Corebridge Financial 2026 Insurance Forum Takeaways

研报英文原文证据摘录

Corebridge Financial 2026 Insurance Forum Takeaways

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

12 May 2026

Corebridge Financial Neutral

CRBG, CRBG US

2026 Insurance Forum Takeaways Price (12 May 26):$26.09

Insurance - Life & Nonlife

Isil Muderrisoglu (Head of IR) and Josh Smith (Director, IR) attended our Pablo S. Singzon AC

insurance forum. Our meeting notes follow. The discussion focused on the merger (1-212) 622-2295

with EQH, CRBG’s private credit portfolio, and capital management. pablo.s.singzon@jpmorgan.com

Kevin Wijendra

• Management reiterated its expectations for its merger with EQH. The (1-212) 622-7054

combined company will have a more diversified business mix with little kevin.wijendra@jpmorgan.com

overlap in products within its target markets. Specifically, EQH adds a leading J.P. Morgan Securities LLC

RILA business in the individual retirement business and a VUL product in life

insurance. CRBG highlighted the investment management capabilities

(AllianceBernstein) that EQH brings as well as the combined scale of CRBG

and EQH within the group retirement space. Following the announcement of

the transaction, CRBG was placed on CreditWatch with negative implications

at S&P, which management noted was primarily due to uncertainty around

PGAAP accounting at the combined company. CRBG and EQH both hope to

provide further disclosure on their expectations for PGAAP adjustments as

they progress with the transaction. The merger is expected to close by year-end

2026, with a shareholder vote targeted for late July or early August (pending

regulatory review timing), an investor day planned for the first half of 2027,

and no changes to standalone entity targets in the interim. We expect the

transaction to be financially accretive (the firms project 10%+ EPS accretion