Corebridge Financial 1Q26 Wrap: Earnings In-Line with Expectations, Sales and Flows Softer

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Corebridge Financial 1Q26 Wrap: Earnings In-Line with Expectations, Sales and Flows Softer

J P M O R G A N North America Equity Research

11 May 2026

Corebridge Financial Neutral

CRBG, CRBG US

1Q26 Wrap: Earnings In-Line with Expectations, Sales Price (11 May 26):$26.34

and Flows Softer ▼Price Target (Dec-26):$36.00 Prior (Dec-26):$37.00

Reducing EPS estimates and December 2026 price target from $37 to $36,

Neutral rating unchanged. Corebridge reported 1Q26 earnings on 5/4/26 and

held its earnings call the next day.

• Cutting EPS estimates. We are reducing EPS projections as follows: 2Q26

from $1.31 to $1.27, 2026 from $5.08 to $4.95, and 2027 from $6.08 to $5.86.

The major adjustments to our model were: (1) lower spread margins in Insurance - Life & Nonlife

individual retirement, (2) lower top-line growth in life insurance, and (3) larger Pablo S. Singzon AC

losses in corporate, partly offset by (4) higher spread income in group (1-212) 622-2295

retirement and (5) higher margins in institutional markets. We also (6) adjusted pablo.s.singzon@jpmorgan.com

our share repurchase assumptions (CRBG repurchased $710 million in shares Kevin Wijendra

from AIG on May 5; the company noted that it would repurchase shares in 2026 (1-212) 622-7054

to achieve its 60-65% payout ratio target excluding funds from the VA kevin.wijendra@jpmorgan.com

J.P. Morgan Securities LLC

transaction. As a result, we are expecting limited buybacks following the block

deal with AIG. Despite the pending merger with EQH, we are still assuming

that CRBG will deploy $315 million per quarter in 2027 to keep numbers Key Changes (FYE Dec)

comparable to what Corebridge would have earned on a stand-alone basis). By Prev Cur Δ

operating segment, earnings forecasts are declining in individual retirement, Adj.