Barclays raised the firm’s price target on Corebridge (CRBG) to $45 from $38 and keeps an Overweight rating on the shares after the company announced a variable annuity reinsurance transaction on $51bn of assets under management with Venerable. The deal would fully eliminate Corebridge’s exposure to individual VA products, notes the analyst, who thinks the company’s VA exposure has been a drag on valuation.
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