1Q26 Earnings: An In-Line Quarter

研报英文原文证据摘录

1Q26 Earnings: An In-Line Quarter

C O M PA N Y N O T E

M a y 1 1 , 2 0 2 6

Corebridge Financial, Inc. (CRBG) Overweight

CONCLUSION PRICE: US$27.31

Reported EPS: $1.05 | Consensus: $1.04 | PSC: $1.05 CRBG reports earnings roughly TARGET: US$35.00

inline with PSC and consensus estimates. Relative to consensus the bottom results were 6.0x '27E EPS

pretty close to expectation with weakness in retirement offset by strength in the institutional

business. Q1 is historically a slow quarter and this quarter was proven to be no different Paul Newsome, CFA, CPCU

Managing Director, Piper Sandler & Co.with YoY growth being relatively flat. We think investors will treat it as an in-line quarter and 312 281-3445, paul.newsome@psc.com

focus on any incremental news on the conference call.

Cam Bianchi

Research Analyst, Piper Sandler & Co.

• We remain Overweight on CRBG: Corebridge’s integrated business model, spanning 612 456-9841, cam.bianchi@psc.com

across asset management, group retirement, individual retirement, life insurance, Changes Previous Current

institutional markets and corporate – creates a durable advantage among peers. With Rating — Overweight

the Equitable merger planned to close by year-end of ’26 and the recent CEO change Price Tgt — US$35.00

in 4Q25 there is catalyst for improvement. We think the stock is attractively priced. FY26E EPS US$4.83 US$4.85

FY27E EPS — US$5.80

• What We Heard: The merger with Equitable is well underway, and we believe Market Cap. (mil) US$12,472.5

shareholders have taken more of a liking to this pairing. Many of the key points and Book Value/Share US$23.66

goals long-term hinge on the success of this merger. That being said the core business Tang. Book/Share $67.88

still remains strong and continues to grow.