5 Most Profitable New Stocks Today

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1. Corebridge Financial Inc (NYSE:CRBG)

Net Income (TTM): $1.85B

In 2022, AIG Inc’s life insurance and retirement division Corebridge Financial Inc (NYSE:CRBG) raised $1.68 billion in an IPO that was the biggest in 2022 through September.

Over the past 12 months Corebridge Financial Inc’s (NYSE:CRBG) net income came in at $2.2 billion.

Artisan Mid Cap Value Fund made the following comment about Corebridge Financial, Inc. (NYSE:CRBG) in its Q3 2023 investor letter:

“Corebridge Financial, Inc. (NYSE:CRBG), a provider of life insurance and retirement solutions, was a standout in the financials sector. Corebridge was previously a unit of AIG and a September 2022 IPO. Earnings and cash flow have been solid, aided by increased spread income in the general account due to higher reinvestment rates. We added Corebridge to the portfolio in Q1 2023. Our thesis is now that Corebridge is not a part of a large inefficient and capital-constrained parent, the company should have plenty of room to improve its competitive position. Establishing new processes that both improve capabilities and wring out efficiencies as a standalone entity should help improve ROE in coming years. It has a 4%+ dividend yield and a double-digit free cash flow yield, even in 2022 when negative fixed income and equity markets reduced fee revenue. In addition to the dividend, free cash flow will be used to ensure holding company liquidity, repurchase stock and support modest growth expectations.”

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