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August 05, 2024 at 02:01 PM
Corebridge Financial posted strong sales of individual annuities for the second quarter — just as market turmoil was about to hit.
Kevin Hogan, the chief executive officer, talked to securities analysts during a conference call about why Corebridge is comfortable offering income guarantees and what access to guarantees means for retirement savers.
Fixed annuities “are very valuable to customers as part of a long-term savings plan, and we’ve seen advisors being very supportive,” he said.
Fixed annuity sales were strong during the second quarter because clients and their financial professionals wanted fixed annuities, not because Corebridge took steps to narrow profit margins, he said.
What it means: The current turmoil could increase some clients’ awareness that they can tolerate less risk than they thought. Some might like the idea of putting some of their nest eggs in fixed annuities.
The earnings: Corebridge, a Houston-based company that was spun off from AIG, held the conference call to go over second-quarter earnings.
The quarter ended June 30.
Corebridge reported $365 million in net income for the quarter on $12 billion in premiums and deposits, compared with $771 million in net income on $9.9 billion in premiums and deposits for the second quarter of 2023.
