Retirement solutions provider Corebridge Financial (NYSE: CRBG) will be announcing earnings results this Monday after the bell. Here’s what to expect.
Corebridge Financial beat analysts’ revenue expectations by 49.7% last quarter, reporting revenues of $5.63 billion, up 34.2% year on year. It was a slower quarter for the company, with a significant miss of analysts’ EPS estimates.
Is Corebridge Financial a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting Corebridge Financial’s revenue to decline 7.9% year on year to $4.31 billion, improving from the 21.1% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.11 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Corebridge Financial has missed Wall Street’s revenue estimates five times over the last two years.
Looking at Corebridge Financial’s peers in the life insurance segment, some have already reported their Q4 results, giving us a hint as to what we can expect. CNO Financial Group delivered year-on-year revenue growth of 2.4%, beating analysts’ expectations by 1.5%, and Aflac reported flat revenue, falling short of estimates by 2.9%. CNO Financial Group traded up 5.5% following the results while Aflac was also up 3.4%.
Read our full analysis of CNO Financial Group’s results here and Aflac’s results here.
Investors in the life insurance segment have had steady hands going into earnings, with share prices flat over the last month. Corebridge Financial’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $37.69 (compared to the current share price of $31.16).
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