Corebridge Financial Inc
For the period ended Jun 30, 2024. Filed Aug 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 1, 2024
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-03.
0001889539-24-000022
Item 1A. | Risk FactorsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-01.
0001889539-24-000030
Item 1A. | Risk FactorsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 6 previous paragraphs and 10 current paragraphs.
1 unchanged; 5 reworded; 4 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
Failure to complete the Nippon Transaction may negatively impact our ongoing business and stock price.
Current report
If the Nippon Transaction is not completed on a timely basis or at all, our ongoing business may be adversely affected as a result of the time and resources committed to the proposed transaction that could have been devoted to pursuing other opportunities. In addition, the price of our common stock may decline to the extent that the current market price reflects a market assumption that the Nippon Transaction will be completed on the proposed timeline and that any anticipated benefits will be realized.
Current report
On May 4, 2023, our Board of Directors authorized a $1.0 billion share repurchase program. On April 30, 2024, our Board of Directors authorized an additional $2.0 billion increase in the share repurchase amount under the share repurchase program. Under this program, Corebridge Parent may, from time to time, purchase up to $3.0 billion of Corebridge Parent common stock but is not obligated to purchase any particular number of shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time.
Reworded paragraphs (5)
Previous wording
The following table provides information about purchases made by or on behalf of Corebridge Parent or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act) of Corebridge Common Stock during the three months ended March 31, 2024:
Current wording
The following table provides information about purchases made by or on behalf of Corebridge Parent or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act) of Corebridge Parent common stock during the three months ended June 30, 2024:
Previous wording
*Excludes excise tax of $2.4 million due to the Inflation Reduction Act of 2022 for the three months ended March 31, 2024.
Current wording
*Excludes excise tax of $4.4 million due to the Inflation Reduction Act of 2022 for the three months ended June 30, 2024.
Previous wording
Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. For instance, certain of our share repurchases have been and may from time to time be effected through Exchange Act Rule 10b5-1 repurchase plans, including the share repurchase plan Corebridge Parent adopted on March 15, 2024, which, unless extended expires on May 8, 2024. The timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.
Current wording
Shares may be repurchased from time to time in the open market, through private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. For instance, certain of our share repurchases have been and may from time to time be effected through Exchange Act Rule 10b5-1 repurchase plans, including the share repurchase plan Corebridge Parent adopted on June 12, 2024, which, unless extended expires on August 7, 2024. The timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.
Previous wording
During the three months ended March 31, 2024, Corebridge Parent repurchased approximately 9.5 million shares of Corebridge Common Stock, par value $0.01 per share for an aggregate purchase price of $243 million, pursuant to the share repurchase program under which Corebridge Parent may, from time to time, purchase up to $1.0 billion of its common stock but is not obligated to purchase any particular number of shares.
Current wording
During the three months ended June 30, 2024, Corebridge Parent repurchased approximately 15.1 million shares of Corebridge Parent common stock, par value $0.01 per share, for an aggregate purchase price of $436 million, pursuant to the share repurchase program.
Previous wording
As of March 31, 2024, approximately $259 million remained under the share repurchase program authorization.
Current wording
As of June 30, 2024, approximately $1.8 billion remained under the share repurchase program authorizations.