter run rate represents a 140 basis points improvement year over year and a 250 basis points increase since our IPO. Looking at the quarter, we see four key factors contributing to the growth of our franchise value. Our diversified business model, continuing strong sales, attractive margins, and significant expense savings. I will address each in turn and then comment on our business.

Elias: That is solidly within our target range of 12% to 14%.

Elias: This first quarter run rate represents a 140 basis points improvement year over year, and 250 basis points increase since our IPO.

Elias: Looking at the quarter received four key factors contributing to the growth of our franchise value.

Elias: Our diversified business model, continuing strong sales attractive margins and significant expense savings I will address each in turn and then comment on our business.

Kevin Timothy Hogan: The first factor is our diversified business model, which includes our broad product and distribution platform and generates multiple sources of income that enable strong cash flow. The wide range of products and channels across our four businesses is a competitive advantage for Corebridge, positioning it to perform across different market conditions and prudently generate new business. In any given market, we can capitalize on prevailing dynamics to focus on growth opportunities where the risk-adjusted returns are the most attractive.

Elias: The first factor is our diversified business model, which includes our broad product and distribution platform and generate multiple sources of income that enabled strong cash flows.

The wide range of products and channels across our four businesses is a competitive advantage for corbridge positioning us to perform across different market conditions and prudent regenerate new business.

Elias: In any given market, we can capitalize on prevailing dynamics to focus on growth opportunities, where the risk adjusted returns are the most attractive optimizing our mix of spread fee and underwriting margin.

Kevin Timothy Hogan: Optimizing our mix of spread, feed, and underwriting margin. For base spread income, which grew 14% year over year, we leverage our portfolio of general account products to meet the evolving needs of our customers and partners. At the same time, we are seeing favorable dynamics for fee income, which increased 9% year over year. With equity markets moving higher, fee income is on the rise, rebounding from prior year lows.

Elias: For our base spread income, which grew 14% year over year, we leveraged our portfolio of general account products to meet the evolving needs of our customers and partners at.

Elias: At the same time, we are seeing favorable dynamics for fee income, which increased 9% year over year.

Elias: With equity markets moving higher fee income is on the rise rebounding from prior year levels.

Elias: Our assets under management and administration have grown to $393 billion.

Kevin Timothy Hogan: Our assets under management and administration have grown to $393 billion, a 7% improvement year over year. This large asset base will be an earnings driver for our spread-based and fee-based business. Underwriting margin this quarter was impacted by one-time reinsurance-related items as well as seasonal mortality.

Elias: A 7% improvement year over year.

Elias: This large asset base will be an earnings driver for our spread based and fee based businesses.

Elias: Underwriting margin this quarter was impacted by one time reinsurance related items as well as seasonal mortality.

Kevin Timothy Hogan: Our overall mortality remains within expectation. Our diversified sources of income create financial flexibility, which enables our insurance operations to generate consistent and strong cash flows of over $2 billion annually. These cash flows position the company to deliver on its commitments to shareholders and provide an attractive capital return across market cycles. The second factor is our robust sales volume, which delivered $10.6 billion of premiums and deposits in the first quarter and $50 billion over the last five quarters. We expect demand for our products and services to remain strong as we are well positioned in the large and growing markets where we compete. In addition, these markets are favorably supported by prevailing demographics and macroeconomic trends.

Elias: Our overall mortality remains within expectations.

Elias: Our diversified sources of income create financial flexibility, which enables our insurance operations to generate consistent and strong cash flows of over $2 billion annually.

Elias: These cash flows position the company to deliver on our commitments to shareholders and provide an attractive capital return across market cycles.

Elias: The second factor is our robust sales volume.

Elias: CT ridge delivered $10 $6 billion of premiums and deposits in the first quarter and $50 billion over the last five quarters.

Elias: We expect demand for our products and services to remain strong as we are well positioned in the large and growing markets, where we compete.

Elias: Further these markets are favorably supported by prevailing demographics and macroeconomic trends.

Elias: The third factor is that we continue to produce attractive margins.

Kevin Timothy Hogan: The third factor is that we continue to produce attractive margins. We actively manage our business portfolios to ensure we maintain strong profitability levels with double-digit IRR. And the fourth factor, in addition to growing our aggregate core sources of income and actively managing our capital, we have also been reducing our expenses. We successfully completed our modernization program, Corebridge Forward, having acted on or contracted for the full $400 million of run rate savings.

Elias: We actively manage our business portfolios to ensure we maintain strong profitability levels with double digit IRR.

Elias: And the fourth factor in addition to growing our aggregate core sources of income and actively managing our capital. We have also been reducing our expenses.

Elias: We successfully completed our modernization program corbridge forward, having acted on or contracted for the full $400 million of run rate savings.

Elias: While we are pleased to have completed this initiative, we are building off our momentum to adopt a philosophy of continuous improvement as we are committed to increasing our efficiency over time.

Kevin Timothy Hogan: While we are pleased to have completed this initiative, we are building on our momentum to adopt the philosophy of continuous improvement as we are committed to increasing our efficiency over time. Turning to our segments, in individual retirement, we continue to deliver strong sales. We remain well positioned to meet the needs of an aging U.S. population and to partner with a new generation of advisors who are recognizing the value of annuities as part of a long-term investment plan.

Elias: Turning to our segments in individual retirement, we continued to deliver strong sales.

Elias: We remain well positioned to meet the needs of an aging U S population and to partner with a new generation of advisers, who are recognizing the value of annuities as part of our long term investment plan.

Elias: Our sales volume for fixed and fixed index annuities was $4 5 billion for the quarter remaining near historic highs.

Kevin Timothy Hogan: Our sales volume for fixed and fixed-indexed annuities was $4.5 billion for the quarter, remaining near historic highs. General account net inflows were over $600 million for the first quarter, despite a higher volume of fixed annuities exiting their surrender charge protection.

Elias: General account net inflows were over $600 million for the first quarter. Despite a higher volume of fixed annuities exiting their surrender charge protection.

Elias: Turning to group retirement, if delivered premiums and deposits of $2 billion this quarter.

Kevin Timothy Hogan: Turning to Group Retirement, it delivered premiums and deposits of $2 billion this quarter. There are three parts to this business, in-plan, out-of-plan, and advisory and brokerage, all distributed by our own field force of financial professionals. The in-plan business represents defined contribution plans serving tax-exempt and public sector organizations.

Elias: There are three parts to this business and plan out a plan and advisory and brokerage all distributed by our own field force of financial professionals.

The implant business represents defined contribution plan, serving tactics and public sector organization.

Kevin Timothy Hogan: Whereas, in the out-of-plan business, we extend our relationship to provide services beyond employer-sponsored retirement plans. Our advisory and brokerage platform supports both, where we provide customers access to a range of third-party products or services. Group Retirement is a consistent contributor to our results, with a balanced mix of spread and fee income driven by a $126 billion asset base, which grew 7% year over year. This business is well positioned to serve the need for financial planning advice, as we focus on plan sponsors that value the role of our advisors.

Elias: Whereas in the out of planned business, we extend our relationship to provide services beyond employer sponsored retirement plans.

Elias: Our advisory and brokerage platform supports both businesses, where we provide customers access to a range of third party products or services.

Elias: Group retirement is a consistent contributor to our results with a balanced mix of spread and fee income driven by a $126 billion asset base, which grew 7% year over year.

Elias: This business is well positioned to serve the need for financial planning advice as we focus on planned sponsors that value the role of our advisors.

Kevin Timothy Hogan: We differentiate ourselves with our field force of experienced financial professionals and proprietary tools that support financial planning capabilities for both in-plan and out-of-plan customers. In life insurance, we continue to generate attractive growth in our U.S. business. Recently, we have been outpacing the market, and in the first quarter, we increased U.S. sales 9% over the prior year.

Elias: We differentiate ourselves with our field force of experienced financial professionals and proprietary tools that support financial planning capabilities for both in plan and out of plan customers.

Elias: In life insurance, we continued to generate attractive growth in our U S business recently.

Elias: Recently, we have been outpacing the market and in the first quarter, we increased U S sales, 9% over the prior year.

Elias: Our distribution partners and customers continues to see value in our select range of products, including simple protection products designed for the middle market and corporate remains well positioned to meet demand.

Kevin Timothy Hogan: Our distribution partners and customers continue to see value in our select range of products, including simple protection products designed for the middle market, and Corebridge remains well positioned to meet demand. With our digital end-to-end platform and our automated underwriting tools, we make it quicker and easier for our customers to purchase life insurance. In early April, we announced that we closed the sale of our UK life insurance business to Aviva.

Elias: With our digital end to end platform and our automated underwriting tools, we make it quicker and easier for our customers to purchase life insurance.

Elias: In early April we announced that we closed the sale of our UK life insurance business to Aviva with.

