Corebridge Financial appoints Edward Bousa to board

HOUSTON - Corebridge Financial, Inc. (NYSE: CRBG) has expanded its Board of Directors with the appointment of Edward Bousa as an independent director, the company announced today. Bousa, a seasoned investment professional with over 40 years in the industry, brings a wealth of experience to the financial services firm, known for its extensive portfolio of retirement solutions and insurance products.

Bousa's career highlights include a 20-year tenure at Wellington Management Company LLC, where he served on the Executive Committee and led the Quality Value Equity Investment Strategies team. His expertise in investment management and corporate strategy is expected to be a valuable addition to Corebridge, which manages and administers over $390 billion in assets as of June 30, 2024.

Peter Zaffino, Chairman of the Board of Directors of Corebridge Financial, expressed confidence in Bousa's ability to contribute to the company's growth and performance. Bousa also holds director positions on the boards of Omnicell (NASDAQ:OMCL) and Azenta, Inc., and is involved with the Iacocca Family Foundation as treasurer and board member.

Corebridge Financial is recognized as one of the largest providers of retirement solutions and insurance products in the U.S. The company emphasizes its commitment to helping individuals achieve secure financial futures through partnerships with financial professionals and institutions.

The appointment of Edward Bousa is part of Corebridge's ongoing efforts to strengthen its leadership and strategic direction. The company's announcement is based on a press release statement and provides a glimpse into its approach to governance and expertise enhancement.

In other recent news, Corebridge Financial has reported robust growth in its second quarter of 2024. The company saw a 9% year-over-year increase in operating earnings per share and a 17% increase in premiums and deposits from the previous year, totaling $11.7 billion. Additionally, there was a 5% growth in aggregate core sources of income, including base spread income, fee income, and underwriting margin.

In a strategic move, Corebridge Financial has entered into a share repurchase agreement with American International Group, Inc. (NYSE:AIG), planning to buy back shares for an aggregate purchase price of around $200 million. This reflects the company's commitment to managing shareholder value.

Moreover, Deutsche Bank has revised its price target for Corebridge Financial shares, raising it to $33.00 from the previous $24.00, while maintaining a Hold rating on the stock. This adjustment was prompted by the company's second-quarter results, which led to a slight revision of the bank's financial estimates for the company.

These are among the recent developments for Corebridge Financial, showcasing a strong balance sheet and a focus on optimizing its portfolio and capital management strategy.

InvestingPro Insights

As Corebridge Financial, Inc. (NYSE: CRBG) welcomes Edward Bousa to its Board of Directors, the company's financial health and market performance continue to be of interest to investors. With a market capitalization of approximately $17.01 billion, Corebridge demonstrates a significant presence in the financial sector. The company's P/E ratio stands at a compelling 8.75, which may suggest an attractive valuation compared to industry peers.

InvestingPro Tips indicate that management at Corebridge has been actively repurchasing shares, a sign that could be interpreted as confidence in the company's value. Additionally, the company is expected to see net income growth this year, potentially reflecting a positive outlook on its financial performance and strategic initiatives.

Key metrics further reveal that Corebridge has a robust dividend yield of 7.24%, which is particularly significant for income-focused investors. This aligns with the InvestingPro Tip that Corebridge pays a substantial dividend to its shareholders. Moreover, the company has experienced a high return over the last year, with a 1-year price total return of 80.09%, highlighting its strong market performance.

For investors seeking more in-depth analysis and additional InvestingPro Tips, there are 7 more tips available on Corebridge Financial, which can be found at https://www.investing.com/pro/CRBG. These insights could provide valuable context for the company's future prospects and investment potential.

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