Corebridge hits record high after $2.8 billion reinsurance deal to cut risk

Life insurance firm Corebridge Financial's CRBG.N shares jump as much as 7.3%, hitting a record high

CRBG will reinsurance $51 billion of variable annuities in its individual retirement business to Pennsylvania-based Venerable in a $2.8 billion deal

Transaction will generate about $2.1 billion of proceeds after-tax for CRBG and reduce risk in its business

Majority of proceeds will be returned to shareholders via buybacks, with the remainder going back into the business

CRBG approves $2 billion increase to share repurchase program

For Venerable, the reinsurance agreement will boost assets under risk management by 77% to $118 billion

Transaction expected to close in Q3 2025

11 of 15 brokerages rate the stock "buy" or higher, 3 "hold" and 1 "sell"; median PT $37 - data compiled by LSEG

As of last close, CRBG up 10.5% YTD