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Image source: The Motley Fool. Wednesday, Aug. 5, 2026, at 9 a.m. ET Head of Investor and Rating Agency Relations - Isil Muderrisoglu President and Chief Executive Officer - Marc Costantini Interim Chief Financial Officer - Chris Filiaggi Chief Investment Officer - Lisa Longino Operator: Hello, everyone. Thank you for joining us, and welcome to the Corebridge Financial, Inc. Second Quarter 2026 Earnings Call. I would now like to hand the conference over to Isil Muderrisoglu, Head of Investor and Rating Agency Relations. Please go ahead. Isil Muderrisoglu: Good morning, everyone, and welcome to Corebridge Financial's earnings update for the second quarter of 2026. Joining me on the call are Marc Costantini, President and Chief Executive Officer; Chris Filiaggi, our Interim Chief Financial Officer; and Lisa Longino, our Chief Investment Officer. We will begin with prepared remarks by Marc and Chris, and then we will take your questions. Today's comments may contain forward-looking statements, which are subject to risks and uncertainties. These statements are not guarantees of future performance or events and are based upon management's current expectations and assumptions. Corebridges' filings with the SEC provide details on important factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Except as required by the applicable securities laws, Corebridge is under no obligation to update any forward-looking statements if circumstances or management's estimates or plans should change, and you are cautioned to not place undue reliance on any forward-looking statements. Additionally, today's remarks may refer to non-GAAP financial measures. The reconciliation of such measures to the most comparable GAAP figures is included in our earnings release, financial supplement and earnings presentation, all of which are available on our website at investors.corbridgefinancial.com. With that, I would like to now turn the call over to Marc and Chris for their prepared remarks. Marc? Marc Costantini: Good morning, and thanks for joining us. I'm delighted to be with you today following the successful shareholder vote approving the merger with Equitable. The shareholder support of this transaction is a powerful validation of the attractiveness of the combined company. We're more confident than ever about the future we're building together. Turning to the second quarter highlights. We delivered strong results consistent with our full year guidance. Core sources of income were up 5% year-over-year while Variable Investment Income came in below our long-term expectations, our underlying fundamentals remain strong. Our run rate earnings per share were up 16% year-over-year. Consistent with guidance, our adjusted return on equity, excluding VII, was up 90 basis points year-over-year to 10.9%. And our cash generation remains strong. We've now generated cash in excess of $400 million for 14 consecutive quarters, showcasing the strength of our balance sheet and underlying businesses. In the second quarter, we returned $412 million of capital to shareholders, including $300 million of share repurchases for our year-to-date normalized payout ratio of 84%. Turning to Slide 4. Our top line performance was resilient. While total company sales were down year-over-year, sales increased sequentially by 13%. Furthermore, on a rolling 12-month basis, which adjust for seasonal fluctuations and the lumpy nature of the Pension Risk Transfer business, we saw total company sales grow 4% year-over-year. This is a testament to our product depth and commitment to margin integrity across cycles. Equally important, we excel at allocating capital efficiently. Of note, our breadth of distribution enables us to shift between products and businesses to where the risk-adjusted returns are most attractive. In Individual Retirement, we've been a top 5 provider for more than a decade and are the only insurer with a top 10 sales ranking across all annuity products. We continue to prioritize pricing discipline given tighter competition. Conditions improved in the latter part of the quarter as yields rose and sales momentum resumed making June the strongest sales month of the year. All else being equal, we expect steady sales and positive net flows for the rest of the year. In Group Retirement, our transition from a spread to fee-based business is continuing in line with expectations. In the quarter, our wealth management assets rose to $20 billion, an 18% increase year-over-year. We continue to see a $30 billion growth opportunity by further capturing IRA rollovers and consolidating household assets within our current customer base. As a result of our efforts to improve the customer experience, we are also starting to see an uptick in Group Retirement business wins. In our Life business, we've been a top-tier provider of term life for nearly a decade. In the quarter, we delivered run rate earnings above our typical guide, reflecting strong underwriting results. Our sales continue to benefit from our platform that leverages automated underwriting for more than [ 80% ] of the new business. Turning to Institutional Markets. The GIC market has grown rapidly over the past few years with coverages reserves nearly doubling over the same time period. In the quarter, we issued $1.8 billion of GICs at attractive IRRs, and we continue to see meaningful opportunities for the remainder of the year. Our GIC book represents 5% of our general account compared to 10% to 15% for major competitors, demonstrating ample room for additional growth. In the PRT market, we still expect activity to be weighted in the back half of the year. Nothing in this market has changed. Pension plans remain overfunded, the appetite for derisking solutions remains strong, and we expect the double-digit reserve growth we've achieved since 2021 to continue. Turning to Slide 5. Since we announced the transaction, our conviction has only grown that the merged company will be uniquely positioned to deliver exceptional value. Our industry is in the midst of significant growth opportunity. Annuity sales have grown from roughly $250 billion a year in 2021 to more than $450 billion in 2025. Despite this growth, new Corebridge research finds that only 28% of people are confident spending in retirement with fears of running out of money being the top concern. By contrast, those with a de-cumulation plan, especially one that includes guaranteed lifetime income are far more confident. In short many more Americans want and need our advice and indiscernible. Another powerful trend is the massive transfer of wealth between generations with $100 trillion in assets that is expected to be transferred by mid-century, which will fuel growth in the Wealth business. In addition, the life insurance protection gap remains significant with 100 million Americans expressing a need for coverage. The merger creates a company that is well positioned to capture this opportunity and drive profitable growth. Starting out, the combined firm will have over 10 million customers. Given the tremendous financial needs we see, our aspiration is to significantly grow that number over time. We will have all the right attributes to succeed. Our scale will give us a lower cost of capital, greater efficiency comprehensive customer solutions and the ability to invest more while attracting top talent. We'll have a large and formidable multichannel distribution system to reach the broadest possible customer base. Our integrated business model will capture the full value chain from manufacturing through distribution to asset management, and our commitment to sound financial principles means we'll write business at attractive margins and deliver consistent capital return. By 2027, the combined company is set to unlock a compelling financial performance with $5 billion of earnings, $4 billion in cash generation and a return on equity of over 15%. With $500 million cost synergies directly supporting these targets and a clear pathway to additional value to revenue synergies, we have a clear right to win. We continue to make excellent progress towards closing the transaction. In addition to the successful shareholder vote, the leadership structure of the combined company continues to take shape. We have determined the first three levels of the organization, and I'm confident we're building the right team to win. The Joint Integration and Transformation Office continues to coordinate all merger activity with the goal of ensuring operational excellence for the new company. We are actively collaborating with key distribution partners to ensure a seamless transition, and on day 1, we are well positioned to win with our customers. The regulatory review process is proceeding on pace, Federal Antitrust Review is complete. FINRA approval of the broker-dealer change in control is complete, and all state and international regulatory filings have been submitted. We expect to announce the Board of the new company in the near future, and we still anticipate that the transaction will close by year-end, allowing us to hit the ground running in 2027. To win in our industry, we need to have a differentiated customer value proposition, go-to-market with world-class distribution and be the easiest company to do business with. Putting the customer in the center of everything we do is a top-to-bottom commitment. Our Customer Council, sponsored by the executive leadership team is driving customer focus across a number of initiatives. Everything from the frontline service experience and the technology enablement to our corporate culture and customer safeguards. Our new Customer Champions Network representing every business and function at Corebridge is ensuring we bring the voice of the customer and our distribution partners to everything we do. Across every phase of the customer journey, we're committed to driving continuous improvement. In Group Retirement, our Plan Sponsor Net Promotor Score, a key customer service metric rose 19 points year-over-year, but we still have more work to do. My goal for the Group Retirement business is top quartile service. Digital remains a key focus area. For example, we recently launched AI agents in our Group Retirement customer contact center to provide a better call experience. This quickly reduced repeat calls and average handling time. In Life, we enhanced our digital service infrastructure and more broadly, we're implementing a new business acquisition platform. Our goal is an industry-leading new business experience that increases fully digital submissions and speeds up suitability checks with 50% of policies issued in 30 minutes or less. Within Individual Retirement, our focus is on empowering financial advisers by removing friction from their day-to-day operations. Through our support of the Insured Retirement Institute's digital-first initiative we are modernizing the tool advisers rely on while simultaneously refining our internal workflows to eliminate application errors and accelerate policy issuance. By streamlining these touch points, we enable advisers to dedicate more time to their clients and the growth of their practices, all while driving greater operational efficiency behind the scenes. In closing, I want to express the strong commitment of the entire leadership team to exceptional value creation, both now and in the future. Thank you again for your approval of the merger. I'm confident the combined company has the right to win, and I can't wait for day 1 to get here. With that, I'll turn the call over to Chris. Christopher Filiaggi: Thank you, Marc. Starting with Slide 6. Performance in the second quarter was on track with the full year guidance provided at the start of the year, highlighting diverse earnings and indiscernible growth across our businesses. We reported adjusted pretax operating income of $664 million and earnings per share of $1.12, driven by growth in base spread income and fee income. Second quarter results were impacted by underperformance for Variable Investment Income. Excluding the impact of VII, EPS increased by 14% year-over-year. Within VII, Alternative Investments underperformed impacted by the market decline in software, coupled with market volatility related to the resurgence of conflict in the Middle East and the broader macro and geopolitical environment. As we said earlier in the second quarter, we do not foresee this environment materially changing over the short term and expect VII returns to remain below target for the remainder of the year. Adjusting for long-term alternative investment returns, we delivered a run rate operating EPS of $1.35, representing a 16% increase year-over-year. Finally, adjusted ROE was 11.4% or 13.8% on a run rate basis, within our 12% to 14% ROE targeted range. Excluding VII, this reflects a 90 basis point increase year-over-year, underscoring our commitment to consistent profitable growth. Turning to Slide 7. Core sources of income, which excludes VII, increased 5% year-over-year, illustrating our ability to grow across a variety of markets. Within that, spread income increased by 4%, benefiting from asset repositioning and growth in the underlying business as we have consistently reported positive net flows. More notably, these earnings reflect the full earn-in of the 2025 Fed rate cut and our reduced sensitivity to short-term interest rates. Fee income increased 15%, driven by growth in assets under management and administration and favorable market tailwinds. Lastly, underwriting margin decreased 1% year-over-year. We continue to see positive underwriting results, though they were less favorable than the prior year quarter. Echoing Marc's comments regarding the investments we are making to become the easiest company to do business with. We reported an increase in second quarter general operating expenses in line with the guidance provided at the start of the year. Turning to Slide 8 and looking at our capital position. Our balance sheet continues to be healthy and strong. We ended the quarter with over $1.4 billion in holding company liquidity supported by our insurance company distributions of $475 million of dividends in the quarter and our liquidity exceeds the holding company's needs for the next 12 months. Capital return to shareholders was $412 million in the quarter. Excluding proceeds from the earlier VA Reinsurance transaction, we maintained our payout target with a year-to-date payout ratio of 84% which reflects the acceleration of share repurchases in the first half of the year. Looking ahead, we are committed to approximately $350 million in share repurchases in the second half of the year. Lastly, our insurance companies remain well capitalized with capital ratios exceeding our targets. Next, overview a few highlights in each of our businesses, the details of which can be found in the appendix to our earnings presentation. Note these results exclude the impact of Variable Investment Income and notable items. Starting with Individual Retirement, sales were $3.8 billion, and net flows remain positive contributing to continued growth in AUMA. While sales declined year-over-year and sequentially, I want to emphasize Marc's point earlier, we continue to prioritize margin integrity over volume. By adhering to our rigorous pricing drills, we have effectively pivoted our capital deployment towards higher growth areas of our portfolio that offer superior risk-adjusted returns. As we look at the full year, we still expect price compression to level off by the end of 2026 as older business continues to roll off, and we reaffirm our estimate for base spread income to be approximately $2.55 billion. In addition, fee income increased 17% year-over-year, reflecting growth in the underlying business. Lastly, APTOI was flat year-over-year reflecting increased present fee income, offset by higher sales-related expenses while APTOI increased 5% sequentially. Turning to Group Retirement, our results this quarter illustrate our broader strategy to grow capital-light earnings with the transition from spread-based products towards capital-light fee-based business. Reflecting that shift, fee income increased 15% year-over-year. Spreads increased sequentially, reflecting the benefit of asset repositioning though they remain lower year-over-year due to general account outflows in line with the demographic mix shift. AUMA continues to grow sequentially and year-over-year even with the net outflows for the quarter. Looking ahead, we do not expect any large planned surrenders for the remainder of the year. APTOI decreased 7% year-over-year, reflecting lower spread income and higher operating expenses, partially offset by growth in fee income. We