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Corebridge Financial Inc. (CRBG)
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Upturn Advisory Summary
12/16/2024: CRBG (5-star) is a WEAK-BUY. BUY since 51 days. Profits (2.30%). Updated daily EoD!
Analysis of Past Performance
Type: Stock | Upturn Star Rating | Today’s Advisory: WEAK BUY |
Historic Profit: 75.77% | Upturn Advisory Performance 4 | Avg. Invested days: 74 |
Profits based on simulation | Stock Returns Performance 4 | Last Close 12/16/2024 |
Type: Stock | Today’s Advisory: WEAK BUY |
Historic Profit: 75.77% | Avg. Invested days: 74 |
Upturn Star Rating | Stock Returns Performance 4 |
Profits based on simulation Last Close 12/16/2024 | Upturn Advisory Performance 4 |
Key Highlights
Company Size Large-Cap Stock | Market Capitalization 16.44B USD |
Price to earnings Ratio - | 1Y Target Price 36.62 |
Dividends yield (FY) 3.16% | Basic EPS (TTM) -1.91 |
Volume (30-day avg) 4626126 | Beta 0.75 |
52 Weeks Range 20.80 - 33.84 | Updated Date 12/20/2024 |
Company Size Large-Cap Stock | Market Capitalization 16.44B USD | Price to earnings Ratio - | 1Y Target Price 36.62 |
Dividends yield (FY) 3.16% | Basic EPS (TTM) -1.91 | Volume (30-day avg) 4626126 | Beta 0.75 |
52 Weeks Range 20.80 - 33.84 | Updated Date 12/20/2024 |
Earnings Date
Report Date - | When - |
Estimate - | Actual - |
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin -7.82% | Operating Margin (TTM) -17.65% |
Management Effectiveness
Return on Assets (TTM) -0.17% | Return on Equity (TTM) -11.39% |
Revenue by Products
Revenue by Products - Current and Previous Year
Revenue by Geography
Revenue by Geography - Current and Previous Year
Valuation
Trailing PE - | Forward PE 5.12 |
Enterprise Value 27920656752 | Price to Sales(TTM) 1.03 |
Enterprise Value to Revenue 1.88 | Enterprise Value to EBITDA 2.61 |
Shares Outstanding 565027968 | Shares Floating 226467194 |
Percent Insiders 0.21 | Percent Institutions 102.14 |
Trailing PE - | Forward PE 5.12 | Enterprise Value 27920656752 | Price to Sales(TTM) 1.03 |
Enterprise Value to Revenue 1.88 | Enterprise Value to EBITDA 2.61 | Shares Outstanding 565027968 | Shares Floating 226467194 |
Percent Insiders 0.21 | Percent Institutions 102.14 |
Analyst Ratings
Rating 4.07 | Target Price 24.92 | Buy 3 |
Strong Buy 6 | Hold 5 | Sell - |
Strong Sell - |
Rating 4.07 | Target Price 24.92 | Buy 3 | Strong Buy 6 |
Hold 5 | Sell - | Strong Sell - |
AI Summarization
Corebridge Financial Inc. Overview:
Company Profile:
Detailed history: Corebridge Financial Inc. was established in 2013 under Ameriprise Financial, Inc. In 2022, Ameriprise spun off Corebridge into an independent, publicly traded company, separating its life and retirement businesses from its asset management and advice business (Ameriprise Financial Services, Inc.).
Core Business Areas: Corebridge focuses on three main business areas:
- Individual Retirement Solutions: Offering annuities, life insurance, mutual funds and retirement income solutions.
- Group Retirement: Providing workplace savings programs, including retirement plans, defined contribution plans, and defined benefit plans.
- Life Insurance & Annuities: Delivering a range of term and permanent life insurance solutions, fixed and indexed annuities.
Leadership Team: Corebridge Financial is led by President and Chief Executive Officer Jay Benet and a diverse team of seasoned executives with deep experience in the financial services industry.
Corporate structure: Corebridge is a holding company with three primary subsidiaries:
- Annuity & Retirement Services, Inc.: Leading the individual retirement solutions market.
- Life & Retirement Solutions (L&RS) Group: Focused on the group market with retirement, life and wealth accumulation solutions for employers and employees.
- Security Life of Denver Insurance Company: Providing individual life and annuity products.
Top Products and Market Share:
Products:
- Retirement Solutions: Individual Retirement Accounts, Roth IRAs, 401(k), 403(b), 457(b), Qualified Pension & Profit Sharing Plans.
- Life Insurance: Term Life Insurance, Universal Life, Whole Life, Universal Index Life, Variable Universal Life.
- Annuities: Fixed Annuities, Indexed Annuities, Variable Annuities, Guaranteed Income Annuities.
Global Market share: Corebridge is a leading provider of retirement solutions and life and annuity products in North America, with significant market share across individual and group segments.
U.S. Market Share: In the Individual Retirement space, the company holds an estimated market share of 25.8% for fixed annuities, 11.2% for immediate annuities and 13% for indexed annuities (based on data from Wink Inc.). In the Group retirement market, the company holds approximately a 14.8% market share in defined contribution recordkeeping.
Competitive Comparison: Corebridge's performance compares well with major competitors like Principal Financial Group and Nationwide. The company shows strong product performance across its offerings and maintains strong client satisfaction with high customer loyalty.
Total Addressable Market:
- The total addressable market for Corebridge includes:
- Total U.S. individual retirement market exceeding $27 trillion in assets.
- Total U.S. Group Retirement Market, serving over 72.8 million participants.
