Corebridge Financial Inc. · NYSE:CRBG
Corebridge Financial — Merger or Acquisition (June 2025)
11 slides from Corebridge Financial's merger presentation, Jun 26, 2025
Slide 1: Transformative Individual Retirement Variable Annuity Transaction
1 Transformative Individual Retirement Variable Annuity Transaction June 26, 2025
Slide 2: Note regarding forward looking & non-GAAP financial measures
2 Note regarding forward looking & non-GAAP financial measures Cautionary Statement Regarding Forward-Looking Information Certain statements in this presentation and other publicly available documents may include statements of historical or present fact, which, to the extent they are not statements
Slide 3: Transformative transaction strategically repositions Corebridge
3 Transformative transaction strategically repositions Corebridge 1. As of March 31, 2025 2. $2.8 billion represents the ceding commission and capital release on a pre-tax basis without giving effect to transaction related expenses. The transaction multiple is calculated by dividing $2.8 billion by
Slide 4: Creates significant value upside for shareholders
4 Creates significant value upside for shareholders Expect to return substantial majority via share repurchases with remainder to support organic growth Transaction value reflects ~9-10x 2026-2027E earnings ($B) 1, 2 3 Note: Rounding may apply 1. Transaction value and proceeds subject to regulatory
Slide 5: Reaffirming attractive financial targets, while reducing risk
5 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2021 2022 2023 2024 2025 Reaffirming attractive financial targets, while reducing risk Increase earnings growth 10-15% long-term p.a. run rate EPS growth Enhance profitability 12-14% run rate ROAE Maintain balance sheet strength >400% Life Fleet R
Slide 6: Ongoing business portfolio remains well-diversified
6 Ongoing business portfolio remains well-diversified FA 18% FIA / RILA 16% VA 17% In-Plan 16% Out-of- Plan 9% Trad. 3% Universal 5% GICs 5% PRT 6% Other 4% $304B Net GAAP Insurance Liabilities as of 3/31/25 Institutional Markets Life Insurance Group Retirement Individual Retirement FA 22% FIA / RIL
Slide 7: Transaction overview
7 Transaction overview • Reinsurance of 100% of Individual Retirement variable annuities ($51B of account value) issued by American General Life insurance Company “(AGL”) and United States Life Insurance Company in the City of New York (“USL”) ‒ Divestiture of SunAmerica Asset Management, LLC (“SAAM
Slide 8: Overview of financial impacts
8 Overview of financial impacts • Enhanced earnings growth profile given removal of variable annuity earnings headwind • Post-transaction, reduces impact of a 10% immediate change in the S&P 500 index on fee income net of advisory expense from $85M to $50M over a 12-month period • Foregone AATOI of
Slide 9: Key takeaways
9 Key takeaways Achieves full exit of Individual Retirement variable annuity financial risk Creates significant value upside for shareholders Reaffirming attractive financial targets while reducing risk Ongoing business portfolio remains well-diversified Transformative Transaction That Delivers Sign
Slide 10: Appendix
| Appendix 10
Slide 11: Transaction structure
11 Transaction structure Venerable The United States Life Insurance Company in the City of New York (“USL”) New York Account Value: ~$4B American General Life Insurance Company (“AGL”) Texas Account Value: ~$47B SunAmerica Asset Management, LLC (“SAAMCo”) Delaware Corebridge Financial (NYSE: CRBG) A
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