continue to be excited about the opportunities for Group Retirement. We believe our competitive advantage lies in our ability to serve as a lifelong partner to our customers as they transition their needs from in-plan to out-of-plan ensuring we provide value every stage of their retirement journey. Turning to Life Insurance. We generated $870 million in sales this quarter and increased year-over-year and sequentially. The APTOI declined 11% year-over-year. Mortality and underwriting results were favorable, though less so than the prior year quarter. On a run rate basis, APTOI was $122 million, above the top end of our guide we provided at the start of the year. We remain confident in the steady cash flow and stability this segment provides for the broader portfolio. Institutional markets remains a consistent growth engine. We continue to be attracted to the risk-adjusted returns as evidenced by both underlying reserves and total earnings trending upwards. Second quarter sales were strong at $2.6 billion, illustrating our ability to efficiently allocate capital across our business. Sales included over $1.8 billion of GIC issuances maintaining the consistent momentum we've seen and highlighting our ongoing commitment to the market. APTOI increased 36% year-over-year. This growth was underpinned by a 17% expansion in our reserves and a 12% increase in AUMA. Lastly, on Pension Risk Transfer, sales in the space are inherently lumpy. While we and the entire industry have seen lower activity in the market, we still anticipate an uptick when we move into the second half of 2026. Looking at our investment portfolio. We continue to manage our portfolio with discipline through a dynamic market environment while remaining proactive in identifying opportunities that support attractive but risk-adjusted returns. The portfolio remains high quality with an average credit rating of A- and 96% investment grade. We also continue to see positive credit migration across both corporate bonds and securitized products, reinforcing the strength and resilience of the portfolio. New money yields remain above roll-off yields, which continues to support growth in net investment income. As I mentioned earlier, we were able to execute asset repositioning at higher yields further enhancing the earnings of our investment earnings without taking on additional risk. Within private debt, the book remains 91% investment grade, our private credit assets continued to perform in line with our expectations. Overall, we remain comfortable with the position of our investment portfolio. It is well diversified, actively managed and aligned with the nature and duration of our liabilities. In closing, our second quarter results reflect the resilience and strategic discipline that define Corebridge. We delivered solid performance in line with our expectations, reported by strong underlying fundamentals in our core businesses, and are well positioned to navigate the current environment. We remain confident in our ability to generate earnings and deliver on our commitment to shareholders. We appreciate your continued trust and are excited about the path ahead. With that, I will turn the call back to Isil. Isil Muderrisoglu: Thank you, Chris. As a reminder, please limit yourself to one question and one follow-up. Operator, we are now ready to begin the Q&A portion of the call. Operator: Your first question comes from the line of Ryan Krueger with KBW. Ryan Krueger: My first question was on retail annuities and the competitive dynamics. I know you -- I guess curious a little bit more on what you saw change during the quarter? I think you cited pretty competitive conditions earlier in the quarter that led to softer sales, but then a better June. So hoping to get a little bit more color on what you're seeing there? Marc Costantini: Ryan, it's Marc here. Good to hear your voice. Thanks for your question. So yes, I would say as we were finishing up on Q1 and heading into Q2, we saw some additional competitive tension, I would say, in the simple designs. And as you know and as we've mentioned before, we have a significant depth and breadth of distribution across multiple channels. So -- and in our view, and this is an important point here, we see ourselves, first and foremost, as judicious capital allocators. And when I say distribution channels, I look at not only the retail and across all those distribution channels, but our institutional markets as well. And a great business we have there. So -- and we saw more opportunities going into Q2 on the institutional market side, and we took advantage of that. And we hold our risk-return kind of attributes and objectives very strongly, and we manage very dynamically against those, and that's what you saw in Q2. Now as mentioned, we saw the dynamic fluctuate over the quarter, and we had a quarter in June being our strongest sales month on the retail side, and we entered July with some very good momentum. And we saw that momentum continue through July. So we expect obviously our retail sales to rebound in Q3. So there's -- having said so, we see and we continue to see very significant opportunities on the Institutional Market side. So -- so I think that capital allocation and the dynamic nature of our distribution is evidenced to these results and what we'll see for the rest of the year. So thank you. Ryan Krueger: And then I had a question on Individual Retirement based spread income. You reiterated the full year guidance despite some of the benefits from the opportunistic asset repositioning actions you took in the quarter. I mean maybe it's splitting hairs, but just curious kind of why no upside to the original guidance given those actions or maybe they were contemplated to begin with? Christopher Filiaggi: Ryan, it's Chris. Thanks for the question. So I think the way that I would think about it, yes, we are reiterating the guidance of 2550. While we did see some improvements in the base spread as the book continues sort of roll on. We would still expect to see some compression in spreads over the next couple of quarters, which we would still expect to bottom out at the end of 2026. So I think that place that you should think about it, while there's some positivity this quarter, there's still going to be natural roll off in the book, which is going to have single-digit compression for the rest of the year. Operator: Your next question comes from the line of Tom Gallagher with Evercore ISI. Thomas Gallagher: First question, just a follow-up on Institutional spread product, Marc, that you were highlighting. Would you -- is this really your growth there? Was that really a function of being more opportunistic at a time when retail was challenged? Or do you see that as a bigger runway and growth opportunity in the coming quarters you think about capacity and pricing and margin and that sort of thing. Marc Costantini: Yes, Tom, great to hear your voice as well. So I would say that overall, we see a lot of opportunity on the institutional market side, and we see a lot of upside as we move forward. I think as I mentioned in my remarks, our funding [indiscernible] and back business is like 5% or so of our balance sheet. If you look at the environment, a lot of players are -- have been more around 10% to 15%, I think so. So we have a lot of runway and upside there. I think when you combine the balance sheets of ourselves and Equitable, I think you'll have even more I would say, demand and appeal for that type of offering for us. So I do see some growth at attractive risk return margin as we move forward. In addition to as Chris mentioned in his remarks, at the back half of the year, we see opportunities on the Pension Risk Transfer side. And I would say we started in Q3 with some I would say, tailwinds in both those businesses. Again, and I mentioned to Ryan, that we have some tailwinds on the retail side as well going into Q3. So that's kind of my perspective. Thomas Gallagher: My follow-up is just any update on how things are progressing with potential collaboration with Nippon Life on Japanese annuity products? Is that still super early, unclear? Or is that any line of sight on anything tangible coming together there? Marc Costantini: Yes. Thanks, Tom. I would say that we continue to have very robust discussions with Nippon about co-manufacturing products for the local Japanese market. We and they feel that their economy and the demand for products that were -- we have significant expertise at manufacturing is growing in Japan. And it's not lost on Nippon that there's a vibrant opportunity there through their proprietary channel and to their third-party broker-dealer channel, right, and bank channels. So I guess the way I'll say it is we're probably in the third or fourth inning of those discussions, but they are moving in a good direction. But it's too early to tell when we kind of agree on whatever we could do put together. And then obviously, like it is the case here in North America, you need to file the product with the FSA. It needs to be developed, manufactured and start issuing it. So that's -- there's a time lag there as well. So -- but no, we are cautiously optimistic that there will be a lot of opportunity for us and Nippon and they have wonderful brand and distribution there, which -- and the collaboration is strong across both firms. So we are excited about the prospects that you mentioned there so. Operator: Your next question comes from the line of Suneet Kamath with Jefferies. Suneet Kamath: I wanted to start with annuities and the expense ratio. Just based on some of the work we've done, it looks like on a pro forma basis, your expense ratio is going to be materially below some of your peers. So I wanted to sort of test that with you, and then relatedly, if that's true, I would assume one of the potential outcomes is in environments where things are a little bit irrational from a competitive perspective, that expense advantage should allow you to continue to grow and hit your return. So I just want to test those two ideas out with you. Marc Costantini: Suneet, it's Marc. So thanks for your question. I would say, as we announced the transaction, and you've heard, obviously, Robin and myself, in particularly talking about it a lot, we expect that expense savings of $500 plus, $100 million a year within 2 years of obviously the merger. So that speaks to, obviously, the expense efficiency. And obviously, scale is a big part of the reason that this market remains attractive to us. You need scale. There's a fixed cost to kind of digitizing our business, implementing and deploying AI. And there's an obvious scale advantage through the expense ratio as you implicitly referring to here in our business. And we do expect to see the benefit of that. But I would say it will span a number of dimensions from the efficiency of our capital use, the efficiency and the depth and breadth of our distribution, our ability to pivot products depending on where we see the opportunities and the client needs, the institutional market side that I just discussed with Tom here. So I would say -- and obviously, on the origination side, the great partnership we'll have, obviously, with Alliance Bernstein our own origination and the great partnership we have with Blackstone and BlackRock, I think will give us on domain across all these dimensions, very significant competitive presence, and that's why -- looking forward to the merger, very much. So all of that, I would say, would factor into how we see the market. Suneet Kamath: Okay. That's helpful. And then I guess shifting gears to alternatives. It sounds like a lot of the other companies that have reported are guiding to a better sort of second half relative to the first half. And I think your saying things will still be challenged in the second half. So is there something sort of unique about your portfolio versus others? Or are you just being conservative there? Marc Costantini: Yes. Suneet I'll mention one comment, and I'll pass it to Lisa, our Chief Investment Officer, which -- she'll give you some perspective. But I would remind everybody that when you look at the concentration of [indiscernible] on our balance sheet, it's like less than 3%, right? And it's very thoughtfully to that level, which lines up with our long-tail liabilities. And you can see a lot of the alts being deployed against our Institutional Markets and more specifically our Pension Risk Transfer business, which has longer tail liabilities, some of our Life business, obviously, and it's an economically attractive asset to defeat those long-tail liabilities. Otherwise, there's no credit assets available, right? So I think that's the frame we need to think about it when you think about how we manage the portfolio. Now to the specific question you have, I'll pass it to Lisa. Lisa Longino: Thanks, Marc. As Marc mentioned, when we think about our long-term return, and so it's over the very long term and over multiple cycles and [indiscernible] is primarily TE, but it's real estate equity in the form of funds and then there's residual hedge funds. And what you have seen in the past is PE our alts performance has been impacted by maybe real estate returns or hedge funds. But in this quarter, the marks on our PE funds drove the underperformance. And up until this time, PE has really been meeting our long-term expectations. And so what you're seeing is normally with our PE portfolio, it's very broad and diverse, and we'll have weakness in one sector, offset by strength in another. Unfortunately, in this past quarter, the market was weaker all around. The large backlog of PE exits in existing investments have not been meaningfully reduced. So we're not getting the realization that would generate gains to offset some of our marks. We did guide lower and we think just continued in the market around AI valuation, geopolitical uncertainty, that could impact returns going forward. Higher rates can certainly impact the mark-to-market on real estate funds and although we think we could see positive returns in the second half, we are not going to hit or do not expect to hit our long-term expectations for this year, in particular. Operator: Our next question comes from the line of Joel Hurwitz with Dowling & Partners. Joel Hurwitz: I wanted to start on base spreads to have another one there. Can you just provide some more color on the actions that you took in the quarter to support the expansion? How much was repositioned? And do you see further similar opportunities in the back half of the year? Lisa Longino: So I'll take that. Hi Joel, it's Lisa Longino. Thanks for the question. with our portfolio, as we -- as Chris mentioned in his script, this is a very high quality, well diversified portfolio and 96% is investment grade. The portfolio has remained resilient through a variety of cycles. But we do proactively manage the portfolio with a focus on our overall balance sheet. And regarding asset repositioning that we've done, it really entails assessing names or sectors we're less sanguine in and we'll rotate into other sectors where we prefer the outlook or we see relative value opportunity. So this is very proactive. And given the moving rates, this repositioning has allowed us to increase yield in maintaining our credit quality. I mean so we feel pretty comfortable with it. It's something we continue to do. And so that really sums it up. Joel Hurwitz: Got it. That's helpful. And then just wanted to touch on buyback expectations for the back half of the year. Chris, I think you said around $350 million in the second half, which will bring you back to your payout ratio target. But I guess just given the strong capital and cash generation and where the stock is trading, would you consider drawing down some of the access to exceed your payout ratio for this year? Christopher Filiaggi: Yes. Joel, it's Chris. Thanks for the question. So we're doing about $1.4 billion of capital at the holdco that is in excess of our 12-month needs. But at this point, we remain committed to approximately $350 million of share repurchases during the year, in line with our premerger plans. For 2026, that would mean we repurchased about 1.9 billion share repurchases. And if you look at '25 and '26, we would repurchase over $4 billion of share repurchases. So I think overall, at this point, we feel comfortable with our levels. And as we look to the combined company of $4 billion of cash generation of the newco, I think we'll have an opportunity to revisit that as part of our Investor Day. Operator: Your next question comes from the line of Wes Carmichael with Wells Fargo. Wesley Carmichael: Just had a question. Equitable announced the divestiture of the company's Employee