Kevin Timothy Hogan: With this transaction now closed, we are fully focused on life and retirement products and solutions in the world's largest life insurance market, the U.S. This sale was highly accretive, and together with last year's sale of Leia Healthcare in Ireland, we have unlocked approximately $1.3 billion of value for shareholders, with a negligible impact on future earnings. In institutional markets, we closed $1.8 billion of pension risk transfers during the quarter at attractive margin

Elias: With this transaction now closed we are fully focused on life and retirement products and solutions and the world's largest life insurance market. The U S.

Elias: This sale was highly accretive and together with last year's sale of lay of health care in Ireland, we have unlocked approximately one $3 billion of value for shareholders with a negligible impact on future earnings.

Elias: In institutional markets, we closed $1 $8 billion of pension risk transfers during the quarter at attractive margins.

Elias: CT ridge is well positioned to support the growing demand for pension risk transfers, including full plan terminations, which we have focused on for years investing to develop what we believe is a competitive advantage serving employers looking to holistically exit their pension obligations.

Kevin Timothy Hogan: Corebridge is well positioned to support the growing demand for pension risk transfers, including full-plan terminations, which we have focused on for years, investing to develop what we believe is a competitive advantage, serving employers looking to holistically exit their pension obligations. We expect to continue to see a robust pipeline in 2024 as more plans are fully funded and many companies are highly motivated to act. We also issued $600 million in gifts in the first quarter, having become a more regular FABN issuer, and we expect to incrementally grow this book, building on our 2023 volume.

Elias: We expect to continue to see a robust pipeline in 2024 as more plans are fully funded and many companies are highly motivated to act.

Elias: We also issued $600 million of gift in the first quarter, having become a more regular.

Elias: Issuer and we expect to incrementally grow this book building on our 2023 volumes.

Elias: The new business volume, we have generated across the company is robust.

Kevin Timothy Hogan: The new business volume we have generated across the company is robust, and we are investing in attractive assets to support these levels. Our asset origination platform put over $9 billion to work in the first quarter, investing at an average of single A plus, incrementally improving the credit quality of our portfolio. New money yields remained strong in the first quarter, approximately 160 basis points above the average yield on assets rolling out of the portfolio.

Elias: We are investing in attractive assets to support these levels.

Elias: Our asset origination platform put over $9 billion to work in the first quarter investing at an average of single a plus incrementally improving the credit quality of our portfolio.

Elias: New money yields remained strong in the first quarter, approximately 160 basis points above the average yield on assets rolling out of the portfolio.

Elias: Our investment portfolio remains well diversified and high quality with over 95% of our fixed income assets rated investment grade and we remain committed to achieving strong risk adjusted returns, while matching the duration and liquidity needs of our liabilities.

Kevin Timothy Hogan: Our investment portfolio remains well diversified and high quality, with over 95% of our fixed income assets rated investment grade, and we remain committed to achieving strong risk-adjusted returns while matching the duration and liquidity needs of our liabilities. Turning to our financial position, our balance sheet remains strong. We maintain a comprehensive risk management framework in our selected and the liabilities we originate, putting us in a position where we can continue to invest in our business while also returning attractive levels of capital to shareholders.

Elias: Turning to our financial position our balance sheet remains strong we.

Elias: We maintain a comprehensive risk management framework, and our selective and the liabilities, we originate putting us in a position where we can continue to invest in our business. While also returning attractive levels of capital to shareholders.

Kevin Timothy Hogan: We are also continuing our work to expand the capabilities of our Bermuda entity to support further business development activities. The regulatory process remains on track, and when we receive the required approvals, we anticipate leveraging this structure in 2024. When complete, these capabilities will give us the opportunity to expand our financial flexibility and provide additional capacity to support growth and optimize our capital. This week, our Board of Directors approved an increase of $2 billion to our existing share repurchase authorization.

Elias: We are also continuing our work to expand the capabilities of our Bermuda entity to support further business development activities.

Elias: The regulatory process remains on track and when we received the required approvals, we anticipate leveraging this structure in 2024.

Elias: When complete these capabilities will give us the opportunity to expand our financial flexibility and provide additional capacity to support growth and optimize our capital.

Speaker Change: This week, our board of directors approved an increase of $2 billion to our existing share repurchase authorization.

Speaker Change: This increase reflects the boards ongoing confidence in our financial strength.

Kevin Timothy Hogan: This increase reflects the board's ongoing confidence in our financial strength, and with this enhanced capacity, we expect to have the financial flexibility to continue our capital management objectives into 2025. Looking ahead, Corebridge remains committed to growing our business, serving our customers, and creating long-term value for our shareholders. We are executing all of the strategies necessary to deliver on our commitment to achieve a 12-14% ROE, 60-65% payout ratio, and maintain our strong financial position.

Speaker Change: And with this enhanced capacity, we expect to have the financial flexibility to continue our capital management objectives into 2025.

Speaker Change: Looking ahead corporation remains committed to growing our business, serving our customers and creating long term value for our shareholders.

Speaker Change: We are executing all of the strategies necessary.

Speaker Change: To deliver on our commitment to achieve a 12% to 14% Roe.

Speaker Change: 60% to 65% payout ratio and maintain our strong financial position.

Kevin Timothy Hogan: Thanks to the energy and hard work of our team, and with gratitude for the support of our partners and AIG, we remain well positioned to help more people in this country take action in their financial lives. I will now turn the call over to

Speaker Change: Thanks to the energy and hard work of our team and with gratitude for the support of our partners in AIG, we remain well positioned to help more people in this country take action in their financial lives.

I will now turn the call over to Elias who will go into more detail on <unk> results for the quarter.

Elias: Thank you Kevin.

Elias Farid Habayeb: I will address our consolidated and segmented results and provide an update on our capital and liquidity position. In the quarter, Corebridge delivered strong business results and maintained a robust balance. We continue to create value for shareholders. Corebridge reported first quarter adjusted pre-tax operating income of $837 million for earnings per share of $1.10, an increase of 13% year-over-year on a per-share basis. Our operating EPS benefited from a $0.06 net impact from notable items in our investment portfolio related to a prior period true-up on certain investments, partially offset by one-time reinsurance-related items in our life insurance business. This was further offset by a $0.17 impact from alternative returns below our long-term expectations, after adjusting for notable items and alternative investments. Our run rate operating EPS would have been $1.21.

Elias: Ill address our consolidated and segment results and provide an update on our capital and liquidity positions in the quarter Corbridge delivered strong business results and maintain a robust balance sheet, we continue to create value for shareholders.

Elias: Corbridge reported first quarter adjusted pre tax operating income of $837 million.

Elias: Our earnings per share of $1 10.

Elias: An increase of 13% year over year on a per share basis.

Elias: Our operating EPS benefited from a six <unk>.

Elias: Net impact from notable items in our investment portfolio related to a prior period true up on certain investments.

Elias: Partially offset by one time reinsurance related items in our life insurance business.

Elias: This was further offset by a <unk> 17 impact from alternative returns below our long term expectations.

Elias: After adjusting for notable items in alternative investments.

Elias: Run rate operating EPS would have been $1 21.

Elias: This was a 15% increase year over year.

Elias Farid Habayeb: This was a 15% increase, year over year, on a conference of the day. We increased earnings by pursuing profitable growth, optimizing investment portfolio returns, and reducing operating expenses. We grew our core businesses and enhanced our financial flexibility while returning capital to shareholders. And we are on track to deliver on the financial goals we established at the time of the IPO, including delivering an ROE of 12% to 14% and a 60% to 65% payout rate.

Elias: On a comparable basis.

Elias: Corbridge increased earnings by pursuing profitable growth.

Elias: Optimizing investment portfolio returns and reducing operating expenses.

Elias: We grew our core businesses and enhance our financial flexibility, while returning capital to shareholders.

Elias: And we are on track to deliver on the financial goals. We established at the time of the IPO, including delivering an ROE of 12% to 14% and a 60% to 65% payout ratio.

Elias: Net investment income for our insurance companies on an <unk> basis.

Elias Farid Habayeb: Net investment income for our insurance companies, on an APTOI basis, improved 16% year over year, while base portfolio income grew 18% over the same period. Reported base yield increased 50 basis points to 4.92%. Excluding the impact from notable... Base Yield Increased 35 Basis Points Year-over-Year After adjusting for notable items, we expect base portfolio income and base yield to continue to grow, albeit at a slower pace. However, variable investment income declined year over year driven by alternative investments, which delivered a $23 million net loss in the quarter.

Elias: Improved 16% year over year, while base portfolio income grew 18% over the same period.

Elias: Reported base yield increased 50 basis points to 492%.

Elias: Excluding the impact from notable items base yields increased 35 basis points year over year.

After adjusting for notable items, we expect base portfolio income and base yield will continue to grow, albeit at a slower pace.

Elias: Variable investment income declined year over year, driven by alternative investments, which delivered a $23 million net loss in the quarter.

Elias Farid Habayeb: Negative returns in traditional private equity were more than offset by mark-to-market losses in real estate equity. Our real estate equity investment portfolio is largely held in funds that are largely subject to mark-to-market accounting. At this time, we expect that overall variable investment returns in the second quarter will likely remain depressed due to continued negative real estate equity returns resulting from higher cap rates. That said, we see a potential path for overall returns to improve in the second half of the year.

