Corebridge Financial, Inc. KBW Insurance Conference 2026

Ryan, thank you. It is great to see you.

Yeah. Thanks to everybody for attending, and it's great for Robin and I to be with all of you.

Taking a step back, there's a significant amount of tailwind in our business, right? It's very cliché, but a number of people are retiring every year, reaching age 65. I think the worries of people have gone from worrying from dying too soon to living too long. When you look at the businesses that both Corebridge and Equitable had, they extremely complementary. It's a bit obvious, but when you look at doing transactions such as this one and the size of this one, you really have to strive for 1 plus 1 equals 3.

When you look at the complementary nature of the businesses from the asset management business, the advisory business, and the former Equitable Advisors, and the Corebridge Advisors, the Group Retirement business, and the Institutional Markets business and what it could do for our balance sheet. Last but not least, the Individual Retirement business, and the extremely complementary nature of obviously Equitable being the market leader in the RILA space and Corebridge obviously having a top 5 position in the fixed annuity and fixed index annuity. Overarching all of that is world-class distribution, right? It's vital in our business to have world-class distribution in the form of retail wholesaling, in the form of direct through advisory, and worksite. It's very complementary. You bring these two platforms together, and there's scale advantages, which I'm sure we'll talk about it, but the scale manifests itself in many different ways.

It's going to be a company that'll have a market cap of north of $30 billion and over $25 billion of statutory capital tied to it. So it's great financials, which I'm sure Robin will add some comments here, but that's what brought these two great companies together.

Yeah. Before you get into financials, one good thing when these companies come together, and Marc talks about it a lot, is the impact we're going to have on clients.

The reach we are going to have on clients. Together, we are going to serve over 10 million plus clients, the combined company. That is compelling because more customers mean more opportunities to grow. Purely from a financial side, though, I couldn't think of a more compelling transaction when it comes down to it. We are going to be the number one U.S. insurer in terms of U.S.-based earnings and cash flow. I wouldn't want exposure to any other retirement market, and if that is the source of our earnings and cash flows, that is a great position to be with the tailwinds in the market that Marc spoke about. We are going to have $5 billion of operating earnings to combine business, $4 billion of cash flows, and we are going to deliver a 15% return on equity.

This is going to be a compelling transaction for shareholders, but we are really excited about what we are going to be doing for customers going forward.

Yeah. I would say when we announced the transaction in late March, we were quite prescriptive, Marc, Pearson, Robin, and myself, about what it would do to our balance sheets and all that. But first and foremost, we said as well, we have to get the organization going, right? We are sitting here today in early September, and we have announced the three most senior layers of the organization. That is 500 executives that have been appointed to the firm, and those executives basically are running their day-to-day kind of responsibilities, delivering on 2026 until year-end, when we are expecting to close, but as well planning for the future. In line with that, we have got this integration and transformation office we have put in place.

It's been staffed, and it's well on its way of orchestrating all of the integration activities that need to take place to hit the ground running on January 1, when we hope to close. What it's done as well is, we've secured, obviously a number of our approvals. FINRA's approved the transaction, our shareholders have approved the transaction. The antitrust process has taken place. Obviously, our shareholders approved the transaction last month or in July. We're working through the regulatory process now. There's four or five key states that oversee and govern the activity of both Equitable and Corebridge that we're actively engaged in, and there's a couple of international regulatory bodies tied to AllianceBernstein that we're dealing with.