Corebridge Financial, Inc. Q1 FY2026 earnings call

• Mark welcomed CFO Chris Vigliacci and Chief Investment Officer Lisa Longino, recapped strategic rationale of merger with Equitable, progress on regulatory filings, and share repurchase plans. • Corbridge demonstrated strong performance in first quarter despite market volatility, wide product offerings met customer needs, ranked number one by J.D. Power for partner satisfaction in annuity distribution, strong momentum in group retirement NPS. • Chris provided further color on Q1 results, adjusted free tax operating income $629 million, earnings per share $1.05, underlying strength of core businesses. • Discussed businesses' evolution, core sources of income, and investments in customer experience like customer council, modernizing new business onboarding, launching new wealth management digital experience, etc.

Individual Retirement: Sales of $4.3 billion, premiums and deposits $4.3 billion, maintained market share of total annuity sales, net flows into general account positive at ~$500 million, APTOI increased 1% year-over-year. Group Retirement: Advisory and brokerage assets at all-time highs, grew 14% year-over-year, net inflows over $300 million, APTOI decreased 17% year-over-year. Life: Delivered earnings within guided range, sales $850 million, APTOI declined 5% year-over-year. Institutional Markets: Underlying reserves up 18%, total earnings trending upward, APTOI increased 15% year-over-year, issued over $1 billion in GICs in January.

• Expect 10 plus percent EPS and cash generation increase by year end 2028. • Adjusted free tax operating income $629 million and EPS $1.05 in Q1, results in line with fourth quarter guidance. • Base spread income for individual retirement estimated at ~$2.55 billion, expecting spread compression to level off by end of 2026 assuming current market outlook and two additional Fed rate cuts. • Guidance laid out in fourth quarter remains largely in place, expecting 8% to 9% alternative investment returns over long term with market-driven headwinds.

• Today's comments may contain forward-looking statements subject to risks and uncertainties, actual results may differ materially from forward-looking statements. • Non-GAAP financial measures used, reconciliation to GAAP figures available on website. • Risks related to market volatility, competition, regulatory changes, and integration challenges from merger with Equitable.

Q: Sunit Kamet with Jefferies asked about distribution partners' reaction post-merger announcement and cash and earnings numbers.

A: Mark said no apprehension from distribution partners, products are complementary, cash and earnings numbers are pro forma guidance.

Q: Alex Scott with Barclays asked about wealth management strategy evolution and AI investment.

A: Mark said bullish on wealth management, will leverage Equitable's model, accelerating AI investment for differentiated outcomes.

Q: Tom Gallagher with Evercore ISI asked about revenue synergies from merger and BDC debt exposure.

A: Mark said will provide more on revenue synergies at investor day, Lisa explained BDC debt is investment grade with mitigants.

Q: Ryan Kruger with KBW asked about individual retirement sales slowdown and Japan commercial partnership.

A: Mark said sales slowdown temporary, Japan partnership in early stages with regulatory process.

Q: Wes Carmichael with Wells Fargo asked about surrender rate in fixed annuities and insurance company cash distributions.

A: Mark said surrender rate due to natural maturity, cash distributions expected to be lower.

Q: Cave Montazeri with Deutsche Bank asked about customer council initiatives and integration of platforms.

A: Mark said customer council working on digital initiatives, integration will take time.

Q: Joel Hurwitz with Dowling and Partners asked about variable investment income and buybacks.

A: Lisa explained variable investment income, Mark said active in share repurchases.

Q: Jack Matten with BMO Capital Markets asked about group retirement earnings stabilization and annuities marketplace competition.

A: Mark said group retirement transition takes 12-24 months, competition intensity varies.

Q: Wilma Burtis with Raymond James asked about wealth business self-clearing and capital/tax benefits.

A: Mark said not ready to guide on wealth business self-clearing, will provide more on capital/tax benefits at investor day.

Q: Mike Ward with UBS asked about Corbridge brand and RBC factors for CLOs.

A: Mark said moving to Equitable brand, Lisa said minimal impact on CLOs from RBC factor changes