Elias: Positive returns in traditional private equity were more than offset by mark to market losses, and real estate equity.

Real estate equity investment portfolio is largely held in funds that are largely subject to mark to market accounting.

Elias: At this time, we expect that overall variable investment returns in the second quarter will likely remain depressed due to continued negative real estate equity returns, resulting from higher cap rates.

Elias: That said, we see a potential path for overall returns to improve in the second half of the year.

Elias: General operating expenses for our insurance businesses and parent company were $411 million better by 10% on a year over year basis.

Elias Farid Habayeb: General operating expenses for our insurance businesses and parent company were $411 million, better by 10% on a year-over-year basis. This was driven by expense discipline and the benefits of the Corebridge Forward Program initiatives. As a reminder, our first quarter expenses reflect seasonality arising from higher compensation and benefits. To date, more than $200 million of savings from the Corebridge Forward program initiatives have earned their results, and we expect the vast majority of these savings to have earned into our run rate earnings by the end of 2024. Corebridge continues to maintain a healthy and strong balance, and our consistent capital generation drives shareholder value. We ended the quarter with $1.7 billion of holding company liquidity.

Elias: This was driven by expense discipline and the benefits of the corporate forward program initiatives, earning yet.

Elias: As a reminder, our first quarter expenses reflect seasonality arising from higher compensation and benefits.

Elias: To date more than $200 million of savings from the corporate forward program initiatives.

And as a result.

And we expect the vast majority of these savings into.

Into our run rate earnings by the end of 2024.

Elias: Corporate continues to maintain a healthy and strong balance sheet and our consistent cash flow generation drive shareholder value.

Elias: We ended the quarter with $1 $7 billion of holding company liquidity.

Elias Farid Habayeb: Distributions from our insurance companies were $600 million, and we have made significant progress towards achieving a payout ratio of 60 to 65% of adjusted after-tax operating agents. We delivered a payout ratio of 56% in the first quarter, returning $386 million of capital, comprised of $243 million of share repurchases and $143 million of regular quarterly dividends. As of May 2nd, our year-to-date share repurchases were approximately $3

Elias: Distributions from our insurance companies were $600 million.

Elias: Corporate has made significant progress towards achieving a payout ratio of 60% to 65% of adjusted after tax operating income.

Elias: We delivered a payout ratio of 56% in the first quarter, returning $386 million of capital comprised of the $243 million of share repurchases and $143 million.

Elias: <unk> quarterly dividend.

Elias: As of May 2nd our year to date share repurchases were approximately $370 million.

Elias Farid Habayeb: Looking forward, we will remain disciplined with our capital management and expect to deploy proceeds from the sale of our UK business, Towered Share Repurchase, beginning in May 2024. Now, pivoting to the business segments, which continued their strong performance and disciplined execution during the first quarter. Individual retirement reported adjusted pre-tax operating income of $622 million, an 8% increase year-over-year after excluding variable investment income and notable IT. This improvement was primarily driven by higher base spread income resulting from strong general account growth.

Elias: Looking forward, we will remain disciplined with our capital management and expect to deploy proceeds from the sale of our UK business that would share repurchases beginning in May 2024.

Elias: Does it take to the business segments, now, which continued their strong performance and disciplined execution during the first quarter.

Elias: Individual retirement reported adjusted pre tax operating income of $622 million, an 8% increase year over year after excluding variable investment income and notable items.

Elias: This improvement was primarily driven by higher base spread income, resulting from strong general account growth.

Elias: Excluding notable items, we grew base spread income by 7% year over year, driven by attractive margins on new business and active management of the in force block.

Elias Farid Habayeb: Excluding notable items, we grew base spread income by 7% year-over-year, driven by attractive margins on new business and active management of the enforced block. Fee income also grew by 11%, driven by an improvement in underlying asset valuation.

Elias: Fee income also grew by 11% driven by an improvement in underlying asset valuations.

Elias: I want to spend a little time unpacking, how our base net investment spread has trended over time.

Elias Farid Habayeb: I want to spend a little time unpacking how our base net investment spread has trended over time. Since the beginning of 2022, we have grown base spread income by approximately 70% to earn approximately $700 million a quarter. At the same time, we've expanded base net investment spread by approximately 85 basis points, largely driven by higher new money yields on investment grade assets. These are very attractive historical spread levels.

Elias: Since the beginning of 2022, we have grown based spreads income by approximately 70% to earn approximately $700 million a quarter at.

Elias: At the same time, we've expanded base net investment spread by approximately 85 basis points, largely driven by higher new money yields on investment grade assets.

Elias: These are very attractive historical spread levels.

As we mentioned during our February 2024 earnings call. We expect base net investment spreads expansion has likely peak.

Elias Farid Habayeb: As we mentioned during our February 2024 earnings call, we expect base net investment spread expansion has likely occurred, and there could be some marginal compression. For example, reported base net investment spread for individual retirements expanded 13 basis points over a year, but compressed 4 basis points after adjusting for notable IT. There are two primary drivers behind the marginal compression.

Elias: And there could be some marginal compression.

Elias: For example reported base net investment spreads for individual retirement expanded 13 basis points year over year, but compressed four basis points after adjusting for notable items.

Elias: There are two primary drivers behind the marginal compression.

Elias: First <unk>.

Elias Farid Habayeb: First, the new business we are writing is attractively priced at double-digit IRRs. However, the base spread on the new business is tighter relative to the base spread on the portfolio. Second, surrenders have been concentrated in blocks with lower crediting rates, putting upward pressure on the portfolio's cost of funds. That said, it's important to put these dynamics in perspective.

The new business, we write is attractively priced at a double digit IRR. However, the base spread on the new business is tied to relative to the base spread on the portfolio.

Elias: Second surrenders have been concentrated in blocks would lower crediting rates, putting upward pressure on the portfolio swaps the funds.

Elias: That said it is important to put these dynamics in perspective.

Elias Farid Habayeb: The important takeaway here is that base net investment spreads on the overall portfolio remain near historic highs and are at very attractive levels. Furthermore, we expect base spread income will continue to grow over the coming. Moving on, this business delivered positive general account net flows of over $600 million in the quarter, even with an elevated fixed annuity surrender rate arising from a large block of annuities exiting its surrender charge period. Our surrenders peaked at the beginning of the quarter but trended lower into April.

Elias: The important takeaway here is that base net investment spreads on the overall portfolio remained near historic high and are at very attractive levels.

Elias: Furthermore, we expect base spread income will continue to grow over the coming year.

Moving on this business delivered positive general account net flows of over $600 million.

Elias: The quarter, even with an elevated fixed annuity surrender rate arising from a large block with existing its surrender charge period.

Elias: Our surrenders peak at the beginning of the quarter, but trended lower continuing into April.

Elias Farid Habayeb: At the same time, we saw monthly sales of fixed annuities steadily increase from January, and that trend continued into April. Group Retirement reported adjusted pre-tax operating income of $200 million, an 8% increase year-over-year after excluding variable investment income and notable IT. This growth was primarily driven by higher fee income and lower expenses. The increase in fee income, which comprises approximately 50% of group retirement's overall sources of income, reflects both the improvements in underlying asset valuations and the growth of our advisory and brokerage business.

Elias: At the same time, we saw monthly sales of fixed annuities steadily increase from January and that trend continued into April.

Elias: Group retirement reported adjusted pre tax operating income of $200 million, an 8% increase year over year after excluding variable investment income and notable items.

Elias: This growth was primarily driven by higher fee income and lower expenses.

Elias: The increase in fee income, which comprises approximately 50% of group retirements overall sources of income reflects both the improvement in underlying asset valuations and the growth of our advisory and brokerage business on the <unk>.

Elias Farid Habayeb: On the whole, this segment continues to deliver balanced sources of income with a near-even split between spread and fee income. Consistent with industry experience and broader demographic trends, many of our in-plant participants have been entering retirement and are transitioning from asset accumulation to asset distribution. As a result, net outflows are typically driven by in-plant participants age 59 and a half or older and tend to have higher guaranteed minimum interest rates and higher account balances.

Elias: This segment continues to deliver balanced sources of income with a near even split between spread and fee income.

Elias: Insistent with industry experience and broader demographic trends many of our implant participants has been entering retirement and are transitioning from asset accumulation asset distribution.

Elias: As a result, net outflows are typically driven by implant participants, aged 59, and a half or older and tends to have higher guaranteed minimum interest rates and higher account balances.

Elias Farid Habayeb: Concurrently, net inflows are dominated by our in-plan younger age cohorts with lower guaranteed minimum interest rates, as well as out-of-plan fixed and fixed index annuity sales and advisory and brokerage deposits. We saw 35% deposit growth in our advisory brokerage business, which is not included in our reported net flows. Reported base net investment spreads for group retirement expanded one basis point year over year, but compressed six basis points after adjusting for a notable hike.

