Corebridge Financial Files Q3 2026 Earnings Transcript Under Rule 425 for Equitable Merger

Executive Overview

On November 4, 2026, Corebridge Financial, Inc. (NYSE: CRBG) submitted a Form 425 filing with the U.S. Securities and Exchange Commission containing the transcript of its Third Quarter 2026 Earnings Call held on November 3, 2026. The submission is made pursuant to Rule 425 under the Securities Act of 1933 in connection with Corebridge's pending merger with Equitable Holdings, Inc.

Third Quarter 2026 Operating Performance

• Earnings & Profitability: Corebridge reported adjusted pretax operating income of $677 million (up 4% year-over-year) and operating EPS of $1.22 (up 27% year-over-year). Run-rate operating EPS stood at $1.35, up 12% YoY.
• Return on Equity: Adjusted return on average equity (ROAE) was 12.1% (up 180 bps YoY), and 13.4% on a run-rate basis, tracking within management's long-term 12%–14% target range.
• Capital Management: The company returned $295 million of capital to shareholders via dividends and share repurchases in Q3 2026, bringing the year-to-date payout ratio to ~74% (excluding VA reinsurance proceeds). Holding company liquidity stood at $2.2 billion, which includes $750 million of prefunded debt due in April 2027.

Segment Highlights

1. Individual Retirement (IR): Sales reached $4.5 billion, up 17% sequentially, driven by robust demand for fixed annuities and registered index-linked annuities (RILAs). Net flows were positive at over $1 billion.
2. Group Retirement: Advisory and brokerage assets grew 12% YoY, with wealth management sales hitting a new record and representing over 50% of Q3 sales. Net outflows improved to $2.0 billion.
3. Life Insurance: Sales totaled $840 million with underwriting margin at $329 million, marking 10 consecutive quarters of favorable mortality experience.
4. Institutional Markets: Generated $1.7 billion in sales, including $1.5 billion in guaranteed investment contract (GIC) issuances. Pension risk transfer (PRT) volume was $156 million, with over $1.5 billion in PRT transactions selected and scheduled to close in Q4 2026.

Status of the Equitable Holdings Merger

• Regulatory Approvals: Corebridge has secured all required federal approvals and is actively engaged with state and international insurance regulators to obtain remaining sign-offs.
• Target Close Date: Management reiterated its target to complete the merger by year-end 2026.
• Cost Synergies: The integration team has identified over $100 million in run-rate expense savings to be realized in the first half of 2027 (toward the $150 million target for full-year 2027), remaining on track to achieve at least $500 million in run-rate expense synergies by year-end 2028.
• Combined Scale: Upon closing, the combined entity expects to serve approximately 10 million customers, creating the leading U.S. life and annuity company by operating earnings.