“A key focus has been executing against IT separation, which we believe will be substantially complete by the end of this year.”

In context

“llow us to continue to participate and benefit from partnering with a world-class reinsurer with less risk and capital requirements. Turning to Life Retirement. As I noted earlier, the business produced very good results in the second quarter. Adjusted pretax income was $991 million. And adjusted return on segment equity was 12.2%, representing a 250 basis point improvement year-over-year. Premiums and deposits grew 42% year-over-year to $10 billion driven by record Fixed Index Annuity sales. Corebridge ended the quarter with a strong balance sheet with parent liquidity of $1.6 billion and a financial leverage ratio of 28%. Over the second quarter, we continue to make good progress against the Corebridge operational separation so that it can eventually be a fully standalone company. A key focus has been executing against IT separation, which we believe will be substantially complete by the end of this year. To date, approximately 55% of the transition service agreements put in place at the time of the IPO have already been exited. Now turning to capital management. As I noted earlier, in the second quarter, we returned approximately $822 million to shareholders through common stock repurchases and dividends. And the additional $400 million of common stock we repurchased in July brings a total amount of capital we've returned to shareholders since the beginning of the second quarter to over $1.2 billion. In addition, we continue to focus on maintaining well-capitalized subsidiaries to enable profitable growth across our global portfolio. And we remain committed to having a leverage ratio in the low 20s and a share count between 600 million to 650 million post deconsolidation of Corebridge”