Benefits business. It sounds like maybe that was a little bit unique as the company was approached by the Hartford. But as you look at the portfolio post the VA transaction, are there any other subscale businesses you think about divesting any risk transfer you might see ahead of the merger or closely after? Marc Costantini: Wes, it's Marc here. Thanks for the question. And yes, that was a great transaction, in my opinion, and a wonderful one for Hartford and a wonderful one for Equitable and new Equitable as we move forward. And as I think you will have heard from Mark and Rob in there, obviously, it's a sale of a subscale business but a wonderful platform that augments what Hartford is doing. So win-win on many dimensions. Now to your question, I would say that, that was the only subscale operation. When you look at the combination, everything else I think we will have a leadership kind of position and an opportunity for growth and upside. So the short answer to your question is no, we don't see any other businesses currently activities that we see as having the same characteristics that led to this transaction. So that's our perspective. Wesley Carmichael: Just switching gears. In Life Insurance, you've seen some pretty good core results there in the quarter. But just taking a step back, like how are you thinking about longer-term mortality trends in that business. It seems like mortality for the industry at least has been more favorable. So do you see that continuing? And how are you thinking about that headed into the assumption review? Marc Costantini: Yes. Thank you, Wes. That's a very good question. One of the things -- and I think I may have mentioned this to some of you over the 6, 7 months I've been here when I dug into the balance sheet and the businesses, I saw mortality results being very favorable here versus expected for a number of quarters. which speaks very highly to the quality of the underwriting, the quality of the business, the quality of the distribution. And that continues to be the case, and we saw that continue in Q2 with some very strong mortality results. And like -- and you've seen, I think, in some pockets across the industry, some very favorable mortality. And there's some impact, I think, coming out of COVID and what that did and as well as some of these new drugs, obviously, that are affecting people's longevity. So all in all, we are bullish on the Life business. And as well, in line with some of the comments I made before, I see no reason why our business should not be twice the size it is right now given the distribution options we have and the attractive risk return profile and the complementary nature of that liability versus everything else we're doing and I'll mention as well that as we come together with the Equitable, we'll have access to the VUL product. And I think we've mentioned there's a lot of revenue synergies and that's definitely going to be one in terms of adopting that chassis into our distribution office. So we see upside on the life side based on mortality and other dynamics in the market and demand, obviously, from the Americans for protection. Operator: Your next question comes from the line of Yaron Kinar with Dowling & Partners. Yaron Kinar: I'm actually with Mizuho. You had mentioned that sales in the Individual Retirement business were getting a bit better in June. And which of the retirement products are you seeing that improvement? Is it kind of across the board? Or are you still seeing more pressure in fixed annuities? Marc Costantini: Yes. Yaron, it's Marc here. So I would say that the nice trends in sales we've seen heading into June and into Q3 are across the board, but we introduced some enhancements to our products and our features on our index annuity. We refined some of our living benefit offerings, and we introduced some additional indices and structures. So we -- so it's a complementary aspect of some new solutions for our distribution and as well as some upside across a number of the product lines. So I would say it's across the board and not one in particular. But it's -- again, I would say there's not a competitive activity in the simpler structures and we try to focus on some of the more sophisticated client solutions. Yaron Kinar: And then on the rotation into some of the new assets that were -- allowed you to get some better yields. Can you maybe talk about the asset classes that you rotated in? Or are they still the same classes mainly are you selling kind of corporate debt? Or are you moving more into private credit? Where were these opportunities showing up? Lisa Longino: I can answer that. Thanks for the question. So in terms of what we sold, we really sold lower yielding high-yield assets, some EM, and we actually sold some lower-yielding private assets that we have a secondary private trader and that shows liquidity actually in that asset class. And really, what we rotated into was investment-grade that was public assets, RMBS and some private ABS, but over 50% of the purchases were in single A or higher. So again, felt very good about incremental yield while maintaining or, in some cases, improving the credit quality. Operator: Your next question comes from the line of Tracy Benguigui with Wolfe Research. Tracy Benguigui: A question on adding $100 billion of AUM to AB through the Equitable merger over time. How does that stack up against the existing Blackstone mandate, which looks about $20 billion short of the $92.5 billion target by the third quarter of '27. To confirm, is the base case is just to absorb the make whole rather than reallocate internally managed assets to Blackstone since forcing that mandate would actually skew the general count more heavily towards private credit. Otherwise, it's satisfying the Blackstone [indiscernible] -- it takes priority doesn't [indiscernible] that may call and hitting that mandate push out the revenue synergies from the incremental AB AUM? Marc Costantini: Tracy, it's Marc. So I'm going to try to deconstruct the -- your comments or questions here. The first comment I will make is Blackstone is a great partner of ours. They originate very good assets at a very attractive yield, and the fees they charge are more than made up by the overall yield and quality of origination and how complementary it is to the rest of what we do, as is the case, by the way, for BlackRock and our own origination team and with the new obviously, a relationship with Alliance Bernstein. So I just want to say that it is true that we have a commitment to get to $92.5 billion by end of Q3. However, we look at the sourcing, we look at the nature of liabilities, you're right, we look at the need and then we find the best origination to meet that need irrespective of order sources and how it comes to be and whether we're $20 billion, $15 billion or anything else, short, it's a temporary kind of process. So if there's a make whole to be made, it's going to be a temporary charge. If that's the case, then we will get to $92.5 billion given the size of the balance sheet and the growth we have across our business organically. So that's the first step. Now you asked about the $100 billion that is going to Alliance Bernstein over time. That is going to be complementary to whatever Blackstone does. I think we mentioned that the combined entity will need origination of $80-plus billion a year. If you look at the 6-, 7-year duration on our products, that means that 15-or-so percent turns over every year. So you'll get some natural attrition of the current assets that will flow to AB. As we grow the business, we'll have origination. And yes, we will reposition some of the assets on our current balance sheet to Alliance Bernstein. And we see a significant opportunity of partnering with Alliance Bernstein and discrete origination capability we have on a go-forward basis, and we'll be able to be very complementary to Blackstone, as I mentioned in my original comments here. So thanks for your question. Tracy Benguigui: Great. I have a question on the GIC market where you're pretty active. We saw reinsurer assume $500 million FABN as part of our risk transfer deal. And this is more capital-light business. So I could see the traction by the counterparty. Can you just see yourselves lending your higher rating that helps get a decent cost of funds and reinsuring that to a counterparty with maybe a lower rating and earn some fee from that? I'm just curious if we could see this type of market. Marc Costantini: Yes. Thanks, Tracy. I think you're referring to a recent transaction that was announced. And obviously, best to ask them to details as to the structures [indiscernible] came to be. But you're talking about, is there a source of astute, I would say, leveraging our capital and capital deployment and capital allocation. And I would say that whether it's two structures such as you're saying or other structures, I would say that the current corporate and Equitable and the combined entity will be highly focused on astute capital allocation as you saw in terms of our sales between the retail and institutional markets, but as well using various tools available to optimize, obviously, the outcomes for all our stakeholders and all of you on the phone, obviously. So I won't point to exactly that structure, what I would say, capital allocation and optimize capital allocation is something that we do. Operator: Your next question comes from the line of Pablo Singzon from JPMorgan. Pablo Singzon: First one, you had mentioned some of the product enhancements you implemented this quarter in retail annuities. But I was wondering if the asset repositioning was also meant to improve your competitive position in the market? Or was that adjustment just more about the portfolio and spread optimization? Marc Costantini: So Pablo, you kind of -- we lost you at the end, but I think we got the gist of your question, it's Marc. So I would say that any action that Lisa spoke about tied to the prior questions are in-force management. We have obviously a pricing matrix and a pricing approach that is very I would say, robust between Lisa, ALM and our liability folks on a weekly basis for all of our new business activities. So -- and that's how we approach it, and then we optimize the portfolio, the balance sheet as we see obviously capital markets and the environment around this evolve. Pablo Singzon: Got it. That makes sense, Marc. And then second question, just on mortality. I wanted to flip at the longevity and PRT side, right? So I'm aware that the covered population are exactly the same, but I was wondering if you're seeing some negative offset to the Life Insurance benefit as you look at your pension and [indiscernible] potentially living longer. Marc Costantini: Yes. Thank you very much for your question. Your question is if we're seeing better mortality on the insurance side, are we seeing additional longevity on our PRT business? And I think you mentioned -- you answered your own question when you say a very different population base, very different origination and very different mortality tables used in both markets, to price of the business, which is reflective of the actual mortality in each of those markets. Operator: Your next question comes from the line of Joshua Shanker with Bank of America. Joshua Shanker: There was a lot of talk about the opportunity in the back half of the year on the PRT market. I want to understand, are those transaction discussions currently underway? Or do you have a high confidence that Corebridge will be the winner of those transactions? And are we in a new sort of era where PRT is a back-half weighted sort of business for you guys? Marc Costantini: Yes. Thank you, Josh. It's Marc here. I appreciate that question. And I think you've seen some evidence for us that our PRT sales and activity are weighted to the back half. What I think is different in 2026 is that there's been lesser activity in the front half of the year than otherwise we would have seen, which enhances, obviously, the amount of activity we expect in the back half of the year. Now specifically to Corebridge, we target a certain case size, and we target a certain, I would say, plan type that has both current and deferred kind of retirees that positions us well tied to the prior discussion we just had about mortality longevity and expertise in underwriting there. So -- and the pipeline for businesses like the PRT business, it takes 4 to 6 months to build by the time the plans that are very well funded, by the way. And obviously, the interest rate levels are very attractive. So that's why we think there'll be a robust activity in the back half in combination of the pipeline we see an activity in the market. And we do feel we can get the business that we target given the value add we bring to some of those structures, which is why we said what we said about the -- what we see for the balance of the year. Joshua Shanker: But just to understand, so the bidding is occurring right now with you in a number of key PRT players? Marc Costantini: Sorry, you kind of -- we lost your question there, we didn't come in clear. Can you repeat it? Joshua Shanker: Yes, I'm just trying to understand that right now, there's a bidding process who can execute this best for their customers. And are you in a number of PRT competitors in the bidding process right now? Or is this already basically baked into the back half of the year? Marc Costantini: Yes. So I would say it's a combination of everything you're saying. There's -- the process are at different levels of maturity, and we have a sense of where we are in each of the process and how we view kind of our ability to be successful. Now [indiscernible] what we're guiding here will happen, but we feel pretty good about our prospects in the second half of the year. Operator: Your next question comes from the line of Wilma Burdis with Raymond James. Wilma Jackson Burdis: Life Insurance sales were indiscernible earlier this quarter, is there anything in particular driving the increase that we can expect going forward for Life sales? Marc Costantini: Wilma, thank you for your question. I would say we are bullish on our Life business as I mentioned earlier, like I expect and want ourselves to double over a course of time. We feel we have great distribution opportunity. And some of the things that have been holding us back over the last few years are trying to connectivity to our various distribution. We've been obviously a indiscernible focused on the separation and now we're very much deploying our investment dollars to make sure that -- we make it ourselves the easiest company to do business with, and we make ourselves obviously very easy for our distribution partners to do business and we're seeing green shoots in our Life business tied to that. And I think that's -- that's where we see the growth, and that's what's driving the growth of our business. And as I mentioned, there's obviously a need for protection across America. So there's an unmet need there that we'd like to get ahead of. Wilma Jackson Burdis: Okay. And then going to tie in two questions. But pensions are well funded. Do you think that pushes some of the PRT deals into next year? And then, I guess, along those lines. I know you touched on it earlier, but maybe you can talk a little bit more about the opportunity to expand institutional business when you combine with Equitable? Marc Costantini: Thank you, Wilma. Yes. So on the PRT side, I don't have much more to add to say that we're -- we feel pretty good about the second half of the year. And we feel pretty good about that space in the ensuing years and '27 plus then one of the implicit kind of questions or comments. And this is as we bring together the two balance sheets and a stronger and bigger capital base and balance sheet, I think that will give us an opportunity to take bigger sizes of the PRT. So when you think about revenue synergies and things we'll talk about more at Investor Day next year, I would say, growing our Institutional Markets business across, obviously, the funding agreement side, but as well as the PRT side and other services we offer there, will be one of the revenue synergies of this merger, which then speak to the second half of your question, which is we see more opportunity on the spread lending side of our institution markets business. And the answer is yes. And as I mentioned in my remarks, 5% or so of our balance sheet despite the FABN kind of offerings where that's a much greater percentage for some of our peers. So there's a lot of upside for the new -- for Corebridge and new Equitable as we move forward. Operator: There are no further questions at this time. Thank you all for attending. This concludes today's call, and you may now disconnect. Before you buy stock in Corebridge Financial, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Corebridge Financial wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $411,427!