Corebridge Financial Closes on Largest Portion of Individual Retirement Variable Annuity Transaction with Venerable

HOUSTON--(BUSINESS WIRE)--Corebridge Financial, Inc. (“Corebridge” or the “Company”) (NYSE: CRBG) today announced that it has successfully closed on the largest portion of the previously announced agreement with Corporate Solutions Life Reinsurance Company, an insurance subsidiary of Venerable Holdings, Inc. (“Venerable”), reinsuring all the Individual Retirement variable annuities issued by American General Life Insurance Company (“AGL”), a Corebridge insurance company subsidiary.

The AGL component represents approximately 90% of the value of the full transaction with Venerable, reflecting the reinsurance of the entire in-force book of AGL-issued Individual Retirement variable annuities. Additionally, as part of the AGL transaction, new Individual Retirement variable annuity contracts issued by AGL will be reinsured through an ongoing flow reinsurance agreement with Venerable.

The remaining elements of the transaction include the reinsurance of Individual Retirement variable annuities issued by The United States Life Insurance Company in the City of New York (“USL”), a Corebridge insurance company subsidiary, as well as the sale of a related investment adviser and manager (SAAMCo). These are expected to close in the fourth quarter, subject to customary closing conditions including regulatory approvals.

About Corebridge Financial

Corebridge Financial, Inc. makes it possible for more people to take action in their financial lives. With more than $400 billion in assets under management and administration as of March 31, 2025, Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the United States. We proudly partner with financial professionals and institutions to help individuals plan, save for and achieve secure financial futures. For more information, visit corebridgefinancial.com and follow us on LinkedIn, YouTube and Instagram.