Corebridge Financial (CRBG) investor relations material

Executive summary

• Announced a transformative merger with Equitable, creating a diversified financial services leader with over 12 million customers and $1.5 trillion in assets under management and administration, combining retirement, life, wealth, and asset management capabilities.

• Merger expected to deliver $500 million in expense synergies and significant revenue, tax, and capital synergies, with earnings projected to exceed $5 billion and cash generation over $4 billion annually by 2027; immediate accretion to EPS and cash generation, targeting 10%+ growth by year-end 2028.

• First quarter sales reached $8.0 billion, with strong core earnings growth and robust capital returns, including $1.4 billion returned to shareholders and $1.3 billion in share repurchases.

• Operating EPS rose 3% year-over-year to $1.05, with adjusted ROE/ROAE up to 10.6%.

• Integration planning and regulatory filings for the merger are underway, with the executive team determined and transaction close expected by end of 2026.

Financial highlights

• Adjusted pre-tax operating income was $710 million, up 13% year-over-year excluding variable investment income and notable items; adjusted after-tax operating income was $570 million.

• Adjusted pre-tax operating income was $629 million, down 11% year-over-year; excluding variable investment income and notable items, the decrease was 1%.

• Fee income increased 9% year-over-year, spread income up 1%, and underwriting margin declined 2% due to prior year favorable mortality.

• Capital returned to shareholders reached $1.4 billion in the quarter, with payout ratio at 88% (excluding VA reinsurance proceeds).

• Book value per common share was $22.58; adjusted book value per share was $39.70.

Outlook and guidance

• Merger expected to be immediately accretive to EPS and cash generation, with synergies of $500 million+ and EPS accretion exceeding 10% by end of 2028.

• Expect base spread income for Individual Retirement to be approximately $2.55 billion for the year, with spread compression leveling off by end of 2026.

• Insurance company distributions expected to total $2.3 billion in 2026, normalizing at $2 billion annually.

• Group Retirement earnings transition expected to take 12-24 months, with stabilization and growth anticipated post-merger.

• Leadership team for the combined company is finalized and will be announced soon.