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Corebridge enters $2.8B reinsurance agreement with CS Life Re

Corebridge (CRBG) Financial earlier announced that it has entered into an agreement with CS Life Re, a subsidiary of Venerable Holdings, to reinsure all the variable annuities of its Individual Retirement business, with account value totaling $51B as of March 31, 2025. The transaction is valued at $2.8B, consisting of both ceding commission and capital release, and will generate approximately $2.1B of net distributable proceeds after-tax for Corebridge. Kevin Hogan, President and CEO of Corebridge, said, 'This is a transformative transaction that repositions the company by exiting Individual Retirement variable annuities. This transaction delivers significant value for Corebridge and its shareholders. We are reaffirming our financial targets while reducing risk and maintaining our diversified business model. We expect to use the proceeds to accelerate our capital management objectives, including a substantial majority returned via share repurchases, with the remainder to support organic growth. Our Board of Directors approved a $2B increase to our share repurchase authorization in connection with this transaction.' Shares of Corebridge Financial are up nearly 6% to $34.97 in morning trading. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See Insiders' Hot Stocks on TipRanks >> Read More on CRBG: Disclaimer & DisclosureReport an Issue Corebridge Financial Announces Major Reinsurance Transaction Corebridge Financial Elects Directors at Annual Meeting Corebridge participates in a conference call with JPMorgan Corebridge price target raised to $37 from $32 at Morgan Stanley Soros buys JPMorgan, exits Alibaba in Q1