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,335,252!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 11, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Corebridge Financial (CRBG) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Corebridge Financial, Inc.? Here are five stocks we like better. Corebridge’s Q2 results were in line with full-year guidance: Adjusted operating income was $664 million and EPS was $1.12, while operating EPS excluding variable investment income rose 14% year over year. Spread income increased 4% and fee income grew 15%. Alternative-investment weakness pressured results amid software-market declines and geopolitical uncertainty. Management expects variable investment income to remain below target through the rest of 2026, although alternatives represent less than 3% of the balance sheet. Capital returns and the Equitable merger remain key priorities: Corebridge returned $412 million to shareholders in Q2 and expects about $350 million in additional buybacks during the second half. The Equitable merger remains on track to close by year-end, with the combined company targeting $5 billion in earnings and $500 million in cost synergies by 2027. Corebridge Financial (NYSE:CRBG) reported second-quarter 2026 results that management said were in line with its full-year guidance, supported by growth in spread income and fee income, while variable investment income remained below long-term expectations. Adjusted pre-tax operating income was $664 million and earnings per share were $1.12, according to Interim Chief Financial Officer Chris Filiaggi. Excluding variable investment income, EPS increased 14% from a year earlier. On a run-rate basis that adjusts for long-term alternative-investment returns, operating EPS was $1.35, up 16% year over year. → 3 Drone Stocks That Should Soar After the Summer Slump Core sources of income, excluding variable investment income, rose 5% from the prior-year quarter. Spread income increased 4%, aided by asset repositioning and underlying business growth, while fee income climbed 15% on higher assets under management and administration and favorable markets. Underwriting margins declined 1% year over year, though Filiaggi said underwriting results remained positive. Variable investment income underperformed during the quarter, primarily due to alternative investments. Filiaggi said alternative-investment performance was affected by a decline in the software market, Middle East conflict-related volatility, and broader macroeconomic and geopolitical uncertainty. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Chief Investment Officer Lisa Longino said the company’s alternative portfolio is primarily composed of private equity, real estate equity funds and hedge funds. While private equity had generally met long-term expectations previously, she said weakness was broad during the quarter and that a backlog of private-equity exits had not been reduced enough to generate gains that could offset portfolio marks. Management said it expects variable investment income returns to remain below target for the rest of 2026 and does not expect the company to meet its long-term alternative-investment return expectations this year. Alternative investments account for less than 3% of the company’s balance sheet, Chief Executive Officer Marc Costantini said. → Jersey Mike's Serves Fresh Gains After IPO Stumble Adjusted return on equity was 11.4%, or 13.8% on a run-rate basis, within Corebridge’s 12% to 14% target range. Excluding variable investment income, adjusted ROE increased 90 basis points year over year to 10.9%. Corebridge generated more than $400 million of cash for its 14th consecutive quarter, Costantini said. The company returned $412 million of capital to shareholders during the second quarter, including $300 million of share repurchases. Its year-to-date normalized payout ratio was 84%. The company ended the quarter with more than $1.4 billion of holding-company liquidity, supported by $475 million of insurance-company dividends received during the quarter. Filiaggi said liquidity exceeded the holding company’s needs for the next 12 months. Corebridge expects to repurchase approximately $350 million of stock during the second half, which would bring total 2026 repurchases to about $1.9 billion. Longino said the investment portfolio remained 96% investment grade, with an average credit rating of A-. New-money yields remained above roll-off yields, supporting net investment income growth. The company repositioned portions of the portfolio by selling lower-yielding high-yield, emerging-market and private assets and moving into investment-grade public assets, residential mortgage-backed securities and private asset-backed securities. More than half of those purchases were rated single-A or higher, she said. Individual Retirement sales totaled $3.8 billion, with positive net flows and continued growth in assets under management and administration. Sales were down from both the prior year and prior quarter, but management said it maintained pricing discipline rather than pursuing volume in a more competitive environment. Costantini said June was the strongest retail-annuity sales month of the year and momentum continued into July. Corebridge reiterated its expectation for approximately $2.55 billion of Individual Retirement base spread income in 2026. Filiaggi said asset repositioning helped spreads, but older business rolling off should result in additional single-digit spread compression through the remainder of the year, with compression expected to bottom by the end of 2026. In Group Retirement, fee income rose 15% year over year as the company continued shifting from spread-based products toward fee-based business. Wealth management assets reached $20 billion, up 18% from a year earlier. The segment’s adjusted pre-tax operating income declined 7%, reflecting lower spread income and higher operating expenses, partly offset by fee growth. Life Insurance sales rose year over year and sequentially to $870 million. Segment adjusted pre-tax operating income fell 11% from the prior-year period, although management said mortality and underwriting results remained favorable. Costantini said the company is seeing early benefits from efforts to improve connectivity with distribution partners and intends to expand the Life business over time. Institutional Markets posted sales of $2.6 billion, including more than $1.8 billion of guaranteed investment contract issuances. Adjusted pre-tax operating income increased 36% year over year, supported by a 17% increase in reserves and a 12% rise in assets under management and administration. Management expects pension risk transfer activity to increase in the second half, citing well-funded pension plans, attractive interest rates and an active pipeline. Costantini said shareholders approved the planned merger with Equitable, and the companies still expect the transaction to close by year-end. Federal antitrust review and FINRA approval for the broker-dealer change in control have been completed, while state and international filings have been submitted. The combined company is targeting $5 billion in earnings, $4 billion in cash generation and return on equity above 15% by 2027. Management expects $500 million in cost synergies, with an additional potential benefit from revenue synergies. The leadership structure’s first three organizational levels have been determined, Costantini said, and the companies expect to announce the board of the combined firm soon. Management also said the merger could expand capacity in Institutional Markets, including pension risk transfer and funding-agreement-backed business. Corebridge’s guaranteed investment contract and related funding-agreement business represents about 5% of its general account, compared with 10% to 15% for some major competitors, according to Costantini. Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions. Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Corebridge Financial Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

General Insurance net premiums written (NPW) of $7.5 billion, an increase of 9% year-over-year on both a reported basis and a constant dollar basis*, driven by growth across all three business segments General Insurance underwriting income of $686 million, an increase of 10% year-over-year General Insurance combined ratio of 89.0% and Accident year combined ratio, as adjusted* (AYCR) of 88.1%, a 30 basis point improvement year-over-year in both metrics Net income per diluted share of $1.78, a decrease of 10% year-over-year; Adjusted after-tax income* (AATI) per diluted share of $2.00, an increase of 10% year-over-year Return on equity (ROE) of 9.4% and Core Operating ROE* of 11.1% Returned $904 million of capital to shareholders, including $641 million of share repurchases and $263 million of dividends in the quarter On May 7, AIG sold its remaining interest in Corebridge Financial, Inc. (Corebridge) for aggregate proceeds of approximately $710 million NEW YORK, August 06, 2026--(BUSINESS WIRE)--American International Group, Inc. (NYSE: AIG) today reported financial results for the second quarter ended June 30, 2026. "AIG delivered another strong quarter, marking an exceptional first half of the year and underscoring the benefits of our diversified global portfolio and continued momentum from organic growth and our recent strategic transactions," said Eric Andersen, AIG President & Chief Executive Officer. "Adjusted after-tax income per diluted share was $2.00, increasing 10% year-over-year, and Core Operating ROE was 11.1%. Net premiums written grew 9% year-over-year on a constant dollar basis, or 11%* excluding North America Property, supported by top-line growth across all three business segments. We produced another solid quarter of underwriting profitability, with General Insurance underwriting income of $686 million, a calendar year combined ratio of 89.0% and an accident year combined ratio, as adjusted, of 88.1%. "Our strong quarterly results demonstrate our ability to perform well in the current market, which has transitioned from an extended phase of broad positive pricing into a more selective environment, where profitability and growth are increasingly dependent on line-specific dynamics. The breadth of our underwriting expertise and the diversity of our global portfolio remain important competitive advantages, allowing us to continue to pursue targeted growth in the segments where we expect to achieve the most attractive risk-adjusted returns. "We are building on our strong foundation as a market leader and best-in-class underwriting company. Our progress reflects the outstanding execution and commitment of our talented global team. We remain confident in our ability to meet our 2025 Investor Day financial objectives and see significant opportunity to leverage our global scale, strong brand and technical expertise to bring the full capabilities of AIG together to support our clients and stakeholders, while driving sustainable, profitable growth." * Refers to financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest GAAP measures can be found in this press release under the heading Comment on Regulation G and Non-GAAP Financial Measures. FINANCIAL SUMMARY For the second quarter of 2026, Net income attributable to AIG common shareholders was $948 million, or $1.78 per diluted common share, compared to net income of $1.1 billion, or $1.98 per diluted common share, in the prior year quarter. The year-over-year decrease was primarily due to changes in the fair value of AIG's investment in Corebridge and equity securities, partially offset by higher underwriting income. AATI was $1.1 billion, or $2.00 per diluted common share, compared to $1.0 billion, or $1.81 per diluted common share in the prior year quarter, reflecting higher underwriting income, partially offset by lower Other Operations Net investment income. Total Net investment income for the second quarter of 2026 was $1.1 billion, compared to $1.5 billion in the prior year quarter, primarily due to changes in the fair value of AIG's investment in Corebridge and equity securities. Total Net investment income on an APTI basis was $908 million, compared to $955 million in the prior year quarter, due to lower Net investment income in Other Operations, while General Insurance Net investment income was flat year-over-year. AIG returned $904 million to shareholders in the second quarter of 2026 through $641 million of common stock repurchases, representing approximately 8 million shares, and $263 million of common stock dividends. At June 30, 2026, the total debt to total capital ratio was 18.1% and the total debt to total adjusted capital* ratio was 17.6%. During the quarter, AIG sold approximately 25 million shares of Corebridge common stock, representing our remaining interest in Corebridge, for aggregate proceeds of approximately $710 million. ROE and Core Operating ROE* were 9.4% and 11.1%, respectively, in the second quarter of 2026. Book value per share was $77.39 as of June 30, 2026, an increase of 4% from June 30, 2025. Adjusted tangible book value per share* was $72.18, an increase of 3% from June 30, 2025. On August 6, 2026, the AIG Board of Directors declared a quarterly cash dividend on AIG common stock of $0.50 per share. The dividend is payable on September 30, 2026 to shareholders of record at the close of business on September 16, 2026. GENERAL INSURANCE Second quarter NPW of $7.5 billion increased 9% from the prior year quarter both on a reported basis and a constant dollar basis. The growth was primarily driven by continued organic growth in select high-performing segments and contributions from AIG’s recent strategic transactions, partially offset by North America Property lines. Excluding North America Property lines, General Insurance NPW growth was 11%* in the second quarter. Underwriting income was $686 million, increasing 10% from the prior year quarter. Total catastrophe-related charges were $210 million, representing 3.4 loss ratio points, compared to $170 million, representing 2.9 loss ratio points, in the prior year quarter. Second quarter 2026 included $75 million of net losses related to the Middle East conflict. Second quarter 2026 included favorable prior year development (PYD), net of reinsurance and prior year premiums, of $145 million, compared to $112 million in the prior year quarter, primarily due to favorable development in U.S. Workers’ Compensation and U.S. Property and Special Risks, partially offset by slight strengthening in U.S. Excess Casualty. The combined ratio was 89.0%, improving 30 basis points from 89.3% in the prior year quarter, largely due to higher favorable PYD and an improved expense ratio, partially offset by higher catastrophe-related charges. The AYCR was 88.1%, improving 30 basis points from 88.4% in the prior year quarter, driven by a lower accident year loss ratio, as adjusted* (AYLR) as well as a lower expense ratio. General Insurance APTI was $1.5 billion, increasing 4% from the prior year quarter, driven by higher underwriting income. GENERAL INSURANCE - NORTH AMERICA COMMERCIAL Second quarter NPW of $3.1 billion increased 9% from the prior year quarter, primarily driven by Retail Casualty and Financial Lines, partially offset by declines in Lexington, driven by Property. The combined ratio was 84.0%, improving 190 basis points from 85.9% in the prior year quarter, driven by higher favorable PYD, lower catastrophe-related charges and lower general operating expense (GOE) ratio, partially offset by higher acquisition ratio and AYLR due to changes in business mix, in addition to rate pressure, particularly in Property. The AYCR was 86.7%, increasing 50 basis points from 86.2% in the prior year quarter, primarily driven by higher acquisition ratio and AYLR, partially offset by lower GOE ratio. GENERAL INSURANCE - INTERNATIONAL COMMERCIAL Second quarter NPW of $2.6 billion increased 11% from the prior year quarter, or 10% on a constant dollar basis, primarily driven by Property and Marine, partially offset by Financial Lines due to continued rate pressure. The combined ratio was 91.3%, increasing 540 basis points from 85.9% in the prior year quarter, driven by higher catastrophe-related charges, primarily due to losses related to the Middle East conflict, higher AYLR, reflecting rate pressure, and higher acquisition ratio, reflecting a combination of strong new business growth and changes in