Elias: Concurrently net inflows are dominated by our implant in younger age cohorts with lower guaranteed minimum interest rates as well as out of plant fixed and fixed index annuity sales and advisory brokerage deposits.

Elias: We saw 35% deposit growth in our advisory and brokerage business, which is not included in our reported net flows reported base net investment spreads for group retirement expanded one basis points year over year, but compressed six basis points accurate.

Elias: Adjusting for notable items.

Elias: Life insurance reported adjusted pre tax operating income of $54 million, a 6% decrease year over year. After excluding variable investment income and notable items. Notable items included approximately $30 million related to a one.

Elias Farid Habayeb: Life Insurance reported adjusted pre-tax operating income of $54 million, a 6% decrease year-over-year after excluding variable investment income and notable IT. Noto's items included approximately $30 million related to a one-time reinsurance-related item. Partially offset by $8 million of a one-time item in methadone. The year-over-year comparison of underwriting margin was impacted by the sale of Laya Healthcare, which closed in October 2023, excluding Laya Healthcare and

Elias: On reinsurance related items, partially offset by $8 million up a one time item in less investment income.

Elias: The year over year comparison life underwriting margin was impacted by the sale of play of healthcare, which closed in October 2023, excluding layer and variable investment income underwriting margin declined 9% year over year due to notable items.

Elias Farid Habayeb: Excluding layer and variable values

Elias: And to a lesser extent universal Mike seasonal mortality, which included higher claims from Covid and other respiratory diseases.

Elias Farid Habayeb: Our traditional mortality experience, which is primarily comprised of term, was favorable discourse. Overall mortality experience, inclusive of reserve impacts, was consistent with our expectations.

Elias: Traditional mortality experience, which is primarily comprised of term was favorable this quarter.

Elias: Overall mortality experience inclusive of reserve impact, what's consistent with our expectations.

Elias Farid Habayeb: While our underwriting margin was and will continue to be impacted by the divestiture of international business, the overall impact of the divestitures on our earnings is negligible. Institutional markets reported adjusted pre-tax operating income of $112 million, a 37% increase year-over-year after excluding variable investment income and notable IP. The improvement was primarily driven by higher spread income arising from portfolio growth. Our reserves have grown $7 billion, or 22%, year over year, with the expansion of our pension risk transfer business and a higher volume of gig issues.

Elias: While our underwriting margin was and will continue to be impacted by the divestiture of the international businesses. The overall impact of the divestitures on our earnings is negligible.

Elias: Institutional markets reported adjusted pre tax operating income of $112 million, a 37% increase year over year. After excluding variable investment income and notable items. The improvement was primarily driven by higher spread income.

Arising from the portfolio growth.

Elias: <unk> has grown 7 billion or 22% year over year with the expansion of our pension risk transfer business and higher volume of gift issuances looking forward, we continue to expect meaningful opportunities to further expand both businesses at attractive margins.

Elias Farid Habayeb: Looking forward, we continue to expect meaningful opportunities to further expand both businesses at attractive margins, which should lead to ongoing growth of base-bred income and distributable capital. In conclusion, the continuing improvement in our financial results reflects our achievements in growing the business while exercising discipline with our extent. Corebridge continues to generate strong results, growing our franchise value, and highlighting the increasing value proposition we provide to investors. I will now turn the call back to the show.

Elias: Which should lead to ongoing growth base spread income and distributable cash flows.

Elias: In conclusion, the continuing improvement in our financial results reflect our achievements growing the business, while exercising disciplined with our expenses corbridge continues to generate strong results growing our franchise value and highlighting the increasing value proposition we provide to investors.

Speaker Change: I will now turn the call back that issue. Thank.

Isil Muderrisoglu: Thank you, Elias. As a reminder, please limit yourself to one question and one follow-up. Operator, we are ready to begin the Q&A portion of the call.

Operator: Thank you Elias as a reminder, please limit yourself to one question and one follow up operator, we are ready to begin the Q&A portion of the call.

Thank you as a reminder, if you would like to ask a question today you can do so now by pressing star followed by the number one on your telephone keypad. If you change your mind or you feel like your question has already been on food you can remove yourself from the key by pressing Star and then Kate we ask that you. Please.

Operator: Thank you. As a reminder, if you would like to ask a question today, you can do so now by pressing star followed by the number one on your telephone keypad. If you change your mind or you feel like your question has already been answered, you can remove yourself from the queue by pressing star and then two. We ask that you please, please ensure that your device is unmuted before proceeding with your question. Our first question comes from the line of Suneet Kamath with Geoffrey. Please go ahead.

Please ensure that your devices are needed before proceeding with your question.

Operator: Our first question comes from the line of Sydney Thomas with Jefferies.

Thomas George Gallagher: Please go ahead.

Thomas George Gallagher: Uh huh.

Suneet Laxman L. Kamath: Great, thank you. I wanted to start Kevin with the comment that you made about advisor awareness of annuities. Can you just unpack that a little bit and talk about where the growth is coming from in terms of the channel? And are we sort of seeing a resurgence of annuities over the past couple years? Do we expect that that will continue? Thanks.

Thomas George Gallagher: Thank you.

Thomas George Gallagher: I wanted to start Kevin with the comment that you made about advisor awareness of annuities can you just unpack that a little bit and talk about where the growth is coming from in terms of channel and are we sort of seeing this resurgence of annuities over the past couple of years do we expect that that will continue ahead. Thanks.

Kevin Timothy Hogan: Yeah. Thanks, Anita I appreciate the question.

Kevin Timothy Hogan: Yeah, thanks, Suneet. I appreciate the question. Yeah, the reality is, up until maybe two years ago, when the interest rate cycle started to change, an investment portfolio and the role that a fixed income return type vehicle, such as a fixed or fixed index annuity, can provide for in kind of a low-risk way, was not something that was seriously considered because of the very low returns that were available.

Kevin Timothy Hogan: Yes. The reality is if you look back over up until maybe two years ago. When the interest rate cycle has started to change.

Kevin Timothy Hogan: And investment portfolio and the role that a fixed income return type vehicles, such as a fixed or fixed index annuity can provide for in kind of a low risk way. It was not something that was seriously considered.

Kevin Timothy Hogan: Because of the very low returns that were available and what's been happening in the last couple of years with the change in interest rates is that there is now perceived to be break value in fixed income asset allocation as part of a long term investment strategy and an annuity as a very attractive option as part of that asset allocation.

Kevin Timothy Hogan: And what's been happening in the last couple of years with the change in interest rates is that there is now perceived to be great value in fixed income asset allocation as part of a long-term investment strategy. And an annuity is a very attractive option as part of that asset allocation. And so for financial advisors that have been in the business for, let's say, 10 years or 12 years, this is the first time they've actually had a chance to see interest rates at a point where the returns available in the fixed allocation product are attractive.

Kevin Timothy Hogan: And so for financial advisors that have been in the business, Let's say 10 years or 12 years. This is the first time, they've actually had a chance to see.

Interest rates at a point, where the returns available in the fixed allocation product.

Kevin Timothy Hogan: Our traffic and so thats, a new generation of advisers that are understanding.

Kevin Timothy Hogan: And so that's a new generation of advisors that are understanding that asset allocation strategy and embracing it, and also customers enjoying the same thing. So we do see it as a secular trend. It raises the boats, you know, for the industry. That's something that is driving new business volumes. Our largest and fastest growing distribution channels are still professional distribution through broker dealers, financial advisors, and banks. And so it is within those advisor communities that we're seeing this trend, and we expect that it will continue.

Kevin Timothy Hogan: That's fast at that asset allocation strategy and embracing it and also customers enjoying the same thing. So we do see it as a secular trend that raises the boats.

Kevin Timothy Hogan: For the industry, that's something that is driving new business volumes are.

Kevin Timothy Hogan: Our largest fastest growing distribution channels are still professional distribution in broker dealers financial advisors and banks.

Kevin Timothy Hogan: So it is within those advisor communities that we're seeing this trend and we expect that it will continue.

Speaker Change: Got it makes sense and then I guess for Elias on individual retirement.

Suneet Laxman L. Kamath: Got it. It makes sense.

To make sure I understand the comment so I think you said base spread investment income is expected to increase but the spread itself might contract a little bit and so if I net that put the two together are basically talking about volume growth driving that increase in investment income.

Okay.

Speaker Change: Yeah, Thanks, I'll jump in.

Suneet Laxman L. Kamath: And then I guess for Elias, just on individual retirement, I just want to make sure I understand the comment. So I think you said base spread investment income is expected to increase, but that the spread itself might contract a little bit. And so if I put the two together, basically talking about volume growth, driving that increase in investment income.

Speaker Change: So needs.

Speaker Change: Yes.

Speaker Change: We have seen some modest spread compression and we May Inc.

Speaker Change: Incrementally you see a little bit more of that in the near term I think it's important to understand why so from the beginning and the licenses in our last prepared remarks, right. We executed well at the beginning of the change in the interest rate cycle with our strong distribution presence.

