Earnings PerformanceIndividual Retirement reported pre-tax earnings of $623 million, above expectations, driven by strong variable investment income.
Risk ProfileThe announced variable annuity risk transfer bolsters free cash flow stability, which was already viewed as underappreciated.
Share BuybackCorebridge plans to use most of the $2.1 billion for share repurchases, supported by a $2 billion share repurchase authorization increase.