business mix. The AYCR was 87.3%, increasing 230 basis points from 85.0% in the prior year quarter, driven by higher AYLR and acquisition ratio. GENERAL INSURANCE - GLOBAL PERSONAL Second quarter NPW of $1.8 billion increased 7% from the prior year quarter, or 8% on a constant dollar basis, primarily driven by strong growth momentum in Accident & Health and continued organic growth in the High Net Worth business. The combined ratio was 92.9%, improving 560 basis points from 98.5% in the prior year quarter, primarily due to lower AYLR and acquisition ratio reflecting earn-in of improved High Net Worth business commission terms, lower GOE ratio and reduced catastrophe-related charges. The AYCR was 91.2%, improving 490 basis points from 96.1% in the prior year quarter. OTHER OPERATIONS Other Operations predominantly consists of Net investment income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate GOE, and Interest expense. Net Investment Income and Other was $39 million, compared to $92 million in the prior year quarter, which included $27 million of Corebridge dividends. In addition, the current quarter has lower Short-term Investment income. Corporate and other GOE improved $8 million from the prior year quarter. Interest expense increased $2 million from the prior year quarter. CONFERENCE CALL AIG will host a conference call tomorrow, Friday, August 7, 2026 at 8:30 a.m. ET to review these results. The call is open to the public and can be accessed via a live, listen-only webcast in the Investors section of www.aig.com. A replay will be available after the call at the same location. # # # Additional supplementary financial data is available in the Investors section at www.aig.com. Cautionary Note on Forward-Looking Statements Certain statements in this press release and other publicly available documents may include, and members of management may from time to time make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward‑looking statements are intended to provide management’s current expectations or plans for future operating and financial performance, based on assumptions currently believed to be valid and accurate. Forward-looking statements are often preceded by, followed by or include words such as "will," "believe," "anticipate," "expect," "expectations," "intend," "strive," "plan," "strategy," "prospects," "project," "anticipate," "should," "guidance," "outlook," "view," "target," "goal," "estimate" and other words of similar meaning in connection with a discussion of future operating or financial performance. These statements may include, among other things, projections, goals and assumptions that relate to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expense reduction efforts, the outcome of contingencies such as legal proceedings, anticipated organizational, business or regulatory changes, the effect of catastrophic events, both natural and man-made, and macroeconomic and/or geopolitical events, anticipated dispositions, monetization and/or acquisitions of businesses or assets, the successful integration of acquired businesses, management succession and retention plans, exposure to risk, trends in operations and financial results, and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results and financial condition to differ, possibly materially, from the results and financial condition expressed or implied in the forward-looking statements. Factors that could cause actual results to differ, possibly materially, from those in specific projections, targets, goals, plans, assumptions and other forward-looking statements include, without limitation: the impact of adverse developments affecting economic conditions in the markets in which we operate, including financial market conditions, a U.S. federal government shutdown, macroeconomic trends, changes in trade policies, including tariffs, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, including social inflation, pressures on the commercial real estate market, pandemics, and geopolitical events or conflicts; the occurrence of catastrophic events, both natural and man-made, which may be exacerbated by the effects of climate change; disruptions in the availability or accessibility of our or a third party’s information technology systems, including hardware and software, infrastructure or networks, and the inability to safeguard the confidentiality and integrity of customer, employee or company data due to cyberattacks, data security breaches or infrastructure vulnerabilities; our ability to effectively implement technological advancements, including the use of artificial intelligence (AI), and respond to competitors' AI and other technology initiatives; our ability to successfully complete strategic transactions, including to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses, and the anticipated benefits thereof; the effects of changes in laws and regulations, including those relating to privacy, data protection, cybersecurity and AI, and the regulation of insurance, in the U.S. and other countries in which we operate; concentrations in our investment portfolios; changes in the valuation of our investments; our reliance on third-party investment managers; nonperformance or defaults by counterparties; our reliance on third parties to provide certain business and administrative services; our ability to adequately assess risk and estimate related losses as well as the effectiveness of our enterprise risk management policies and procedures; changes in judgments or assumptions concerning insurance underwriting and insurance liabilities; concentrations of our insurance, reinsurance and other risk exposures; availability of adequate reinsurance or access to reinsurance on acceptable terms; changes to tax laws in the countries in which we operate; the effectiveness of strategies to retain and recruit key personnel and to implement effective succession plans; the effects of sanctions and the failure to comply with those sanctions; difficulty in marketing and distributing products through current and future distribution channels; actions by rating agencies with respect to our credit and financial strength ratings as well as those of its businesses and subsidiaries; changes in judgments concerning the recognition of deferred tax assets and the impairment of goodwill; our ability to address evolving global stakeholder expectations and regulatory requirements including with respect to environmental, social and governance matters and to effectively execute on sustainability targets and standards; our ability to effectively implement restructuring initiatives and potential cost-savings opportunities; changes to sources of or access to liquidity; changes in accounting principles and financial reporting requirements or their applicability to us; the outcome of significant legal, regulatory or governmental proceedings; and such other factors discussed in: Forward-looking statements speak only as of the date of this press release, or in the case of any document incorporated by reference, the date of that document. AIG is not under any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information as to factors that may cause actual results to differ materially from those expressed or implied in any forward-looking statements is disclosed from time to time in our filings with the SEC. # # # COMMENT ON REGULATION G AND NON-GAAP FINANCIAL MEASURES Throughout this press release, including the financial highlights, AIG presents its financial condition and results of operations in the way it believes will be most meaningful and representative of its business results. Some of the measurements AIG uses are "Non-GAAP financial measures" under SEC rules and regulations. GAAP is the acronym for generally accepted accounting principles in the United States. The non-GAAP financial measures AIG presents are listed below and may not be comparable to similarly-named measures reported by other companies. The reconciliations of such measures to the most comparable GAAP measures in accordance with Regulation G are included within the relevant tables attached to this press release or in the Second Quarter 2026 Financial Supplement available in the Investors section of AIG’s website, www.aig.com. Unless otherwise mentioned or unless the context indicates otherwise, we use the terms "AIG," "we," "us" and "our" to refer to American International Group, Inc., a Delaware corporation, and its consolidated subsidiaries. AIG uses the following operating performance measures because AIG believes they enhance the understanding of the underlying profitability of operations and trends of AIG’s segments. AIG believes they also allow for more meaningful comparisons with AIG’s insurance competitors. When AIG uses these measures, reconciliations to the most comparable GAAP measure are provided on a consolidated basis. Adjusted Pre-tax Income (APTI) is derived by excluding the items set forth below from income before income tax: changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares; net investment income on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets); net realized gains and losses on Fortitude Re funds withheld assets; loss (gain) on extinguishment of debt; all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication. Earned income on such economic hedges is reclassified from net realized gains and losses to specific APTI line items based on the economic risk being hedged (e.g. net investment income); income or loss from discontinued operations; net loss reserve discount benefit (charge); net results of businesses in run-off; non-operating pension expenses; net gain or loss on divestitures and other; non-operating litigation reserves and settlements; restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization; the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain; integration and transaction costs associated with acquiring or divesting businesses; losses from the impairment of goodwill; and non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles. Adjusted After-tax Income attributable to AIG common shareholders (adjusted after-tax income or AATI) is derived by excluding the tax effected APTI adjustments described above, noncontrolling interest on net realized gains (losses), other non-operating expenses and the following tax items from net income attributable to AIG: deferred income tax valuation allowance releases and charges; and changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance. See page 14 for the reconciliation of Net income attributable to AIG to Adjusted After-tax Income attributable to AIG common shareholders. Book value per share, excluding investments related cumulative unrealized gains and losses recorded in Accumulated other comprehensive income (loss) (AOCI) adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (collectively, Investments AOCI) (Adjusted book value per share) is used to show the amount of our net worth on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re. Adjusted book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI (AIG adjusted common shareholders' equity) by total common shares outstanding. Book Value per share, excluding Investments AOCI, Goodwill, Value of business acquired (VOBA), Value of distribution channel acquired (VODA) and Other intangible assets (Adjusted tangible book value per share) is used to provide a useful measure of the realizable shareholder value on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions and Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re. Adjusted tangible book value per share is derived by dividing AIG adjusted common equity, excluding intangible assets, (AIG adjusted tangible common shareholders’ equity) by total common shares outstanding. Book value per share, excluding Investments AOCI, deferred tax assets (DTA) and AIG’s ownership interest in Corebridge (Core operating book value per share) is used to show the amount of our net worth on a per share basis after eliminating Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to net operating loss carryforwards (NOLs), corporate alternative minimum tax credits (CAMTCs) and foreign tax credits (FTCs) that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. Core operating book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (AIG core operating shareholders’ equity) by total common shares outstanding. Total debt to total adjusted capital ratio is used to show the AIG’s debt leverage adjusted for Investments AOCI and is derived by dividing total debt by total capital excluding Investments AOCI (Total adjusted capital). We believe this measure is useful to investors because it eliminates items that can fluctuate significantly from period to period due to changes in market conditions. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re. Return on equity – Adjusted after-tax income excluding Investments AOCI (Adjusted return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI. We believe this measure is useful to investors because it eliminates the fair value of investments which can fluctuate significantly from period to period due to changes in market conditions. Adjusted return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG adjusted common shareholders’ equity. Return on equity – Adjusted after-tax income excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (Core operating return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to NOLs, CAMTCs and FTCs that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. We believe this metric provides investors with greater insight as to the underlying profitability of our property and casualty business. Core operating return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG core operating shareholders’ equity. Ratios: We, along with most property and casualty insurance companies, use the loss ratio, the expense ratio and the combined ratio as measures of underwriting performance. These ratios are relative measurements that describe, for every $100 of net premiums earned, the amount of losses and loss adjustment expenses (which for General Insurance excludes net loss reserve discount), and the amount of other underwriting expenses that would be incurred. A combined ratio of less than 100 indicates underwriting income and a combined ratio of over 100 indicates an underwriting loss. Our ratios are calculated using the relevant segment information calculated under GAAP, and thus may not be comparable to similar ratios calculated for regulatory reporting purposes. The underwriting environment varies across countries and products, as does the degree of litigation activity, all of which affect such ratios. In addition, investment returns, local taxes, cost of capital, regulation, product type and competition can have an effect on pricing and consequently on profitability as reflected in underwriting income and associated ratios. Accident year loss and Accident year combined ratios, as adjusted (Accident year loss ratio, ex-CAT and Accident year combined ratio, ex-CAT): both the accident year loss and accident year combined ratios, as adjusted, exclude catastrophe losses (CATs) and related reinstatement premiums, net of reinsurance, and prior year development, net of prior year premiums, net of reinsurance, and the impact of reserve discounting. Natural catastrophe losses are generally weather or seismic events, in each case, having a net impact on AIG in excess of $10 million and man-made catastrophe losses, such as terrorism and civil unrest that exceed the $10 million threshold. We believe that as adjusted ratios are meaningful measures of our underwriting results on an ongoing basis as they exclude catastrophes and the impact of reserve discounting which are outside of management’s control. We also exclude prior year development to provide transparency related to current accident year results. Underwriting ratios are computed net of reinsurance and as follows: Loss ratio = Loss and loss adjustment expenses incurred ÷ Net premiums earned (NPE) Acquisition ratio = Total acquisition expenses ÷ NPE General operating expense ratio = General operating expenses ÷ NPE Expense ratio = Acquisition ratio + General operating expense ratio Combined ratio = Loss ratio + Expense ratio CATs and reinstatement premiums ratio = [Loss and loss adjustment expenses incurred – (CATs)] ÷ [NPE +/(-) Reinstatement premiums related to catastrophes] – Loss ratio Accident year loss ratio, as adjusted (AYLR, ex-CAT) = [Loss and loss adjustment expenses incurred – CATs – PYD] ÷ [NPE +/(-) Reinstatement premiums related to catastrophes +/(-) Prior year premiums] Accident year combined ratio, as adjusted (AYCR, ex-CAT) = AYLR ex-CAT + Expense ratio Prior year development, net of prior year premiums ratio = [Loss and loss adjustment expenses incurred – CATs – PYD] ÷ [NPE +/(-) Reinstatement premiums related to catastrophes +/(-) Prior year premiums] – Loss ratio – CATs and reinstatement premiums ratio. Results from discontinued operations are excluded from all of these measures. # # # American International Group, Inc. (NYSE: AIG) is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in more than 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses and authorizations as well as network partners. AIG is the marketing name for the worldwide operations of American International Group, Inc. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds. American International Group, Inc.Selected Financial Data and Non-GAAP Reconciliation($ in millions, except per common share data) Includes all Net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets. In the six months ended June 30, 2026, Net loss on divestitures and other primarily relates to a change in estimate for earn-out considerations associated with the dispositions of Validus Reinsurance, Ltd. and global personal travel and assistance business. In the third quarter of 2025, AIG began excluding the net results of run-off businesses previously reported in General Insurance from Adjusted pre-tax income. In the first quarter of 2026, AIG realigned and began reporting Amortization of intangible assets in General Insurance from Other Operations; historical results have been recast to reflect these changes. View source version on businesswire.com: https://www.businesswire.com/news/home/20260806269644/en/ Contacts Quentin McMillan (Investors): [email protected] Andrew Johnson (Media): [email protected]

