Corebridge Financial Closes on Individual Retirement Variable Annuity Transaction with Venerable
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reinsurancefinancial
Reinsurance is when insurance companies buy insurance for themselves to protect against very big losses. It’s like a car owner getting extra coverage from another company so that if there's a serious accident, the financial hit isn’t all on one company. This helps insurance companies stay stable and able to pay out when disasters happen.
variable annuitiesfinancial
A variable annuity is an insurance product that lets an investor put money into a selection of sub-accounts (similar to mutual funds) whose value can rise or fall, and in return the insurer can convert the balance into a stream of payments later in life. It matters to investors because it combines growth potential with insurance features—such as tax-deferred growth and optional income guarantees—but also carries higher fees and complexity that can significantly affect long‑term returns.
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An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.
HOUSTON--(BUSINESS WIRE)--
Corebridge Financial, Inc. (“Corebridge” or the “Company”) (NYSE: CRBG) today announced that it has successfully closed on the final portions of the previously announced agreement with Corporate Solutions Life Reinsurance Company, an insurance subsidiary of Venerable Holdings, Inc. (“Venerable”), including the reinsurance of all the Individual Retirement variable annuities issued by The United States Life Insurance Company in the City of New York (“USL”), a Corebridge insurance company subsidiary, and the sale of a related investment adviser and manager (SAAMCo).
Today’s announcement builds on the August 2025 close of the largest component of the transaction, reinsuring all the Individual Retirement variable annuities issued by American General Life Insurance Company (“AGL”), a Corebridge insurance company subsidiary.
About Corebridge Financial
Corebridge Financial, Inc. makes it possible for more people to take action in their financial lives. With more than $380 billion in assets under management and administration as of September 30, 2025, Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the United States. We proudly partner with financial professionals and institutions to help individuals plan, save for and achieve secure financial futures. For more information, visit corebridgefinancial.com and follow us onLinkedIn, YouTube and Instagram.
