Corebridge Exits Variable Annuity Block in $2.8B Reinsurance Deal

Key Takeaways CRBG is reinsuring its entire $51 billion variable annuity block in a $2.8 billion deal with CS Life Re. The move will generate $2.1 billion in net distributable proceeds after taxes and reduce tail risk exposure. CRBG boosts share buyback plan by $2 billion, with most proceeds earmarked for repurchases.Corebridge Financial, Inc. (CRBG) recently inked a deal with a subsidiary of Venerable Holdings, Inc., CS Life Re, to reinsure the entire block of variable annuities within its Individual Ret ...