Corebridge Financial, Inc. (NYSE:CRBG) Q2 2023 Results Conference Call August 4, 2023 8:30 AM ET

Company Participants

Josh Smith - Head of Investor Relations

Kevin Hogan - President and Chief Executive Officer

Elias Habayeb - Chief Financial Officer

Conference Call Participants

Josh Shanker - Bank of America

Ryan Krueger - KBW

Brian Meredith - UBS

John Barnidge - Piper Sandler

Alex Scott - Goldman Sachs

Erik Bass - Autonomous Research

Suneet Kamath - Jefferies

Tom Gallagher - Evercore ISI

Operator

Hello, everyone, and welcome to the Corebridge Financial Second Quarter 2023 Earnings Call. My name is Emily, and I'll be coordinating your call today. [Operator Instructions].

I will now turn the call over to Josh Smith, Investor Relations with Corebridge Financial. Josh, please go ahead.

Josh Smith

Good morning, everyone, and welcome to Corebridge Financial's earnings update for the second quarter of 2023. 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.

Today's remarks 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. Corebridge's filings with the SEC provide details on important factors that may cause actual results or events to differ materially. 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.

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.corebridgefinancial.com.

With that, I would now like to turn the call over to Kevin.

Kevin Hogan

Thank you, Josh, and good morning, everyone. This was another excellent quarter for Corebridge. We continue to benefit from focused execution, disciplined risk management and the competitive strengths of our diversified businesses. During the second quarter, we returned $750 million to shareholders through a combination of dividends and share repurchases, bringing the total capital return since our initial public offering to $1.2 billion. With this milestone, we are honoring our commitment to begin to return capital beyond regular quarterly dividends within 9 months of the IPO. We remain focused on our capital management strategies, and we are on track to achieve a 60% to 65% payout ratio in 2024.