Corebridge Financial (CRBG) Barclays 23rd Annual Global Financial Services Conference summary

Strategic achievements and financial performance

• Celebrated two-year IPO anniversary, returning $3.5 billion to shareholders and growing premiums and deposits by 34%.

• On track to deliver 12%-14% return on equity and 60%-65% payout ratio on adjusted after-tax operating income.

• Completed separation from former parent and divested international operations, now a pure-play U.S. life and retirement specialist.

• All four business segments are market leaders, leveraging the aging U.S. population as a macro growth driver.

• Income sources up 15% since IPO, with diversified products and channels reducing dependency on any single environment.

Key strategic levers and operational focus

• Four strategic levers: organic growth, balance sheet optimization, expense efficiency, and active capital management.

• Improved credit quality of asset portfolio to single A from A minus while increasing yield.

• Delivered $280 million of $400 million targeted expense savings; focus on continuous improvement.

• Committed to 60%-65% payout ratio and confident in growing earnings per share.

Market trends and product innovation

• Annuity growth driven by structural factors: aging population, evolving advisor community, and product diversity.

• Broad annuity product suite, with plans to launch a RILA product before year-end.

• Competitive environment remains rational; new business margins are being achieved.

• 30% of retail annuities sold last year had proprietary features for specific distribution partners.