Corebridge Financial Inc.

telephone keypad, and to read the timeline of questioning, please start followed by two. And I'd like to hand over to our host, Michelle Mood-Risulu. The floor is yours.

Good morning, everyone, and welcome to Corbridge Financial's earnings update for the first quarter of 2025. Joining me on the call are Kevin Hogan, President and Chief Executive Officer, and Elias Habaieb, Chief Financial Officer. We will begin with prepared remarks by Kevin and Elias, and then we will take your questions. Today's comments 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 and assumptions. Corbridge's filings with the SEC provide details on important factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Except as required by the applicable securities laws, Corbridge is under no obligation to update any forward-looking statements if circumstances or management's estimates or opinions should change, and your caution to not place undue reliance on any forward-looking statements. 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.corbridgefinancial.com. With that, I would like to now turn the call over to Kevin and Elias for their prepared remarks. Kevin?

Good morning, everyone, and thank you for joining. The macroeconomic uncertainty and heightened volatility of these past few months remind us that we live in a complex, ever-changing world. At times like this, When conditions are uncertain, the mission of core bridge to proudly partner with individuals financial professionals and institutions to make it possible for more people to take action and their financial lives becomes more relevant than ever. Over 11,000 Americans are turning 65 every day and the long term impact of a market downturn can be significant for retirees and those nearing retirement. Our company stands ready to support our customers in times like these, and our strength and stability have enabled us to serve through many periods of volatility and uncertainty. Turning to first quarter results on slide three, we are pleased to report another strong quarter that reflects the continued benefits of our diversified business model, strong balance sheet, and disciplined execution. Corbridge reported operating earnings per share of $1.16 and ROE of 11.8%. We also returned $454 million to shareholders, delivering a payout ratio of 70%. Our balance sheet remains resilient, withholding company liquidity of $2.4 billion in a high-quality general account investment portfolio, conservatively positioned with an average rating of single A. Central to our success are four strategic pillars that drive EPS growth and long-term value creation. Organic growth, balance sheet optimization, expense efficiencies, and active capital management. I will review the results of the quarter in the context of each. First, organic growth, where the breadth and diversity of our product portfolio and distribution platform are meaningful differentiators. Corbridge had a very good start to the year, delivering robust premiums and deposits of $9.3 billion, although lower in total than last year's exceptionally strong level. We are seeing sustained customer demand driven by an aging U.S. population and an advisor community that recognizes the value of annuities. In support of our growth, we are investing in digital capabilities, expanding our product offerings, and deepening relationships with our distribution partners while also developing new channels. In individual retirement, we continue to benefit from favorable market and demographic conditions, producing premiums and deposits of $4.7 billion. We have consistently maintained a top-tier market position over the last 10 years as our broad product suite serves a wide range of retirement needs. We are also building momentum following the successful introduction of our Ryla product in October 2024, delivering over $260 million of sales in the first quarter. We are now actively selling through our largest distribution partners, and after launching in California last month, are admitted in all but two states. Looking forward, we are well positioned in the fast-growing Ryla market given our strong product, broad reach, and long tenured relationships. Group retirement continues to deliver steady periodic in-plan deposits driven by increased advisor focus and sustained client demand. Our employee advisor force is growing, and the investments we are making in advisor productivity are beginning to yield results, with in-plan average enrollments up 9% and in-plan average deposits up 10%. Additionally, I am pleased to note that we added our Ryla product to the out-of-plant offering, delivering approximately $50 million of sales in the first quarter. We also continue to grow our advisory and brokerage business with 5% AUMA growth year over year, even with lower equity market performance in 2025. Life Insurance delivered another quarter of attractive performance, including both strong sales and mortality results better than expectations. This business continues to perform well supported by our strong product positioning, digital and automated underwriting capabilities, and expanding distribution. With nearly $1 trillion of growth in force, this business remains a mainstay for CoreBridge, providing stability during periods of market volatility. Institutional markets have continued to focus on growing our GIT program with discipline, and I am pleased to say that we have been successful with GIT reserves increasing 48% year over year. We also continue to capture attractive opportunities in pension risk transfer with a promising pipeline of transactions developing over the rest of the year. Across CoreBridge, we are proud of the new business we are generating, the discipline we have maintained, and the momentum we are building. We remain focused on targeting profitable business with double-digit IRRs, even as conditions evolve, sometimes rapidly. We have consistently demonstrated the ability to pivot across product and channel, dialing up or down, to focus our efforts where risk-adjusted returns are the most attractive and customer needs the greatest. Turning to the second strategic pillar, optimizing our balance sheet, we have also made meaningful progress. Through proactive asset liability management and disciplined risk oversight, we are enhancing our financial strength while positioning CoreBridge for long-term success. Bermuda continues to be an important part of our capital management strategy, and in the first quarter, we ceded approximately $2 billion in reserves to our affiliated reinsurer. We also remain active in exploring opportunities across our company to enhance capital efficiency and increase shareholder value. Moving to the third strategic pillar, we continue to drive operating efficiency and improve operating leverage. These efforts help support discipline growth and financial flexibility. As we continue to transform CoreBridge, We recently conducted a voluntary early retirement program for eligible colleagues in the US. Through this program, we expect to further reduce our expense base and at the same time create capacity to invest in new skills and capabilities and reshape our workforce. We are also pursuing opportunities to enhance efficiency as we further digitize end to end processes that support our insurance operations. Additionally, we continue to make investments to further modernize our finance and actuarial capabilities. Turning to the fourth strategic pillar, we are committed to providing an attractive and growing return to our shareholders in a thoughtful and balanced manner while maintaining the flexibility to pursue growth and innovation. Over the last 12 months through our share repurchase program, we have reduced share count by over 10%. Together, these four strategic pillars are helping us build a stronger, more agile company, and we are well positioned to generate sustainable growth and create long-term value for shareholders. Moving to our financial targets, I am pleased to note that CoreBridge continues to deliver. Our expectation is for annual run rate EPS to increase on average in the range of 10 to 15% over the long term. Elias will provide more perspective on our outlook, as well as an update on our market sensitivities. Corbridge achieved a run rate ROE of 12.3% in the first quarter, and we remain committed to our 12 to 14% annual target. The Life Fleet RBC ratio remains above target, even with recent market volatility. We also delivered a 70% payout ratio and are maintaining our target of 60 to 65%. Moving to slide five. Since 2017, regardless of market cycle, Corbidge has been able to significantly grow our business while maintaining a strong balance sheet and consistent cash generation. To put that in numbers, over the last eight years, we have increased sales by over 50%. At the same time, Our life fleet RBC ratio has consistently exceeded target and our insurance companies have generated on average over $2.1 billion in cash annually. These outcomes collectively demonstrate the core bridge value proposition. We are well positioned across a range of macro environments to continue creating shareholder value and to continue delivering for our customers. And now I will hand the call over to Elias.