Corebridge Financial (CRBG) investor relations material

Executive summary

• Shareholders approved the all-stock merger with Equitable Holdings, expected to close by year-end 2026, with Corebridge shareholders owning 51% and Equitable shareholders 49% of the combined company; integration and leadership structure are progressing.

• Second quarter results showed strong core income growth, with adjusted after-tax operating income at $512 million and operating EPS of $1.12, despite a net loss of $16 million, a significant improvement from the prior year.

• Premiums and deposits totaled $9.1 billion, down 13% year-over-year, mainly due to lower annuity sales, while revenues were diversified across multiple sources.

• $412 million was returned to shareholders in Q2 through share repurchases and dividends, with year-to-date repurchases totaling $1.6 billion.

• The company continues to focus on risk management, asset-liability matching, and disciplined capital allocation.

Financial highlights

• Adjusted pre-tax operating income (APTOI) was $664 million for Q2 2026, down from $842 million in Q2 2025; adjusted ROAE was 11.4%, and operating EPS was $1.12.

• Core sources of income rose 5% year-over-year, driven by higher fee and base spread income; holding company liquidity stood at $1.4 billion.

• Book value per common share was $22.79, with adjusted book value per share at $39.93 as of June 30, 2026.

• Assets under management and administration (AUMA) reached $390.9 billion at June 30, 2026.

• Financial leverage ratio was 33.0%.

Outlook and guidance

• The merger is expected to drive synergies and cost savings, with closing targeted by year-end 2026; management remains confident in profitable growth and significant shareholder value creation.

• Base spread income is expected to be $2.55 billion for the full year, with spreads leveling off by end of 2026.

• Committed to approximately $350 million in share repurchases in the second half of the year and a 60–65% payout ratio target.

• APTOI for Life Insurance is expected at $110–120 million per quarter, except Q1 due to higher expected mortality.

• Management expects continued volatility from market risk benefits and embedded derivatives, but comprehensive income is less affected due to offsetting OCI impacts.