Corebridge Financial (CRBG) investor relations material

Executive summary

• Announced a transformative all-stock merger with Equitable Holdings, creating a diversified financial services leader with over 12 million customers and $1.5 trillion in assets under management and administration, expected to close by year-end 2026, with Corebridge shareholders to own 51% and Equitable shareholders 49%.

• First quarter results included a net loss of $53 million, a significant improvement from a $664 million loss in Q1 2025, with adjusted after-tax operating income of $501 million and operating EPS of $1.05, both up year-over-year.

• Returned $1.4 billion to shareholders in Q1, including $1.3 billion in share repurchases, supported by proceeds from a variable annuity transaction.

• Integration planning and regulatory filings for the merger are underway, with the executive team determined and leadership for the combined company to be announced soon.

• Strong distribution and diversified business model demonstrated by $8.0 billion in first quarter sales.

Financial highlights

• Adjusted pre-tax operating income was $629 million, down from $710 million year-over-year; adjusted after-tax operating income available to common shareholders was $570 million.

• Operating EPS was $1.05, up 3% year-over-year; adjusted ROE/ROAE improved to 10.6%.

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

• Book value per common share was $22.58; adjusted book value per share was $39.70 as of March 31, 2026.

• Life Fleet RBC ratio remained above target, with holding company liquidity at $1.7 billion.

Outlook and guidance

• Merger expected to deliver $500 million in expense synergies, significant revenue, tax, and capital synergies, and be immediately accretive to EPS and cash generation, targeting 10%+ EPS growth by year-end 2028.

• Base spread income for Individual Retirement projected at $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.

• Management expects continued volatility from market conditions, interest rates, and regulatory changes, but believes liquidity and capital resources are sufficient.

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