Elias Farid Habayeb: Yeah, thanks. I'll jump in, Suneet.

Speaker Change: Our broad product platform and as Elias pointed out we very rapidly grew both our base spreads and our spread income and the reality is is that the enforced margins right now have benefited from the reinvestment opportunity with.

Kevin Timothy Hogan: You know, we have seen some modest spread compression, and we may, you know, gradually see a little bit more of that in the near term. I think it's important to understand why. So, from the beginning, and this was in Elias' prepared remarks, right?

Kevin Timothy Hogan: We executed well at the beginning of the change in the interest rate cycle with our strong distribution presence and our broad product platform. And, as Elias pointed out, we very rapidly grew both our base spreads. The reality is that the enforced margins right now have benefited from the reinvestment opportunity with, you know, almost no impact on the underlying cost of funds. And at the same time, the new business margins are also very attractive, and new business sales are robust. So the effect that you're seeing is that the new businesses, the cost of funds is higher because of where interest rates are now. And that is incrementally increasing the cost of funds in the overall portfolio.

Speaker Change: Almost no impact on the underlying cost of funds and at the same time, the new business margins are also very attractive in the new business sales are robust and so the effect that you're seeing is that the new business. The cost of funds are higher because of where interest rates are now and that's incrementally.

<unk> the cost of funds and the overall portfolio, but the reality is is that the enforces profitable new business is profitable and we do expect the spread income to grow because of the general account is growing in the overall earnings base is is growing and the conditions remain good we continue to be in a strong distribution.

Kevin Timothy Hogan: But the reality is that the enforcer is profitable, the new business is profitable, and we do expect the spread income to grow because the general account is growing and the overall earning space is growing. And the conditions remain good. We continue to be in a strong distribution position, and the macro environment is very supportive. The market need is there, and so we remain very optimistic about the business, although they may have peaked. And that's more of a reflection of the fact that we executed well and executed early.

Speaker Change: Physician the macro environment is very supportive of the market need is there.

Speaker Change: And so and so we remain very optimistic about the business. Although they express themselves may have peaked and thats more of a reflection of the fact that we executed well and executed early.

Kevin Timothy Hogan: And we feel confident we're on a clear path to achieve our 12 to 14 percent ROE and all of our other targets. Okay, thanks. The next question comes from John Barnidge with Piper Sandler. Please go ahead, John.

Speaker Change: And we feel confident we're on a clear path to achieve our 12% to 14% Roe.

Speaker Change: All of our other targets.

Speaker Change: Okay. Thanks.

Speaker Change: Okay.

John Bakewell Barnidge: The next question comes from John Barnidge with Piper Sandberg. Please go ahead, John. Good morning. Thank you for the opportunity. In your comments about flows and

Speaker Change: Your next question comes from John Barnidge with Piper Sandler. Please go ahead John.

Speaker Change: Yeah.

John Bakewell Barnidge: Good morning, Thank you for the opportunity.

John Bakewell Barnidge: And your comments about flows in the dynamic of the outflows the generally older.

John Bakewell Barnidge: The younger what's the average age for customer in group and individual retirement within that how is that average trended over 510 years.

John Bakewell Barnidge: Yeah, Thanks, John So.

Kevin Timothy Hogan: Yeah, thanks, John. So, you know, we track a little more carefully in group retirements and the in-plan business. And what I can say is that our in-plan business in group retirement exceeded an average age of 59 and a half, about 10 years ago. I don't have the exact date in front of me.

Speaker Change: We have a little more carefully and group retirements in the implant business and what I can say is that our implant business in group retirement exceeded in average age of 59 and a half.

Speaker Change: About 10 years ago I don't have the exact date in front of me and in fact, if you look at the entire defined contribution industry that kind of tracks with the aging of the implant business across the industry not just in the 400 <unk>.

Kevin Timothy Hogan: And in fact, if you look at the entire defined contribution industry, that kind of tracks with the aging of the in-plan business across the industry, not just in the 403Bs and the not-for-profits that we participate in, but even in the 401K part of the market. And since then, we've seen an incremental increase in the average age. I think now it's in the low 60s for the in-plan business. The out-of-plan business has a slightly different age profile.

Speaker Change: And the not for profits that we participate in but even in the 401K kind of.

Part of the market and since then we've seen an incremental increase.

Speaker Change: And the average age I think balance in the low <unk> for the implant business.

Speaker Change: The auto plant business has a slightly different age profile and then in the individual retirement business. It really depends on the product the fixed annuity customers tends to be a little bit older. The variable annuity customers kind of in the middle and then the indexed annuity customers, maybe a little bit younger so between 50 and 70%.

Kevin Timothy Hogan: And then in the individual retirement business, it really depends on the product. The fixed annuity customers tend to be a little bit older, the variable annuity customers kind of in the middle, and then the indexed annuity customers may be a little bit younger. So between 50 and 70 is, I think, where we'd see the average ages across the individual retirement portfolio.

Kevin Timothy Hogan: But we can get back with some more specific numbers. That's been really helpful. Thank you very much.

Speaker Change: I think where we'd see the average ages across the inventory retirement portfolio, but we can get back with some more.

Speaker Change: The specific numbers.

Speaker Change: That's been really helpful. Thank you very much.

Kevin Timothy Hogan: And my follow-up question, there was a final DOL rule. Do you have any initial thoughts on how that may impact your business? Yeah, so, you know, the final guidance has now been released. It is effective in September of 2024.

Speaker Change: And my follow up there was a final rule do you have any initial thoughts on how that may impact your business.

Speaker Change: Yeah.

Kevin Timothy Hogan: And then there's about 12 months for the advisors to be able to implement the new prohibited transaction exemptions. I guess what I'd say is, look, we're in a highly regulated business. We are, we understand our obligations. We'll be prepared to implement, you know, what is necessary. The industry has essentially implemented something like this before, and we did it as well. And we're prepared to do so again.

Speaker Change: So the final guidance has now been released and is effective in September of 2024, and then there's like a 12 months for the.

Speaker Change: Advisors to be able to implement a new.

Prohibited transaction exemption.

Speaker Change: I guess, what I'd say is look we're in a highly regulated business.

Speaker Change: We are we understand our obligations will be prepared to implement.

Speaker Change: What is what is necessary.

Kevin Timothy Hogan: What I would say is that for individual retirement, our business really grew up in the registered world. And, as I mentioned earlier, most, most of our, you know, our largest distribution channels are professional distribution, like representatives of broker dealers or or banks. And so 90% ish of our individual retirement distribution and 100% of our group retirement distribution through VFA, they are already familiar with the fundamentals of the SEC's REGBI or NAIC's version of that best interest parameter.

Speaker Change: The industry has essentially it's implemented something like this before and we did as well and we're prepared to do so again.

Speaker Change: I would say is that for individual retirement, our business really grew up in the registered world and as I mentioned earlier most of our our largest distribution channels, our professional distributions like representatives of broker dealers or banks and <unk>.

Speaker Change: And so 90% ish of our individual retirement distribution in 100% of our group retirement distribution through DSA. They are familiar already with the fundamentals of the Sec's Reg bi or Nic's version of that best interest parameter and so are largely already adhering to dominion.

Kevin Timothy Hogan: And so we are largely already adhering to many of those principles in the individual retirement business. We have a small participation in the IMO channel. But, you know, it is an important channel because it reaches a different demographic, and it's something that we're trying to develop. So we're still studying the final rule.

Speaker Change: Those principles.

Speaker Change: Individual retirement business, we have a small participation in the <unk> channel.

Speaker Change: But it is an important channel because it reaches a different demographic and it's it's something that.

Speaker Change: Strategically we're trying to develop so.

Speaker Change: <unk> study and the final rule will be prepared to implement it. We think it's important to have a common standard of care that everyone understands that.

Kevin Timothy Hogan: We'll be prepared to implement it. We think it's important to have a common standard of care that everyone understands and that there be access to financial education. But most of our distribution is familiar with the requirements of the best interest type.

Speaker Change: Saturday access for financial Education.

Speaker Change: But most of our distribution are familiar with the requirements of our best interest type standards.

Speaker Change: Thank you.

Speaker Change: The next question comes from West Carmichael with Autonomous Research. Please go ahead.

Wes Carmichael: The next question comes from Wes Carmichael with Autonomous Research. Please go ahead.

West Carmichael: Hey, good morning, Thanks for taking my question.

Wes Carmichael: Hey, good morning. Thanks for taking the question. I really just wanted to kind of dig in more on the notable item around investments. It was material in this quarter, and it was pretty big last time too.

West Carmichael: Just wanted to kind of dig in more on on the notable item around investments.

West Carmichael: Material in this quarter and it was pretty big last time too. So can you share some more detail because I mean, especially like in individual retirement, making that adjustment I think kind of.

