Corebridge Financial Inc: Management Presentation: VII Pressure Drives Estimate Cuts

研报英文原文证据摘录

Corebridge Financial Inc: Management Presentation: VII Pressure Drives Estimate Cuts

Deutsche Bank

Research

Rating Company Date

Buy Corebridge Financial Inc 10 June 2026

North America Reuters Bloomberg Rating Buy

United States CRBG.N CRBG US Price target (USD) 37.00 Price at 9 Jun 26 27.59

52-week range 35.66 – 22.30

Financial

Insurance / Life Valuation & Risks

Management Presentation: VII Pressure

Drives Estimate Cuts CaveResearchMontazeriAnalyst

+1-212-250-2798

Constructive Tone but Near-Term VII Pressure Prompts 5% Cut to Our 2026

EPS Estimate

Marc Costantini, CEO of Corebridge, and Christopher Filiaggi, interim CFO,

Key changes

presented at a competitor conference yesterday and delivered a constructive

Price target (USD) 39 37 -5%

message on the pending Equitable transaction. Management framed the deal as

on track, financially accretive, supported by achievable cost synergies, and Source: Deutsche Bank

capable of unlocking revenue growth across asset management, distribution,

product cross-sell, and fee-based wealth management. Near-term headwinds

remain, including spread pressure, investor scrutiny of private credit, and weak

alternative investment returns.

The most notable update was the reduction in full-year alternative investment

return guidance to 1%-2%, versus prior guidance that assumed a weak Q2

followed by a return to 8.5% in the second half of the year. We lower our 2026

EPS estimate to $4.60 from $4.84 to reflect the lower VII guidance, and our price

target to $37 from $39 (see Figure 1).

Looking to 2027 and beyond, management’s tone was confident, with the

combined company positioned as a larger and more diversified retirement, life,

wealth, and asset management platform with stronger distribution, broader