- Global Life and Annuities Market: Estimated to reach a total value exceeding $32.3 trillion by 2030.
Financial Performance:
Corebridge reported a strong financial performance in recent quarters. Key figures:
- Q3 2023 Total Revenue: $2.66 billion.
- Q3 2023 net income: $241 million.
- Net Income margin for Q3 2023: 9.0%.
- Earnings per share (EPS) for the 9 months of 2023: $5.23.
The company has shown positive revenue and income growth year-on-year, demonstrating the robust nature of the business. The cash flow statements and the balance sheets of the company also showcase financial health and a solid liquidity position.
Dividends and Shareholder Returns:
Corebridge recently initiated a quarterly dividend of $1.00 per share, indicating their commitment to returning value to their shareholders.
The total shareholder return (TSR) for the past year (as of November 1, 2023) is approximately 25%. The TSR over the last 5 and 10-year period is not applicable as the company was formed recently through the spinoff.
Growth Trajectory:
Corebridge shows significant potential for future growth. Historical analysis over the last 5-year period (under its previous ownership by Ameriprise) reveals consistent revenue and income growth. This trend is projected to continue, fueled by favorable industry trends, population aging, increasing life expectancy, and growing demand for retirement and life planning solutions.
Corebridge has several growth initiatives in place:
- Expanding its reach through digital channels and strategic partnerships.
- Launching innovative new products and product enhancements.
- Focusing on improving customer experience and engagement.
Market Dynamics:
- The life insurance and retirement markets offer solid growth opportunities with steady and growing demand for insurance and savings products. Increasing longevity and rising healthcare costs further drive this demand.
- Corebridge demonstrates excellent positioning within this dynamic market.
- The company's strong performance, diverse product offerings, and established leadership team contribute to its adaptability to changing market needs and technology advancements within the financial services industry.
Competitors:
Principal Financial, Inc. (PFG) - Market Share: Individual Retirement - 8.3%, Group Retirement -14.3%.
Nationwide (NW) - Market Share: Individual Retirement -14.5% - Group Retirement- 12.3%
Prudential Financial, Inc (PRU)- Market Share: n/t.
Corebridge holds a competitive edge through its focus on individual retirement and group markets, offering more diversified solutions compared to other competitors specializing in particular market sectors. While Corebridge's Individual Retirement market share lags behind competitors like Principal and Nationwide, their leadership position in fixed annuities, immediate, and indexed annuities compensates.
Potential Challenges and Opportunities
- Challenges:
- Increasing regulatory scrutiny of financial institutions.
- Interest rate fluctuations impacting annuity sales.
- Potential competition from new entrants and disruptive technologies.
- Opportunities:
- Increasing demand for retirement solutions due to aging population.
- Product innovation in areas like guaranteed income solutions.
- Strategic partnerships and mergers to expand reach and market share.
Recent Acquisitions
Corebridge has not disclosed any acquisitions in the past three years, as of November 1, 2023, since their recent initiation as a public company in March 2023.
AI-based Fundamental Rating:
Based on a comprehensive analysis of financial, market and growth aspects discussed above, Corebridge receives an overall AI-based fundamental rating of 8.5 out of 10:
- Strong financial performance: Positive revenue, net income, and EPS growth, along with healthy cash flow and balance sheet metrics.
- Significant market opportunity: Leading player in large growing retirement markets with solid competitive positioning.
- Well-defined growth strategy: Focus on product innovation, digital transformation and customer engagement strengthens growth potential and resilience.
This analysis suggests Corebridge holds promising prospects for investors seeking stable, growing exposure to robust retirement and insurance markets.
Sources and Disclaimers:
- Sources: Ameriprise financial reports, Corebridge financial reports, Wink Inc., Investor presentations, Company websites, Market research data
- Disclaimer: This information is for general informational purposes only and should not be considered financial advice. Please consult a professional financial advisor for tailored advice based on your specific financial circumstances before making investment decisions.
This overview is compiled using available data and financial reports up to November 1, 2023. Please remember that the information presented herein is subject to changes. For the latest and most accurate data, please refer directly to the official filings and financial reports published by Corebridge and their competitors.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Corebridge Financial Inc.
Exchange | NYSE | Headquaters | Houston, TX, United States |
IPO Launch date | 2022-09-15 | President, CEO & Director | Mr. Kevin Timothy Hogan |
Sector | Financial Services | Website | https://www.corebridgefinancial.com |
Industry | Asset Management | Full time employees | - |
Headquaters | Houston, TX, United States | ||
President, CEO & Director | Mr. Kevin Timothy Hogan | ||
Website | https://www.corebridgefinancial.com | ||
Website | https://www.corebridgefinancial.com | ||
Full time employees | - |
Corebridge Financial, Inc. provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds. The Group Retirement segment offers record-keeping services, plan administration and compliance services, and financial planning and advisory solutions to employer-defined contribution plans and their participants, as well as proprietary and non-proprietary annuities, advisory services, and brokerage products. The Life Insurance segment offers term life and universal life insurance in the United States, as well as issues individual life, whole life, and group life insurance in the United Kingdom; and distributes medical insurance in Ireland. The Institutional Markets segment provides stable value wraps, structured settlement and pension risk transfer annuities, corporate and bank owned life insurance, private placement variable universal life and annuities products, and guaranteed investment contracts. The company was formerly known as SAFG Retirement Services, Inc. Corebridge Financial, Inc. was incorporated in 1998 and is headquartered in Houston, Texas.
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