Elias Farid Habayeb: So can you share some more detail? Because, especially like an individual retirement, making that adjustment, I think kind of has a pretty significant impact on the cadence of base spreads there x NII. Can you just give us a little more detail? I know you said it was a prior-period adjustment, but any additional color would be helpful.

West Carmichael: That's a pretty significant impact on the cadence.

West Carmichael: Base spreads there ex NII. So can you just give us a little more detail any sort of a prior period adjustment but.

West Carmichael: Any additional color would be helpful.

West Carmichael: Okay.

Speaker Change: Halfway through with its Elias.

Wes Carmichael: I'm happy to address Elias. So, what I'd say is both items are somewhat related. They got identified as part of our work of converting to a new system. And they relate to trueing up on historical net investment income where we under-reported historically over several years. And they are one time of nature. And that's why we're calling them out from them.

Speaker Change: So what I'd say is both items are somewhat related.

Speaker Change: Hey, guys densify that part of our work of converting to a new system.

Speaker Change: They relate to true up on historical net investment income where we under.

Speaker Change: Reported.

Speaker Change: Historically over several years.

Speaker Change: And they are one time of nature, and that's why we're calling them up.

Speaker Change: From there.

Speaker Change: Okay. Thanks.

Kevin Timothy Hogan: Okay, thanks. And maybe just Kevin, can you give us any updated thoughts on risk transfer strategic actions with the portfolio? I know you said that you're kind of looking at everything and, you know, private equity interest has been somewhat elevated. So if you could give us an update there, that'd be great.

Speaker Change: Maybe just just Kevin can you give us any updated thoughts on risk transfer of strategic actions with the portfolio. I know you said that youre kind of looking at everything and private equity interest has been has been somewhat elevated. So if you could give us an update there that'd be great.

Kevin Timothy Hogan: Yeah, sure. Thanks, Wes.

Kevin Timothy Hogan: Yes, sure. Thanks, Wes nice to hear from you.

Speaker Change: So.

Kevin Timothy Hogan: As I've said, we regularly review opportunities to increase the value and optimize our portfolio.

Wes Carmichael: Nice to hear from you. As I've said, we regularly review opportunities to increase the value and optimize our portfolio. You know, we're very familiar with the process. We demonstrated our ability to execute when we created Fortitude REIT. We did prioritize the sale of our international operations, and we feel, you know, great about the $1.3 billion in value we created there. As we mentioned recently, we are working to expand the capability of our Bermuda entity, and we're making good progress there.

Kevin Timothy Hogan: We're very familiar with the.

Kevin Timothy Hogan: What's the process, we demonstrated our ability to execute when we created fortitude re we.

Kevin Timothy Hogan: We did prioritize the sale of our international operations, and we feel great about the $1 $3 billion in value we created there.

Kevin Timothy Hogan: As we mentioned recently.

Kevin Timothy Hogan: We are working to expand the capability of our Bermuda entity, and we're making good progress there and.

Wes Carmichael: And, you know, that's something that is an opportunity that we could leverage relative to both our new business in terms of supporting growth or capital efficiency, but we're also evaluating external transaction potential, and we understand, you know, the opportunities there. So, we're evaluating all the options. Any transaction that we do will be attractive to the company and to our shareholders, and we will provide an update at the time that we have any news.

Kevin Timothy Hogan: That's something that is an opportunity that we could leverage relative to both our new business.

Kevin Timothy Hogan: In terms of supporting growth or capital efficiency, but we're also evaluating external transaction potential.

Kevin Timothy Hogan: And we understand the opportunities there so.

Kevin Timothy Hogan: We're evaluating all the options any transaction that we do will be attractive to the company and to our shareholders and we will provide an update at the time that we have any news.

Speaker Change: Thank you.

Speaker Change: The next question comes from Elyse Greenspan with Wells Fargo. Please go ahead.

Elyse Beth Greenspan: The next question comes from Elyse Greenspan with Wells Fargo. Please go ahead.

Elyse Beth Greenspan: Hi, Thanks. Good morning, My first question is on.

Elyse Beth Greenspan: Hi, thanks. Good morning.

Elyse Beth Greenspan: Share buybacks, you guys said that youre going to start buying.

Elyse Beth Greenspan: Buying back.

Elyse Beth Greenspan: With the proceeds from the UK life transaction starting in May So should we just think about.

Elyse Beth Greenspan: Elevated.

Elyse Beth Greenspan: Run rate relative to normal maybe end of Q2 into Q3 as you buy back that 500.

Elyse Beth Greenspan: $50 million.

Elyse Beth Greenspan: If that's the case.

Thanks, Keith and buyback expectations.

Elyse Beth Greenspan: Yeah.

Keith: Yes, so look at least I'll start with just some general comments about our capital management philosophy and then.

Elyse Beth Greenspan: My first question is on shared buyback. So you guys said that you're going to start buying back, you know, the proceeds from the UK Life transaction starting in May. So should we just think about, you know, an elevated run rate relative to normal, maybe in Q2 and Q3 as you buy back that $550 million, or just give us a base case on buyback expectations?

Keith: Hand, it over to.

Elias with respect to the options in front of us, but we have a very clear capital management strategy and we are committed to executing it with discipline.

Kevin Timothy Hogan: Yeah, so look, I'll start with just some general comments about our capital management philosophy, and then I'll hand it over to, you know, Elias with respect to the options in front of us. But, you know, we have a very clear capital management strategy, and we are committed to executing it with discipline. That starts with, frankly, building a company that has a strong balance sheet, consistent cash flows, and a nimble business model. And, you know, we are committed to delivering that 60 to 65% payout ratio on an ongoing basis without necessarily the need for, you know, specific transactions.

Elias: <unk> with frankly building a company that has a strong balance sheet and consistent cash flows.

Elias: Our nimble business model.

Elias: And.

Elias: We are committed to delivering that 60% to 65% payout ratio on a ongoing basis without necessarily the need for specific transactions, but when we do have.

Kevin Timothy Hogan: But when we do have transactions that generate excess capital, we look at the options in front of us in terms of the best way to distribute that, largely focusing now on some kind of open market repurchases. We have stated that the UK life proceeds will be targeted for repurchases, and there are a number of options in front of us. Yeah, how are you, Elyse?

Transactions to generate excess capital we look at the options in front of us in terms of the best way to distribute that largely focusing now on kind of open market repurchases.

Elias: <unk> stated that the UK life proceeds will.

Elias: Be targeted for repurchases and there are a number of options in front of us.

Speaker Change: Ask Elias to comment on that.

Elias Farid Habayeb: Yeah, hi Elyse, it's Elias. So, you know, as Kevin said, our base case will be to use the proceeds for open market repurchase. Our philosophy around that is we want to be consistent in the market, and we're mindful of where the trading volumes are. So that's going to inform how much we will do at any point in time.

Speaker Change: Yeah, Hi, Elyse, it's Elias so as Kevin said, our base case will be to use the proceeds for open market repurchases or philosophy around that is we want to be consistent in the market and where we are mindful of forward to trading volumes are so that's going to inform how much we will do.

Elias: At any point in time.

Thanks, and then my second question you guys seem pretty positive in your prepared remarks about the opportunity.

Elyse Beth Greenspan: And then my second question, you guys seem pretty positive in your prepared remarks about the opportunity for, you know, PRT transactions and the pipeline there. Can you just give us a sense of how deal activity could trend over the remainder of the year?

PRT transactions in the pipeline there can you just give us a sense of how.

Deal activity could trend.

Speaker Change: The remainder of the year.

Speaker Change: Okay.

Speaker Change: Yes. Thanks.

Elyse Beth Greenspan: Yeah, thanks, Elyse. You know, the marketplace for pension risk transfers is very well positioned right now. With where interest rates are, with what interest rates are, a lot of plans are fully funded, and companies that have been, you know, thinking about this for some time are prepared to act. And so companies are prepared to act. And then those companies that may be surprised a little bit by the fact that they're fully funded are also moving very, very quickly to not miss the opportunity.

Speaker Change: <unk>.

Speaker Change: The marketplace for pension risk exploration is very well positioned right now.

Speaker Change: With where interest rates.

Speaker Change: Interest rates are a lot of plans are fully funded and and companies that I've been thinking about this for some time are prepared to act.

Speaker Change: <unk>.

Speaker Change: So.

Speaker Change: Companies are prepared to act in there for those companies that may be.

Speaker Change: <unk> a little bit by the fact that they are fully funded are also moving very very quickly to not miss the opportunity. We focus on full planned terminations, we focused on that market for some time, which are a little bit more complex, we focus on medium to larger size trend.

Elyse Beth Greenspan: We focus on full plan terminations. We have focused on that market for some time, which is a little bit more complex. We focus on medium to larger-sized transactions, and we built the capabilities necessary to support all the optionality in full plan terminations. And the reality is, that the pipeline both in the US and the UK, where we act as a reinsurer for full plan terminations, is as strong as we've seen it.

Speaker Change: Transactions and we've built the capabilities necessary to support all the optionality.

