Corebridge to reinsure $51B variable annuity block to Venerable; $2.8B deal, $2.1B net proceeds

Corebridge Financial, Inc.

Reinsures 100% of Individual Retirement variable annuity book ($51B account value) with Venerable subsidiary.
Transaction value $2.8B (ceding commission + capital release); net after-tax proceeds ~$2.1B.
Board authorized $2B increase to share repurchase program; substantial majority of proceeds to buybacks.
Corebridge expects 2026 AATOI to decrease ~$300M but earnings multiple ~9-10x; risk reduced.
Texas closing in Q3 2025; New York and SAAMCo sale in Q4, subject to regulatory approvals.

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