Corebridge Q1 Loss Narrows
(RTTNews) - Insurance company Corebridge Financial (CRBG) on Monday reported first-quarter results, with net loss narrowing from last year.
Net loss for the quarter was $53 million, or $0.11 per share, compared with a loss of $664 million, or $1.19 per share, in the prior-year period.
The improvement was largely due to realized gains related to Fortitude Re embedded derivatives, compared with losses in the year-ago period.
Adjusted after-tax operating income declined to $501 million from $570 million last year, while operating earnings per share increased to $1.05 from $1.02.
Premiums and deposits decreased 10% to $8.01 billion from $8.92 billion a year ago.
Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.