Speaker Change: And full plan terminations and the reality is is that the pipeline both in the U S and the U K, where we act as a reinsurer for a full plan terminations is as strong as we've seen it I think the market volumes. This year are expected to be at or above where they were last.

Elyse Beth Greenspan: I think the market volumes this year are expected to be at or above where they were last year. But what I'll say is that it's hard to project a run rate because these transactions are highly complex and episodic. We underwrite each one of them as if they were an M&A transaction. You're buying a sort of mini balance sheet. You have to understand both the liability and the asset side. So we have a very large pipeline of medium to large transactions, and ultimately, we'll be most focused on the economics of any given transaction and ensuring that we're delivering creative outcomes for our portfolio.

Speaker Change: Last year, but what I'll say is that it's hard to project a run rate because these transactions are highly complex and episodic we underwrite each one of them as if they were an M&A transaction you are buying a sort of mini balance sheet, you have to understand both the liability and the asset side.

Speaker Change: So we have a very large pipeline of medium to large transactions and ultimately will be most focused on the economics of any given transaction and ensuring that we're delivering delivering accretive outcomes for our portfolio.

Speaker Change: Thank you.

Speaker Change: Our next question comes from Ryan Krueger with <unk>. Please go ahead.

Ryan Joel Krueger: Our next question comes from Ryan Krueger with KBW. Please go ahead.

Hey, good morning.

Elias Farid Habayeb: I followed up on the trajectory of base spread, so it sounds like you expect some further compression near term. Was that comment specifically about individual retirement, or is that something you'd also expect in group retirement and institutional as well?

Ryan Joel Krueger: Had a follow up on the trajectory of base spread so it sounds like you expect them further.

Ryan Joel Krueger: Compression near term was that comment specifically about individual retirement or is that something you'd also expect and in group retirement and institutional as well.

Elias: Hey, Ryan its Elias.

Ryan Joel Krueger: Hey, Ryan, it's Elias. So, you know, from here, there could be some more marginal compression. It's not going to be a lot in individual retirement, but the key thing for us is that we're going to be growing earnings in that business. You know, it's part sales, but it's part higher reinvestments in the business. So you go back to Kevin's earlier comment; we expect growth and new products given the current outlook. We're reinvesting money at much higher levels than where assets are rolling out of the portfolio, but there's a bit of a headwind on the cost of funds for the region.

Elias: You know from here there could be some more confirmed margin compression thats not going to be a lot.

Elias: In individual retirement.

But the key thing for US is we're gonna be growing earnings in that business.

Elias: Despite sales, but it's part of the higher Reinvestments on the business. So you go back to Kevin's earlier comment we expect growth in spread products given the current outlook, we're reinvesting money at much higher levels than where assets are rolling out of the portfolio, but there's a bit of.

Elias: Headwind on the cost of funds for the reasons, Kevin articulate, but earnings is going to grow a big threat.

unknown: Kevin Hogan, Michael Ward, Elyse Greenspan, Joshua Shanker, Suneet Kamath,

Elias: It will be flattish to maybe marginally down on him group kind of similar dynamics are a little different but yes.

Elias: Yes, similar flat to maybe slightly down from here.

Speaker Change: Got it.

unknown: But I think it's important, you know, Ryan, it's not, it's not.

Good morning, Ryan.

Brian It's Scott.

Speaker Change: Okay, Yes.

unknown: I just wanted to add that we are talking about incremental, marginal spread compression, not significant spread compression as the cost of funds increases, and that's the reason that what we're really focused on is the fact that the spread income is in the base that generates the spread income we expect to continue to grow, in particular in individuals.

Speaker Change: Sorry.

Ryan sorry, I just wanted to add ons like we are talking incremental marginal spread compression not significant spread compression as the cost of funds increase so and.

Speaker Change: That's the reason that what we're really focused on is the fact that the spread income is in the <unk>.

Speaker Change: That generates the spread income we expect to continue to grow in particular in individual retirement.

Got it thank you and then institutional it looks like.

Ryan Joel Krueger: Got it. Thank you. And then in institutional, it looks like if we adjust for the normalizing items, the earnings run rate has stepped up to about 140 to 145 million in the last couple of quarters. Is that a reasonable kind of baseline to grow off of going forward?

Speaker Change: We adjust for than.

Speaker Change: The normalizing items.

Speaker Change: The earnings run rate has been stepped up to about $140 million to $145 million in the last couple of quarters is that a reasonable kind.

Kind of baseline to grow off of going forward.

Elias Farid Habayeb: You're normalizing Ryan to the run rate kind of on alternatives in that estimate, correct? Correct. Yeah.

Speaker Change: Youre normalized right to the run rate kind of on alternatives and that estimate correct.

Speaker Change: Correct, yes.

Speaker Change: Yeah.

Speaker Change: Yes, so the earnings of the business as we've said before if we normalize to our long term expectations on all fronts is trending in the direction. We expect it to go given the growth of the business you know, we've given muted growth in the reserves, which kind of is a function of the new business, we're doing the big drivers there.

Elias Farid Habayeb: Yeah, so the earnings of the business, as we've said before, if we normalize our long-term expectations, an alternative is trending in the direction we expect it to go, given the growth of the business. We've given you the growth in the reserve, which is kind of a function of the new business we're doing. And the big driver there is the growth in the PRT business, as well as as we've become more of a regular issuer of FABNs in it. And so we'd expect that trend to continue. Okay, one thing is that there will always be volatility in currencies that we can't control.

Speaker Change: Or is the growth in the PRT business as well as we become more of a regular issuer F. N B M Senate and so we'd expect that trend to continue.

Speaker Change: Okay.

Speaker Change: Is there will always be volatility got upfront citizens that we can't control.

Speaker Change: Okay.

Speaker Change: Our next question comes from Tom Gallagher with Evercore. Please go ahead.

unknown: Our next question comes from Tom Gallagher with Evercore. Please go ahead.

Thomas George Gallagher: Good morning.

Thomas George Gallagher: Good morning. How much readily deployable excess capital would you say that you have now? And would you be interested in buying back stock directly from AIG? You know, it's pretty clear they're going to be bringing something relatively soon. Is that something that you're contemplating?

Thomas George Gallagher: How much readily deployable excess capital.

Thomas George Gallagher: Would you say that you have now and would you be interested in buying back stock directly from AIG, it's pretty clear that they're going to be bringing something.

Speaker Change: Relatively soon.

Thomas George Gallagher: Is that something that you're contemplating.

Elias Farid Habayeb: So, Thomas, and Elias, I'm going to answer the second question first, then I'll go back to the first. So, as I said, our base case is that we will be buying shares back in the open market. If there's an opportunity to buy back shares from AIG, that's something we'd consider. But right now, our base case is the open market.

So Tom it's alive, so I'm going to answer the second one first then I'll go back to the first so as I said our base case is that we will be buying shares back in the open market.

Thomas George Gallagher: If there is an opportunity to buy back shares from AIG, that's something we would consider but right now our base case or open market purchases on your first question is like listen we've given you in the past kind of where we are from a parent's liquidity perspective, as well as where our risk based capital levels.

Elias Farid Habayeb: On your first question, it's like, listen, we've given you an idea of where we are from a parent liquidity perspective, as well as where our risk-based capital levels and insurance companies are. Our balance sheet continues to be strong, as you've seen in the past. And we ended the quarter with $1.7 billion in cash. And in April, we got another $550 million from UK sales. So I think we stand in a strong position from a balance sheet perspective.

Thomas George Gallagher: Insurance companies are our balance sheet continues to be strong.

Thomas George Gallagher: As you've seen in the past that we ended the quarter with $1 billion, seven and cash and in April we got another $550 million out of the UK sale. So I think we stand in a strong position from a balance sheet perspective.

Speaker Change: Got you and.

Thomas George Gallagher: Gotcha. And Elias, by the way, the billion seven of Holco cash. I think there was kind of a near-term target of a billion five, and then eventually, that was going to drop. After the initial separation spend, are you at that level where you've lowered the target for whole co-cash?

Speaker Change: By the way the 1 billion seven of Holdco cash I think there was kind of a near term target of a $1 billion five and then eventually that was going to drop.

Speaker Change: After the initial separation spend do you at that level, where you've lowered the target.

Speaker Change: Okay.

Speaker Change: So our hope for cash the target is a function of you.

Elias Farid Habayeb: So our hopeful cash, the target is a function of, you know, our debt service cost as a function of, you know, we take into consideration the next 12 months of regular dividends and any expenses. It is what our next 12 months' need is trending down. You know, we were in a strong position as of the end of the quarter from there, but we would expect it to trend down, but that's a function of the formula I laid out.

Our debt service costs as a function.

Speaker Change: We take into consideration next 12 month of regular dividends and M&A expenses.

What our next 12 month needs is trending down we were in a strong position as of the end of the quarter from there, but we would expect it to trend down, but that's a function of the formulae laid out.

Okay. Thanks, and just a quick one on investments just on commercial mortgage loans.