This article first appeared on GuruFocus. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Corebridge Financial Inc (NYSE:CRBG) delivered strong Q2 results with run rate EPS up 16% year-over-year and adjusted ROE (excluding VII) up 90 basis points to 10.9%. Cash generation remains robust, with over $400 million generated for 14 consecutive quarters and $412 million returned to shareholders in Q2. Sales momentum improved in June, making it the strongest sales month of the year, with expectations for steady sales and positive net flows in H2. Institutional markets continue to grow, with GIC issuances of $1.8 billion at attractive IRRs and APTOI up 36% year-over-year. The merger with Equitable is progressing well, with shareholder approval secured, regulatory reviews largely complete, and expected to close by year-end, unlocking $500 million in cost synergies. Variable investment income (VII) underperformed, driven by declines in software and geopolitical volatility, with expectations for below-target returns for the remainder of the year. Individual retirement sales declined year-over-year due to tighter competition, though sequentially improved. Group retirement APTOI decreased 7% year-over-year, reflecting lower spread income and higher operating expenses. Life insurance APTOI declined 11% year-over-year, as mortality results were favorable but less so than the prior year quarter. The company faces ongoing spread compression in individual retirement, expected to level off only by end of 2026. Warning! GuruFocus has detected 9 Warning Signs with CRBG. Is CRBG fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide more color on the competitive dynamics in retail annuities during the quarter, which led to softer sales early on but a stronger June?A: Mark Costantini, President and CEO, explained that the company saw increased competitive tension in simpler product designs early in Q2. As judicious capital allocators, they shifted deployment toward institutional markets where risk-adjusted returns were more attractive. Conditions fluctuated through the quarter, with June becoming the strongest sales month of the year and momentum continuing into July. He expects retail sales to rebound in Q3, while still seeing significant opportunities in institutional markets. Q: Given the opportunistic asset repositioning actions taken in the quarter, why is there no upside to the original full-year base spread income guidance of $2.55 billion?A: Chris Spigliaggi, Interim CFO, stated that while the quarter saw some improvements in base spreads as the book rolls off, the company still expects to see single-digit spread compression over the next couple of quarters, with spreads bottoming out by the end of 2026. The guidance remains unchanged as the natural roll-off of older business continues. Q: Is the growth in institutional spread products a function of being opportunistic while retail was challenged, or do you see a bigger runway for growth in the coming quarters?A: Mark Costantini, President and CEO, highlighted that the funding agreement-backed business represents only about 5% of the balance sheet compared to 10%-15% for major competitors, indicating ample room for growth. He sees significant upside in institutional markets, and combining with Equitable will enhance their appeal in this space. He also noted tailwinds in both PRT and retail entering Q3. Q: Can you provide an update on the potential collaboration with Nippon Life on Japanese annuity products?A: Mark Costantini, President and CEO, said discussions with Nippon Life about co-manufacturing products for the Japanese market are progressing well, describing them as being in the "third or fourth inning." The demand for products Corebridge has expertise in manufacturing is growing in Japan. While it's too early to predict a timeline due to product development and FSA filing requirements, he is cautiously optimistic about the significant opportunity. Q: On a pro forma basis, your expense ratio appears materially below peers. Does this expense advantage allow you to continue growing and hitting returns even in irrational competitive environments?A: Mark Costantini, President and CEO, confirmed the expectation of $500 million plus in expense savings within two years of the merger. He noted that scale is a key reason the market remains attractive, providing advantages in digitization, AI deployment, capital efficiency, and distribution. The expense advantage will span multiple dimensions, positioning the combined company as a very significant competitive presence. Q: Many peers are guiding to a better second half for alternative investments, but you seem to expect continued challenges. Is there something unique about your portfolio?A: Lisa Longino, Chief Investment Officer, explained that the underperformance was driven by marks on private equity funds, which had previously been meeting long-term expectations. The market was weak across the board, with a large backlog of PE exits not generating gains to offset marks. While positive returns are possible in the second half, they do not expect to hit long-term expectations for the year due to AI valuation concerns, geopolitical uncertainty, and higher rates impacting real estate funds. Q: Can you provide more color on the asset repositioning actions taken in the quarter and whether further opportunities exist?A: Lisa Longino, Chief Investment Officer, detailed that the repositioning involved selling lower-yielding high yield assets, emerging markets, and some lower-yielding private assets, rotating into investment grade public assets, RMBS, and private ABS, with over 50% of purchases in single-A or higher. This increased yield while maintaining or improving credit quality. She confirmed this is an ongoing proactive strategy. Q: Given strong capital and cash generation, would you consider drawing down excess capital to exceed your payout ratio target for share repurchases?A: Chris Spigliaggi, Interim CFO, stated the company remains committed to approximately $350 million in share repurchases in the second half of 2026, in line with pre-merger plans. This would bring total repurchases to about $1.9 billion for the year and over $4 billion for 2025-2026 combined. He noted the combined company's $4 billion cash generation will provide an opportunity to revisit capital return plans at the future Investor Day. Q: Following the divestiture of Equitable's employee benefits business, are there any other subscale businesses you might consider divesting?A: Mark Costantini, President and CEO, stated that the employee benefits divestiture was a win-win transaction, but it was the only subscale operation in the combined portfolio. He confirmed there are no other businesses or activities with the same characteristics that would lead to similar transactions, as everything else holds a leadership position with growth opportunities. Q: How are you thinking about longer-term mortality trends in the life insurance business, and does the favorable mortality extend to your PRT business?A: Mark Costantini, President and CEO, noted that mortality results have been very favorable versus expectations for several quarters, reflecting high-quality underwriting. He is bullish on the life business and sees no reason it shouldn't double in size. Regarding PRT, he clarified that the covered populations are very different, with different origination and mortality tables used for pricing, so favorable life mortality does not necessarily translate to negative longevity impacts on the PRT book. Q: In which retirement products are you seeing the sales improvement in June, and is it across the board?A: Mark Costantini, President and CEO, said the improved sales trends heading into June and Q3 are across the board. The company introduced enhancements to index annuity products, refined living benefit offerings, and added new indices and structures. While there is competitive activity in simpler structures, Corebridge focuses on more sophisticated client solutions. Q: Can you talk about the asset classes you rotated into during the repositioning? Are you moving more into private credit?A: Lisa Longino, Chief Investment Officer, explained that the company sold lower-yielding high yield assets, emerging markets, and some lower-yielding private assets. They rotated into investment grade public assets, RMBS, and private ABS, with over For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Corebridge Financial (CRBG) reported $4.3 billion in revenue for the quarter ended June 2026, representing a year-over-year decline of 2.8%. EPS of $1.12 for the same period compares to $1.36 a year ago. The reported revenue represents a surprise of -4.67% over the Zacks Consensus Estimate of $4.51 billion. With the consensus EPS estimate being $1.08, the EPS surprise was +3.7%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Corebridge performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Total Corebridge- Premiums: $541 million compared to the $946.81 million average estimate based on four analysts. The reported number represents a change of +16.6% year over year. Total Corebridge- Advisory fee and other income: $112 million compared to the $102.75 million average estimate based on four analysts. The reported number represents a change of -42.9% year over year. Total Corebridge- Policy fees: $612 million versus the four-analyst average estimate of $605.73 million. The reported number represents a year-over-year change of -15.1%. Total Corebridge- Net investment income: $3.03 billion versus the four-analyst average estimate of $3.01 billion. The reported number represents a year-over-year change of -0.6%. Revenue- Life Insurance: $1.06 billion versus the three-analyst average estimate of $1.08 billion. The reported number represents a year-over-year change of -1.5%. Revenue- Individual Retirement: $1.72 billion compared to the $1.67 billion average estimate based on three analysts. The reported number represents a change of -11% year over year. Revenue- Corporate & Other: $-5 million versus $17.17 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -116.1% change. Revenue- Individual Retirement- Premiums: $26 million versus the three-analyst average estimate of $27.4 million. The reported number represents a year-over-year change of -40.9%. Revenue- Individual Retirement- Policy fees: $89 million versus $81.24 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -55.3% change. Revenue- Individual Retirement- Net investment income: $1.6 billion versus the three-analyst average estimate of $1.56 billion. The reported number represents a year-over-year change of +1.2%. Revenue- Group Retirement- Premiums: $4 million versus $3.52 million estimated by three analysts on average. Revenue- Group Retirement- Policy fees: $116 million versus the three-analyst average estimate of $110.91 million. The reported number represents a year-over-year change of +10.5%. View all Key Company Metrics for Corebridge here>>> Shares of Corebridge have returned +1.6% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Corebridge Financial, Inc. (CRBG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Delivered 16% year-over-year growth in run-rate EPS, supported by strong underlying fundamentals and 14 consecutive quarters of generating over $400 million in cash. Prioritized margin integrity over sales volume in Individual Retirement, strategically pivoting capital toward Institutional Markets where risk-adjusted returns were more attractive during the quarter. Achieved a 19-point year-over-year increase in Plan Sponsor Net Promoter Score in Group Retirement, driven by a top-to-bottom commitment to improving customer experience. Leveraged automated underwriting for over 80% of new Life business, contributing to run-rate earnings that exceeded management's typical guidance. Maintained pricing discipline in a competitive retail annuity environment, resulting in June being the strongest sales month of the year as yields rose. Advanced the transition of Group Retirement toward a capital-light, fee-based model, with wealth management assets growing 18% year-over-year to $20 billion. Capitalized on the Institutional Markets segment by issuing $1.8 billion in GICs, noting significant runway for growth as the book currently represents only 5% of the general account. Reaffirmed 2026 base spread income guidance of $2.55 billion for Individual Retirement, expecting price compression to level off by year-end as older business rolls off. Anticipates the merger with Equitable to close by year-end 2026, targeting $5 billion in earnings and $500 million in cost synergies by 2027. Expects Variable Investment Income (VII) to remain below long-term targets for the remainder of the year due to market volatility and a lack of private equity realization events. Projects an uptick in Pension Risk Transfer (PRT) activity in the second half of 2026, driven by well-funded pension plans and a robust pipeline of deferred and current retiree cases. Targets a 50% policy issuance rate within 30 minutes for the Life business through the implementation of a new digital business acquisition platform. Variable Investment Income underperformed due to market declines in software and geopolitical volatility in the Middle East affecting alternative investment marks. Completed federal antitrust and FINRA regulatory reviews for the Equitable merger, with all state and international filings now submitted for final approval. Identified a $30 billion growth opportunity in Group Retirement by focusing on IRA rollovers and household asset consolidation within the existing customer base. Committed to $350 million in share repurchases for the second half of the year to maintain a normalized payout ratio target. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management noted that competitive tension in simple product designs led to softer early-quarter sales, prompting a shift in capital to institutional markets. Sales momentum improved significantly in June and July, leading to expectations for a retail sales rebound in the third quarter. While opportunistic asset repositioning provided a yield boost, management maintained guidance due to expected natural roll-off and single-digit compression in the existing book. Repositioning focused on rotating out of lower-yielding high-yield and EM assets into investment-grade public and private ABS. Discussions are in the 'third or fourth inning' regarding co-manufacturing products for the Japanese market to leverage Nippon's distribution and Corebridge's manufacturing expertise. Management remains cautiously optimistic but noted a time lag due to necessary FSA regulatory filings and product development. Management clarified that the $92.5 billion Blackstone mandate remains a priority, and any temporary shortfall would result in a make-whole payment rather than a strategic shift. The combined company's $80 billion annual origination need provides ample room for both Blackstone and the new $100 billion AllianceBernstein partnership.

