Developer of computer telephony integration (CTI) software. The company develops unified messaging solutions, unified communication solutions, and multi-channel contact management software for companies and service providers of all sizes. The company's suite of applications combines automated access to core information systems to provide a higher level of day to day communication and interaction among businesses, their employees, and customers.
Latest Corebridge News
Nov 2, 2023
Reinsurance News Global insurer AIG has reported a 6.8 points improvement in the General Insurance (GI) combined ratio to 90.5% for the third quarter of 2023, driven by a 7.9 point decrease in the loss ratio to 59.6%. In the third quarter of 2023, GI underwriting income increased $443 million from the prior year quarter to $611 million. GI underwriting income included $462 million of total catastrophe-related charges, representing 6.9 loss ratio points, of which $367 million was in North America, mainly attributable to the Lahaina Wildfire and Hurricane Idalia, and $95 million in International. AIG’s GI accident year combined ratio was 86.3%, compared with 88.4% a year earlier. It also said net premiums written in its GI arm for the quarter ended September 30 grew 1% to $6.46 billion, driven by 16% growth in Personal Insurance and 6% growth in Commercial Lines. The segment’s adjusted pre-tax income (APTI) of $1.4 billion increased $617 million from the prior year quarter, driven by higher underwriting income as a result of an improved accident year loss ratio, higher favourable prior year development and increased net investment income. Peter Zaffino, AIG’s Chairman and Chief Executive Officer (CEO), commented: “In the third quarter, AIG delivered exceptional results driven by continued improvement in underwriting profitability and an outstanding quarter in our Commercial Lines business with an 81.7% accident year combined ratio, as adjusted.” “This quarter’s adjusted after-tax income per diluted share of $1.61 increased 92% from the prior year quarter. Our relentless focus on our strategic priorities has enabled us to accelerate our execution and generate significant sustainable value for shareholders and other stakeholders.” The Life and Retirement APTI increased $187 million from the prior year quarter to $971 million, driven by continued spread expansion and strong sales, particularly in Fixed Index Annuities. “Life & Retirement also delivered solid third-quarter results, which were attributable to continued spread expansion and strong Fixed Index Annuities sales which exceeded $2 billion for the third consecutive quarter. Base net investment income continued to see benefits from the higher interest rate environment and Individual and Group Retirement produced a 41 basis point base spread expansion year-over-year.” Net income attributable to AIG common shareholders was $2.0 billion compared to $2.7 billion a year ago. On November 1, Bermuda-based reinsurer RenaissanceRe completed its previously announced acquisition of Validus Re, the treaty reinsurance operation of global insurer AIG, a transaction it says creates immediate and long-term value for its shareholders. “On November 1, we announced the successful closing of the sale of Validus Re to RenaissanceRe for which we received total consideration of $3.3 billion in cash, including a pre-closing dividend, and approximately $275 million in RenaissanceRe stock. This sale significantly contributes to our efforts to streamline our business model, simplify our portfolio and further reduce volatility.” On October 31, Corebridge announced the closing of the sale of Laya Healthcare Limited to AXA for €650 million in cash, the net proceeds from which will be distributed by a special dividend of approximately $730 million to Corebridge shareholders. “Corebridge continues to make significant progress in simplifying its portfolio. In September, Corebridge announced the sale of AIG Life Limited to Aviva plc for a consideration of £460 million. On October 31, Corebridge closed the sale of Laya Healthcare to AXA for €650 million, the net proceeds from which will be distributed by a special dividend of approximately $730 million to Corebridge shareholders of record. These transactions will enable Corebridge to concentrate on U.S. Life & Retirement solutions where it has proven market strength and distribution capabilities.” On November 1, the AIG Board of Directors declared a quarterly cash dividend on AIG common stock of $0.36 per share. The dividend is payable on December 28, to stockholders of record at the close of business on December 14. Share this:
Corebridge Frequently Asked Questions (FAQ)
When was Corebridge founded?
Corebridge was founded in 2001.
Where is Corebridge's headquarters?
Corebridge's headquarters is located at 3, Rue St Philippe du Roule, Paris.
What is Corebridge's latest funding round?
Corebridge's latest funding round is Seed.
How much did Corebridge raise?
Corebridge raised a total of $1.34M.
Who are the investors of Corebridge?
Investors of Corebridge include VPSA.