M&A - Corebridge Financial, Inc.
Form Type: 8-K
Filing Date: 2025-06-26
Corporate Action: Acquisition
Type: New
Accession Number: 000162828025033068
Filing Summary: On June 25, 2025, Corebridge Financial, Inc. entered into a Master Transaction Agreement with Corporate Solutions Life Reinsurance Company. This agreement entails two reinsurance agreements where American General Life Insurance Company and The United States Life Insurance Company will cede certain liabilities related to individual retirement variable annuity contracts to the Reinsurer on a coinsurance basis. Additionally, Corebridge will sell all outstanding interests in SunAmerica Asset Management, LLC to Venerable or its affiliates. The estimated total transaction value is $2.8 billion, with an anticipated net distributable proceeds of approximately $2.1 billion after tax, set to enhance capital and fund distributions. The closings are scheduled for the third and fourth quarters of 2025, subject to regulatory approvals and other customary closing conditions. A press release and an investor presentation were issued on June 26, detailing these transactions and announcing a conference call for further discussion.
Additional details:
Item 1 01: Master Transaction Agreement
Item 1 01 Parties: American General Life Insurance Company, The United States Life Insurance Company, Corporate Solutions Life Reinsurance Company, Venerable
Item 1 01 Transaction Type: Reinsurance, sale of subsidiary
Item 1 01 Total Transaction Value: $2.8 billion
Item 1 01 Net Proceeds: $2.1 billion
Item 1 01 Closing Timing: Third and fourth quarters of 2025
Item 1 01 Conditions: Regulatory approvals, absence of material adverse effects.
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