Corebridge Financial (CRBG) investor relations material

Strategic progress and financial performance

• Achieved 12–14% ROE target for 2024 and maintained a 60–65% payout ratio, while keeping a 400% RBC ratio and growing the business.

• Increased annual sales volume by 30% on average since IPO, with $6B returned to shareholders and $400M in annual expense reductions.

• Divested international subsidiaries and exited the variable annuity business, generating $2.1B in proceeds and simplifying the business to focus on US retirement and life insurance.

• Expecting 10–15% annual EPS growth, supported by macro tailwinds such as the aging US population and a strong adviser community.

Major transactions and capital management

• Exited the variable annuity business through a large transaction, monetizing a declining asset and generating $2.1B in proceeds at a 7x earnings multiple.

• Majority of proceeds allocated to share buybacks, with the transaction expected to be accretive by the second half of next year.

• Continues to seek accretive reinsurance and other transactions that improve company structure and value.

• Maintains a disciplined approach to capital deployment, prioritizing shareholder value and not ruling out M&A, though no immediate needs identified.

Operational efficiency and technology

• CoreBridge Forward program drove $400M in annual expense savings through outsourcing, IT modernization, and real estate rationalization.

• Ongoing investments in automation, digitization, and AI to further reduce unit costs and improve operating leverage.

• Short-term compensation expenses are elevated due to performance, but long-term focus remains on efficiency gains.