Thomas George Gallagher: Okay, thanks. And just a quick one on investments, just on commercial mortgage loans a lot.

Speaker Change: Maybe.

Sorry, what's that chartwell, we're limiting it to one.

unknown: Sorry, what's that? Well, we're limiting it to one.

unknown: Alright, no problem, I'll... I'll re-cue our next question.

Alright, no problem.

Speaker Change: Question, one follow up Tom.

Speaker Change: Thank you.

Yeah.

Speaker Change: Our next question comes from Joe <unk> with Dowling <unk> partners. Please go ahead.

Joel Hurwitz: Our next question comes from Joel Hurwitz with Dowling Partners. Please go ahead. Hey, good morning.

Joe: Hey, good morning.

Joel Hurwitz: In group, how much of the withdrawals from the in-plan participants that are retiring are you able to capture in your out-of-plan or advisory business?

Joe: How much of the withdrawals from me and plan participants that are retiring.

Joe: Are you able to capture and you're out of plan or advisory business.

Speaker Change: Yes, Thanks, Joe.

Kevin Timothy Hogan: Yeah, thanks, Joel. We do not report that number.

Speaker Change: We do not.

Speaker Change: Report that number.

Speaker Change: Our valid financial advisers are 1100 financial professionals, we're in a great position to continue.

Speaker Change: Continue to work with the participants throughout their careers so that.

Speaker Change: When it comes time for retirement they are in the conversation around the aggregation of household assets the consolidation of assets at the time of retirement a lot of times. Both members of a working family will will retire at the same time, but what I can say is that if you look at the $1 9 million customers that.

Kevin Timothy Hogan: You know, our ballot financial advisors, our 1100 financial professionals are in a great position to continue to work with the participants throughout their careers so that, when it comes time for retirement, they're in the conversation around the aggregation of household assets, the consolidation of assets at the time of retirement. A lot of times, both members of a working family will retire at the same time. But what I can say is that if you look at the 1.9 million customers that we have in group retirement, about 200,000 of those are in the sort of post retirement period. And while that represents only around 14, 15% of the total employee population, it does represent around 34, 35% of the asset base of group retirement.

Speaker Change: We have in group retirement about 200000 of those are in the sort of post retirement period, and while that represents only around 14% 15% of the total employee population. It does represent around 34, 35% of the asset base of group retirement, so clearly.

Kevin Timothy Hogan: So clearly, you know, our strategy of working with people and then aggregating household assets after retirement is an important opportunity for this business. So, we don't talk about the individual sort of recapture rate, but it's been a successful element of our strategy, and we expect it to continue. Okay.

Speaker Change: Our strategy of working with people and then aggregating household assets after retirement.

Speaker Change: As an important opportunity for this business. So we don't talk about the individual sort of recapture rate, but it's been a successful elements of our strategy and we expect it to continue to be sold.

Speaker Change: Okay helpful. And then following up on <unk> question on <unk> can you just talk about the.

Kevin Timothy Hogan: And then following up on Elyse's question on PRT, can you just talk about the competitive environment there? Recently, another PRT player indicated that returns on some of this new business are not as attractive as they've historically been. Are you seeing that, or maybe it's different in the full plan termination space? Yeah, we focused on the full plan termination space because it is different. And, you know, the characteristics of full plan terminations is that, you know, a lot of times you have multiple plans with multiple options, and there are active employees who have deferred those options.

Speaker Change: The competitive environment. There are another PRT player indicated recently that the returns on some of this new business.

Speaker Change: Not as attractive as they have historically been or are you seeing that or maybe it's different than in the full plan termination space.

Speaker Change: We focused on the full plan termination space because it is different.

Speaker Change: And the characteristics of the full plan terminations is a lot of times you have multiple plans with multiple options and there are active employees, who have deferred those options. So they need to take to keep track of those to be able to offer them. The choices. They have at the appropriate time plus it require.

Kevin Timothy Hogan: So you need to keep track of those to be able to offer them the choices they have at the appropriate time. Plus, it requires a little bit more underwriting sort of focus. And so, starting almost ten years ago, we built those administrative capabilities, and we built the underwriting resources, aggregating the data, and doing the research necessary. And so we feel in a very good position for full plan terminations. Plus, you know, you have to be able to be quite flexible in working with the plan sponsor in creating the transaction, because each one is fairly bespoke. There's no standardized approach, and we're well known, I think, as a problem solver.

Speaker Change: There's a little bit more underwriting.

Speaker Change: Sort of focus and so starting now almost 10 years ago, we built those administrative capabilities and we built the underwriting resources aggregating the data.

Speaker Change: The research necessary and so we feel in a very good position in full plan terminations plus.

Speaker Change: You have to be able to be quite flexible in working with the with.

Speaker Change: But the plan sponsor.

Speaker Change: Creating the transaction because each one is fairly bespoke theres no standardized approach and we are well known I think as a problem solver.

Kevin Timothy Hogan: So, what we find is that the number of participants in full plan terminations is lower. We have been able to secure very attractive economics on the transactions that we've underwritten, and we have the confidence to, you know, sort of move away if we don't find that the economics are attractive. We price the business based on a lens looking at, you know, economic profitability, as well as the gap and the statistical implications.

Speaker Change: So what we find is that the number of participants in full plan terminations is lower.

Speaker Change: We have been able to secure very attractive economics.

On the transactions that we've underwritten and we have the confidence to.

Speaker Change: It sort of moved away if we don't find that the economics are attractive we priced the business based upon a lens looking at economic profitability as well as the GAAP and the stat implications, sometimes we consider the tax aspect.

And the business that we're writing is at returns that are consistent with our sort of medium term margin expectations. So so actually.

Kevin Timothy Hogan: Sometimes we consider the tax aspect, and the business that we're writing is at returns that are consistent with our, you know, sort of medium-term margin expectations. So, actually, we have the pipelines very strong. The transactions are attractive. They take some time to negotiate, but that's one of the reasons that we believe that the economic profile is more attractive, and we will continue to focus on full plan terminations.

Speaker Change: The pipelines are very strong the transactions are attractive.

Speaker Change: It takes some time to negotiate but that's one of the reasons that we believe that the economic profile is more attractive.

Speaker Change: And we will continue to focus on full plan terminations.

Speaker Change: Okay. Thank you.

Speaker Change: Our final question today comes from Tom Gallagher with Evercore. Please go ahead.

Thomas George Gallagher: Our final question today comes from Tom Gallagher with Evercore. Please go ahead.

Hey, thanks.

Thomas George Gallagher: Hey, thanks for letting me back in. Just the question on the investment side, Elias. I know you've talked about the strength in your reserves for your commercial mortgage loans, which I would concur with. But just curious, would you expect much restructuring and foreclosure activity over the next few years? Meaning, do you expect to use those reserves? Or are you not seeing much activity? Or are the waters calm on that front? Thanks, and to others.

Thomas George Gallagher: For letting me back in just the quest.

Thomas George Gallagher: A question on the investment side why should I know you've talked about the strength in your reserves for your commercial mortgage loans, which I I would concur with.

But just curious would you would you expect much restructuring in foreclosure activity over the next few years, meaning Steve do you expect to use those reserves.

Thomas George Gallagher: Or are you not seeing much activity and it is or the waters comps on that front. Thanks.

Steve: So Tom if we look at our track record today, you know we've been successful in kind of either getting paid off or extending the loans that have come due.

Elias Farid Habayeb: So Tom, if we look at our track record today, you know, we've been successful in kind of either getting paid up or extending the loans that have come due. From that perspective, we have not foreclosed on anyone at this stage. But, you know, this is an evolving situation, and our team is very proactive in engaging with our borrowers to kind of find the best solutions for people. And, you know, as part of trying to, we have no foreclosures in our portfolio.

Steve: From that perspective, we have not foreclosed on anyone at this stage, but you know this is an evolving situation and our team is very proactive in engaging with our borrowers to kind of find the best solutions for people and it's part of trying to.

Steve: Agree on an extension, we try to get a restructuring of the capital structure to make sure. The property is sustainable that being said I can't tell you.

Steve: Not going to happen, but should it happen we feel comfortable that we're in a good position not only do we have a strong reserve, but we also we have real estate equity team, where we have our own funds. So if we think foreclosure is the right answer for us.

Steve: We're ready for it for $3 <unk>.

Steve: Commercial mortgage loan team and our real estate equity team, we know what to do but at this point, we have no foreclosures.

Steve: Portfolio.

Speaker Change: Got you. Thank you.

Speaker Change: Okay. Thank you everybody for joining us this morning, and thanks for your questions and hope everyone has a nice day.

Operator: Okay, thank you everybody for joining us this morning. Thanks for your questions. I hope everyone has a nice day.

Speaker Change: Yeah.

Speaker Change: Thank you everyone for joining us today. This concludes our call and you may now disconnect your lines.

Operator: Thank you everyone for joining us today. This concludes our call, and you may now disconnect your lines.

Q1 2024 Corebridge Financial Inc Earnings Call

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