Corebridge Financial (CRBG) came out with quarterly earnings of $1.12 per share, beating the Zacks Consensus Estimate of $1.08 per share. This compares to earnings of $1.36 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +3.70%. A quarter ago, it was expected that this financial services company would post earnings of $1.07 per share when it actually produced earnings of $1.05, delivering a surprise of -1.87%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Corebridge, which belongs to the Zacks Insurance - Multi line industry, posted revenues of $4.3 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 4.67%. This compares to year-ago revenues of $4.42 billion. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Corebridge shares have added about 3.8% since the beginning of the year versus the S&P 500's gain of 11%. While Corebridge has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Corebridge was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.20 on $5.21 billion in revenues for the coming quarter and $4.55 on $19.28 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Multi line is currently in the bottom 29% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, MetLife (MET), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This insurer is expected to post quarterly earnings of $2.30 per share in its upcoming report, which represents a year-over-year change of +13.9%. The consensus EPS estimate for the quarter has been revised 0.3% lower over the last 30 days to the current level. MetLife's revenues are expected to be $19.34 billion, up 7.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Corebridge Financial, Inc. (CRBG) : Free Stock Analysis Report MetLife, Inc. (MET) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Corebridge Financial and Equitable Holdings shareholders successfully approved the merger on July 30th Net loss available to Corebridge common shareholders of $16 million, or $0.04 per common share Adjusted after-tax operating income1 available to Corebridge common shareholders of $512 million and operating earnings per common share of $1.12 Premiums and deposits1 of $9.1 billion Holding company liquidity of $1.4 billion Returned $412 million to shareholders, including $300 million of share repurchases Declared dividend of $0.25 per share of common stock on August 4, 2026, payable on September 30, 2026, to shareholders of record at the close of business on September 16, 2026 HOUSTON, August 04, 2026--(BUSINESS WIRE)--Corebridge Financial, Inc. ("Corebridge" or the "Company") (NYSE: CRBG) today reported financial results for the second quarter ended June 30, 2026. "We are pleased with our performance in the second quarter, having executed across the organization to deliver strong earnings, resilient sales, and consistent cash generation," said Marc Costantini, President and Chief Executive Officer. "Operationally, we continue to advance our commitment to becoming the easiest company to do business with—a strategy that is foundational to our customer success." "Regarding our merger with Equitable, we have reached a pivotal milestone with shareholder approval. We are now focused on the roadmap to final execution, having further refined our combined leadership to ensure we have the right team to win. We are more confident than ever that this merger will create a combined company with the right attributes to drive profitable growth and create significant shareholder value." CONSOLIDATED RESULTS($ in millions, except per share data) Net loss available to common shareholders was $16 million, compared to a loss of $660 million in the prior year quarter. The variance largely was a result of lower realized losses, partially offset by unfavorable changes in the fair value of market risk benefits and higher interest credited to policyholder account balances than in the prior year period. Adjusted pre-tax operating income ("APTOI") was $664 million, or a 21% decrease from the prior year quarter. Excluding variable investment income ("VII"), APTOI decreased 2% from the same period, driven by higher policyholder benefits, interest credited to policyholder account balances and other expenses, partially offset by higher premiums and net investment income. Core sources of income was $1.6 billion, a 5% increase from the prior year quarter largely due to higher fee and base spread income, partially offset by lower underwriting margin. Premiums and deposits were $9.1 billion, a 13% decrease from the prior year quarter primarily due to lower fixed and fixed indexed annuity sales, partially offset by an increase in GIC issuances, efficiently allocating capital toward businesses with the highest risk adjusted returns. CAPITAL AND LIQUIDITY HIGHLIGHTS Life Fleet RBC ratio2 remains above target Holding company liquidity of $1.4 billion as of June 30, 2026 Financial leverage ratio2 of 33.0% Returned $412 million to shareholders through $300 million of share repurchases and $112 million of dividends to common shareholders Declared dividend of $0.25 per share of common stock on August 4, 2026, payable on September 30, 2026, to shareholders of record at the close of business on September 16, 2026 BUSINESS RESULTS Premiums and deposits decreased $2.7 billion, or 41%, from the prior year quarter, primarily driven by lower fixed annuity and fixed index annuity deposits, partially offset by higher RILA deposits Core sources of income increased 4% from the prior year quarter due to higher base spread and fee income APTOI decreased $56 million, or 11%, from the prior year quarter. Excluding VII, APTOI was flat from the prior year quarter driven by higher base spread and fee income, offset by higher sales-related expenses Premiums and deposits decreased $207 million, or 10%, from the prior year quarter, primarily driven by lower in-plan and out-of-plan annuity deposits Core sources of income increased $18 million, or 5%, over the prior year quarter, primarily due to higher fee income, partially offset by lower base spread income APTOI decreased $31 million, or 17%, from the prior year quarter. Excluding VII, APTOI decreased 7% from the prior year quarter, primarily driven by lower base spread income and higher expenses, partially offset by higher fee income Premiums and deposits increased $2 million over the prior year quarter due to higher traditional life sales, partially offset by lower universal life sales Underwriting margin excluding VII decreased 2% from the prior year quarter, primarily driven by less favorable underwriting experience in the current period APTOI decreased $21 million, or 16%, from the prior year quarter. Excluding VII, APTOI decreased 11% from the prior year quarter driven by less favorable underwriting experience and higher general operating expenses Premiums and deposits increased $1.5 billion, or 130%, over the prior year quarter, primarily driven by higher GIC issuances Total sources of income decreased 25% from the prior year quarter due to lower VII. Core sources of income increased 30% over the prior year quarter, primarily driven by higher base spread income APTOI decreased $54 million, or 31%, from the prior year quarter. Excluding VII, APTOI increased 36% over the prior year quarter primarily due to higher base spread income, reflecting growth in the underlying business APTOI loss increased $16 million from the prior year quarter, primarily due to higher corporate expenses CONFERENCE CALL Corebridge will host a conference call on Wednesday, August 5, 2026, at 9:00 a.m. EDT to review these results. The call is open to the public and can be accessed via a live, listen-only webcast in the Investors section of corebridgefinancial.com. A replay will be available after the call at the same location. Supplemental financial data and our investor presentation are available in the Investors section of corebridgefinancial.com. About Corebridge Financial Corebridge Financial, Inc. makes it possible for more people to take action in their financial lives. With more than $390 billion in assets under management and administration as of June 30, 2026, 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. These references with additional information about Corebridge have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. In the discussion below, "we," "us" and "our" refer to Corebridge and its consolidated subsidiaries, unless the context refers solely to Corebridge as a corporate entity. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This press release includes statements, which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements, and any related oral statements, can be identified by the use of terms such as "believes," "expects," "may," "will," "shall," "should," "would," "could," "seeks," "aims," "projects," "forecasts," "intends," "targets," "plans," "assumes," "enable," "estimates," "anticipates," "goals," "guidance," "formidable," "preliminary," "objective," "continue," "drive," "improve," "superior," "robust," "positioned," "resilient," "vision," "potential," "immediate," "on track," "progress", "is optimistic," and similar expressions or the negative of those expressions or verbs. We caution you that forward-looking statements are not guarantees of future performance or outcomes. Forward-looking statements are not historical facts but instead represent only our beliefs regarding future events, which may by their nature be inherently uncertain, and some of which may be outside our control. These statements include, but are not limited to, statements about the potential repurchases of shares of common stock, statements about the expected timing and completion of the proposed transaction between the Company and Equitable Holdings, Inc. ("Equitable") (the "Proposed Transaction"), the anticipated benefits of the Proposed Transaction, including estimated synergies and projected cost savings, and plans and expectations for the Company, Equitable or their new parent company after completion of the Proposed Transaction. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Key factors include, among others, the ability to repurchase shares (if the Company decides to do so) within the expected timing or at all; the ability to complete the Proposed Transaction on the timeframe or on the terms currently anticipated or at all, including due to a failure to obtain requisite, stock exchange, regulatory, governmental or other approvals; risks related to difficulties, inabilities or delays in integrating the parties’ businesses; the ability to realize the anticipated benefits of the Proposed Transaction, including estimated run-rate expense synergies and projected cost savings at the times, and to the extent, anticipated, as well as expected operating earnings and cashflow generation; the occurrence of any event, change or other circumstance that could give rise to the right of either or both parties to terminate the merger agreement; the potential impact of the announcement or consummation of the Proposed Transaction on the Company or Equitable's stock price and on their respective business, contractual and operational relationships (including with regulatory bodies, employees, suppliers, clients and competitors); risks related to business disruptions from the Proposed Transaction that may harm the business or current plans and operations of either or both parties, including diversion of management time from ongoing business operations; the risk that the Proposed Transaction and its announcement could have an adverse effect on the ability of either or both parties to hire and retain key personnel; the parties’ ability to raise debt on favorable terms or at all; the outcome of any legal proceedings that may be instituted against the Company, Equitable, their new parent company or their respective directors; restrictions on the conduct of the Company and Equitable's respective businesses prior to the closing of the Proposed Transaction and on each of their ability to pursue alternatives to the Proposed Transaction; the possibility that the Proposed Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, or unforeseen or unknown liabilities; the deterioration of economic conditions; geopolitical tensions; the potential impact of a downgrade in the Company or Equitable's Insurer Financial Strength ratings or credit ratings or of the new parent company of the Company and Equitable following completion of the Proposed Transaction; other factors that may affect future results of the Company and Equitable; and management’s response to any of the aforementioned factors. Any forward-looking statements included herein are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected or implied in such forward-looking statements, including, among others, risks related to: changes in interest rates and changes to credit spreads; the deterioration of economic conditions, an economic slowdown or recession, changes in market conditions, weakening in capital markets, volatility in equity markets, inflationary pressures, the rise of pressures on the commercial real estate market, and geopolitical tensions; the unpredictability of the amount and timing of insurance liability claims; unavailable, uneconomical or inadequate reinsurance or recaptures of reinsured liabilities; uncertainty and unpredictability related to our reinsurance agreements and the reinsurers' performance of their obligations under these agreements; our limited ability to access funds from our subsidiaries; our ability to incur indebtedness, our potential inability to refinance all or a portion of our indebtedness or our ability to obtain additional financing on favorable terms or at all; our ability to maintain sufficient eligible collateral to support business and funding strategies requiring collateralization; our inability to generate cash to meet our needs due to the illiquidity of some of our investments; the inaccuracy of the methodologies, estimations and assumptions underlying our valuation of investments and derivatives; a downgrade in our Insurer Financial Strength ("IFS") ratings or credit ratings; exposure to credit risk due to non-performance or defaults by our counterparties or our use of derivative instruments to hedge market risks associated with our liabilities; our ability to adequately assess risks and estimate losses related to the pricing of our products; the failure of third parties that we rely upon to provide and adequately perform certain business, operations, investment advisory, functional support and administrative services on our behalf; the impact of risks associated with our arrangement with Blackstone ISG-I Advisors LLC or any affiliates thereof ("Blackstone"), BlackRock Financial Management, Inc. ("BlackRock") or any other asset manager we retain, including their historical performance not being indicative of the future results of our investment portfolio and the exclusivity of certain arrangements with Blackstone; our inability to maintain the availability of critical technology systems and the confidentiality, integrity and availability of our data, including challenges associated with a variety of privacy and information security laws; scrutiny and evolving expectations from investors, regulators, customers and other stakeholders regarding environmental, social and governance matters; the ineffectiveness of our risk management policies and procedures; significant legal, governmental or regulatory proceedings; business or asset acquisitions and dispositions that may expose us to certain risks; our ability to protect our intellectual property; our ability to operate efficiently and compete effectively in a heavily regulated industry in light of new domestic or international laws and regulations or new interpretations of current laws and regulations; impact on sales of our products and taxation of our operations due to changes in U.S. federal income or other tax laws or the interpretation of tax laws; differences between actual experience and the estimates used in the preparation of financial statements and modeled results used in various areas of our business; our inability to attract and retain key employees and highly skilled people needed to support our business; our relationships with Nippon Life Insurance Company, a mutual company organized under the laws of Japan ("Nippon") and Blackstone and conflicts of interests arising due to such relationships; the indemnification obligations we have to American International Group, Inc. ("AIG"); potentially higher U.S. federal income taxes due to our inability to file a single U.S. consolidated federal income tax return for five years following our initial public offering ("IPO") and our separation from AIG causing an "ownership change" for U.S. federal income tax purposes caused by our separation from AIG; risks associated with the Tax Matters Agreement with AIG and our potential liability for U.S. income taxes of the entire AIG Consolidated Tax Group for all taxable years or portions thereof in which we (or our subsidiaries) were members of such group; the risk that anti-takeover provisions could discourage, delay, or prevent our change in control, even if the change in control would be beneficial to our shareholders; and other factors discussed in "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2025, as well as our Quarterly Reports on Form 10-Q. The foregoing list of factors is not exhaustive. You should carefully consider these factors and the other risks and uncertainties described in the "Risk Factors" section of the new parent company’s Registration Statement on Form S-4 and other documents filed or furnished by the Company and Equitable from time to time with the Securities and Exchange Commission (the "SEC"), including their Annual Reports on Form 10-K for the year ended December 31, 2025 and Quarterly Reports on Form 10-Q. