KBRA Releases Comment on Venerable’s Announced Transaction with Corebridge

NEW YORK--(BUSINESS WIRE)--On June 26, 2025, Venerable Holdings, Inc. (“Venerable” or “the company”)(KBRA Issuer Rating: BBB/Stable) announced a transaction with Corebridge Financial, Inc. (Corebridge) pursuant to which it will reinsure approximately $51 billion of variable annuity business from American General Life Insurance Company (AGL) and The US Life Insurance Company in the City of New York (USL). At transaction closing, Venerable will also begin to assume variable annuity new business flow reinsurance from AGL. Additionally, Venerable will acquire Corebridge’s investment adviser, SunAmerica Asset Management, LLC (SAAMCo). Venerable’s general account assets are expected to increase from $17.5 billion to $22.5 billion with reinsured business growing nearly 94% to over $95 billion in separate account value. The acquisition of SAAMCo will more than triple assets under management to approximately $52 billion. The AGL reinsurance transaction is expected to close during 3Q2025 and the USL reinsurance transaction and the SAAMCo acquisition are expected to close during 4Q2025, subject to customary closing conditions.

Venerable’s expansion strategy is based on growth through acquisition/reinsurance. KBRA views this transaction as representative of management’s ongoing ability to source, diligence and negotiate opportunities that support its business strategy of being the partner of choice for variable annuity risk transfer. KBRA expects that Venerable will apply its extensive experience closing, onboarding and managing the process of acquiring variable annuity exposure to successfully execute the current transaction. KBRA further expects that upon closing the company will, among other things, meet or exceed management’s regulatory capital and financial leverage targets. KBRA will continue to monitor the situation.

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