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.corebridgefinancial.com. Second, we are positioned to drive further organic growth from an even lower risk baseline. We will deliver profitable growth, ample cash generation, and a strong payout ratio to create ongoing additional long-term shareholder value. This transaction also helps further improve the quality of our earnings and the risk profile of our balance sheet by reducing net income volatility while mitigating other risks intrinsic to the VA post-transaction.
Maintaining our targets for profitability, financial strength, and capital return with lower risk and volatility positions the company very well for the future. Turning to Slide 5, our objective is to grow earnings per share at an average of 10%-15% per year over time. We will drive organic growth by capitalizing on the huge opportunity presented by an aging society in need of guaranteed income. Our balance sheet is not only similar post-transaction, it is better optimized for growth.
financial flexibility to support future growth across our company and is an important part of our capital management strategy. Active capital management that directly rewards our shareholders through dividends and share repurchases. With the transaction, we will exceed our payout ratio target for a period of time, and the additional share repurchases are expected to be EPS accretive on a pro forma basis. Corebridge reports its second quarter adjusted pretax operating income of $942 million or operating earnings per share of $1.36, a 20% increase year-over-year.