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. If any of these risks materialize or our assumptions prove incorrect, actual events and results could differ materially from those contained in the forward-looking statements. There may be additional risks that neither the Company nor Equitable presently know or that the Company and Equitable currently believe are immaterial that could also cause actual events and results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company and Equitable’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company and Equitable anticipate that subsequent events and developments will cause the Company and Equitable's assessments to change. While the Company and Equitable may elect to update these forward-looking statements at some point in the future, the Company and Equitable specifically disclaim any obligation to do so, unless required by applicable law. Neither the Company nor Equitable gives any assurance that the Company, Equitable or their new parent company will achieve the results or other matters set forth in the forward-looking statements. NON-GAAP FINANCIAL MEASURES Throughout this release, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are ‘‘non-GAAP financial measures’’ under SEC rules and regulations. We believe presentation of these non-GAAP financial measures allows for a deeper understanding of the profitability drivers of our business, results of operations, financial condition and liquidity. These measures should be considered supplementary to our results of operations and financial condition that are presented in accordance with GAAP and should not be viewed as a substitute for GAAP measures. The non-GAAP financial measures we present may not be comparable to similarly named measures reported by other companies. Adjusted pre-tax operating income ("APTOI") is derived by excluding the items set forth below from income (loss) before income tax expense (benefit). These items generally fall into one or more of the following broad categories: legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the underlying economics of transactions; and recording adjustments to APTOI that we believe to be common in our industry. We believe the adjustments to pre-tax income are useful for gaining an understanding of our overall results of operations. APTOI excludes the impact of the following items: FORTITUDE RE RELATED ADJUSTMENTS: The modified coinsurance ("modco") reinsurance agreements with Fortitude Re transfer the economics of the invested assets supporting the reinsurance agreements to Fortitude Re. Accordingly, the net investment income on Fortitude Re funds withheld assets and the net realized gains (losses) on Fortitude Re funds withheld assets are excluded from APTOI. Similarly, changes in the Fortitude Re funds withheld embedded derivative are also excluded from APTOI. The ongoing results associated with the reinsurance agreement with Fortitude Re have been excluded from APTOI as these are not indicative of our ongoing business operations. INVESTMENT RELATED ADJUSTMENTS: APTOI excludes "Net realized gains (losses)", except for gains (losses) related to the disposition of real estate investments. Net realized gains (losses), except for gains (losses) related to the disposition of real estate investments, are excluded as the timing of sales on invested assets or changes in allowances depend largely on market credit cycles and can vary considerably across periods. In addition, changes in interest rates may create opportunistic scenarios to buy or sell invested assets. Our derivative results, including those used to economically hedge insurance liabilities, or those recognized as embedded derivatives at fair value, are also included in Net realized gains (losses) and are similarly excluded from APTOI except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedges or for asset replication. Earned income on such economic hedges is reclassified from Net realized gains and losses to specific APTOI line items based on the economic risk being hedged (e.g., Net investment income and Interest credited to policyholder account balances). MARKET RISK BENEFIT ADJUSTMENTS ("MRBs"): Certain of our variable annuity, fixed annuity and fixed index annuity contracts contain GMWBs and/or GMDBs which are accounted for as MRBs. Changes in the fair value of these MRBs (excluding changes related to our own credit risk), including certain rider fees attributed to the MRBs are excluded from APTOI. MRBs related to the variable annuity business subject to the reinsurance agreements with Corporate Solutions Life Reinsurance Company ("CSLR") are reported in the "Businesses exited through reinsurance" line item. BUSINESSES EXITED THROUGH REINSURANCE: Represents the results of businesses that have been or will be economically exited through reinsurance. This includes MRBs, along with changes in the fair value of derivatives used to hedge MRBs which are recorded through "Change in the fair value of MRBs, net." The results of operations from these businesses have been excluded from APTOI as they are not indicative of our ongoing business operations. OTHER ADJUSTMENTS: Other adjustments represent all other adjustments that are excluded from APTOI and includes the net pre-tax operating income (losses) from noncontrolling interests related to consolidated investment entities. The excluded adjustments include, as applicable: restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization; non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles; separation costs; non-operating litigation reserves and settlements; loss (gain) on extinguishment of debt, if any; losses from the impairment of goodwill, if any; and income and loss from divested or run-off business, if any. Adjusted After-tax Operating Income Available to Corebridge Common Shareholders ("Adjusted After-tax Operating Income" or "AATOI") is derived by excluding the tax effected APTOI adjustments described above and preferred stock dividends, as well as the following tax items from net income attributable to us: reclassifications of disproportionate tax effects from AOCI, changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance; and deferred income tax valuation allowance releases and charges. Adjusted Book Value Available to Corebridge Common Shareholders is derived by excluding preferred stock as well as AOCI, adjusted for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re. Adjusted Return on Average Equity Available to Common Shareholders ("Adjusted ROAE") is derived by dividing AATOI by average Adjusted Book Value available to Common Shareholders and is used by management to evaluate our recurring profitability and evaluate trends in our business. We believe this measure is useful to investors as it eliminates the asymmetrical impact resulting from changes in fair value of our available-for-sale securities portfolio for which there is largely no offsetting impact for certain related insurance liabilities that are not recorded at fair value with changes in fair value recorded through OCI. It also eliminates asymmetrical impacts where our own credit non-performance risk is recorded through OCI. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re’s funds withheld assets since these fair value movements are economically transferred to Fortitude Re. Adjusted revenues exclude Net realized gains (losses) except for gains (losses) related to the disposition of real estate investments, revenues from businesses exited through reinsurance, and income from non-operating litigation settlements (included in Other income for GAAP purposes). Net investment income (APTOI basis) is the sum of base portfolio income and variable investment income. We believe that presenting net investment income on an APTOI basis is useful for gaining an understanding of the main drivers of investment income. Operating Earnings per Common Share ("Operating EPS") is derived by dividing AATOI by weighted average diluted shares. Premiums and deposits is a non-GAAP financial measure that includes direct and assumed premiums received and earned on traditional life insurance policies and life-contingent payout annuities, as well as deposits received on universal life insurance, investment-type annuity contracts and GICs. We believe the measure of premiums and deposits is useful in understanding customer demand for our products, evolving product trends and our sales performance period over period. KEY OPERATING METRICS AND KEY TERMS Assets Under Management and Administration Assets Under Management ("AUM") include assets in the general and separate accounts of our subsidiaries that support liabilities and surplus related to our life and annuity insurance products. Assets Under Administration ("AUA") include Group Retirement mutual fund assets and other third-party assets that we sell or administer and the notional value of Stable Value Wrap ("SVW") contracts. Assets Under Management and Administration ("AUMA") is the cumulative amount of AUM and AUA. Base net investment spread means base yield less cost of funds, excluding the amortization of deferred sales inducement assets. Base spread income means base portfolio income less interest credited to policyholder account balances, excluding the amortization of deferred sales inducement assets. Base yield means the returns from base portfolio income including accretion and impacts from holding cash and short-term investments. Core sources of income means the sum of base spread income, fee income and underwriting margin, excluding variable investment income, in our Individual Retirement, Group Retirement, Life Insurance and Institutional Markets segments. Cost of funds means the interest credited to policyholders excluding the amortization of deferred sales inducement assets. Fee and Spread Income and Underwriting Margin Fee income is defined as policy fees plus advisory fees plus other fee income. For our Institutional Markets segment, its SVW products generate fee income. Spread income is defined as net investment income less interest credited to policyholder account balances, excluding the amortization of deferred sales inducement assets. Spread income is comprised of both base spread income and variable investment income. For our Institutional Markets segment, its structured settlements, PRT and GIC products generate spread income, which includes premiums, net investment income, less interest credited and policyholder benefits and excludes the annual assumption update. Underwriting margin for our Life Insurance segment includes premiums, policy fees, other income and net investment income, less interest credited to policyholder account balances and policyholder benefits, and excludes the annual assumption update. For our Institutional Markets segment, its Corporate Markets products generate underwriting margin, which includes premiums, net investment income, policy and advisory fee income, less interest credited and policyholder benefits and excludes the annual assumption update. Financial leverage ratio means the ratio of financial debt to the sum of (i) financial debt, (ii) Adjusted Book Value available to Common Shareholders, (iii) preferred stock, and (iv) non-redeemable noncontrolling interests. Life Fleet RBC Ratio Life Fleet means American General Life Insurance Company ("AGL"), The United States Life Insurance Company in the City of New York ("USL") and The Variable Annuity Life Insurance Company ("VALIC"). Life Fleet RBC Ratio is the risk-based capital ("RBC") ratio for the Life Fleet. RBC ratios are quoted using the Company Action Level. Net Investment Income Base portfolio income includes interest, dividends and foreclosed real estate income, net of investment expenses and non-qualifying (economic) hedges. Variable investment income includes call and tender income on bonds, commercial mortgage loan prepayments, changes in market value of investments accounted for under the fair value option, interest received on defaulted investments (other than foreclosed real estate), income from alternative investments and other miscellaneous investment income, including income on certain partnership entities that are required to be consolidated. Alternative investments include private equity and real estate equity funds which are generally reported on a one-quarter lag. Reconciliations The following table presents a reconciliation of pre-tax income (loss)/net income (loss) available to Corebridge common shareholders to adjusted pre-tax operating income (loss)/adjusted after-tax operating income (loss) available to Corebridge common shareholders: The following table presents Corebridge’s adjusted pre-tax operating income (loss) by segment: The following table presents a summary of Corebridge's spread income, fee income and underwriting margin: The following table presents Life Insurance underwriting margin: The following table presents Institutional Markets spread income, fee income and underwriting margin: The following table presents Operating EPS: The following table presents the reconciliation of Adjusted Book Value: The following table presents the reconciliation of Adjusted ROAE: The following table presents the reconciliation of net investment income (net income basis) to net investment income (APTOI basis): The following table presents notable items and alternative investment returns versus long-term return expectations: The following table presents premiums and deposits: View source version on businesswire.com: https://www.businesswire.com/news/home/20260804899924/en/ Contacts Investor Relations Işıl Müderrisoğ[email protected] Media Relations Paul [email protected]

Wall Street expects a year-over-year decline in earnings on higher revenues when Corebridge Financial (CRBG) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on August 4, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This financial services company is expected to post quarterly earnings of $1.08 per share in its upcoming report, which represents a year-over-year change of -20.6%. Revenues are expected to be $4.51 billion, up 2% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 2.17% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Corebridge, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.16%. On the other hand, the stock currently carries a Zacks Rank of #4. So, this combination makes it difficult to conclusively predict that Corebridge will beat the consensus EPS estimate. While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Corebridge would post earnings of $1.07 per share when it actually produced earnings of $1.05, delivering a surprise of -1.87%. Over the last four quarters, the company has beaten consensus EPS estimates two times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Corebridge doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Among the stocks in the Zacks Insurance - Multi line industry, Hippo Holdings Inc. (HIPO), is soon expected to post earnings of $0.21 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of -67.7%. This quarter's revenue is expected to be $137.95 million, up 17.6% from the year-ago quarter. Over the last 30 days, the consensus EPS estimate for Hippo Holdings has been revised 28.6% down to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate. This Earnings ESP, combined with its Zacks Rank #2 (Buy), makes it difficult to conclusively predict that Hippo Holdings will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Corebridge Financial, Inc. (CRBG) : Free Stock Analysis Report Hippo Holdings Inc. (HIPO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research