Over the past six months, Corebridge Financial’s stock price fell to $30.07. Shareholders have lost 12.1% of their capital, which is disappointing considering the S&P 500 has climbed by 7.6%. This may have investors wondering how to approach the situation.

Is now the time to buy Corebridge Financial, or should you be careful about including it in your portfolio? Check out our in-depth research report to see what our analysts have to say, it’s free.

Why Do We Think Corebridge Financial Will Underperform?

Despite the more favorable entry price, we're sitting this one out for now. Here are three reasons why CRBG doesn't excite us and a stock we'd rather own.

1. Net Premiums Earned Hit a Plateau

When insurers sell policies, they protect themselves from extremely large losses or an outsized accumulation of losses with reinsurance (insurance for insurance companies). Net premiums earned are:

• Gross premiums - what’s ceded to reinsurers as a risk mitigation and transfer strategy

Corebridge Financial’s net premiums earned was flat over the last four years, much worse than the broader insurance industry.

3. Steady Increase in BVPS Highlights Solid Asset Growth

In the insurance industry, book value per share (BVPS) provides a clear picture of shareholder value, as it represents the total equity backing a company’s insurance operations and growth initiatives.

Although Corebridge Financial’s BVPS declined at a 15% annual clip over the last five years. the good news is that its growth inflected positive over the past two years as BVPS grew at a solid 16.3% annual clip (from $18.93 to $25.60 per share).

Final Judgment

We cheer for all companies serving everyday consumers, but in the case of Corebridge Financial, we’ll be cheering from the sidelines. After the recent drawdown, the stock trades at 1.1× forward P/B (or $30.07 per share). This valuation multiple is fair, but we don’t have much confidence in the company. There are better investments elsewhere. We’d recommend looking at our favorite semiconductor picks and shovels play.

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