Corebridge Financial: Merger Synergies Ahead

Corebridge Financial, Inc. is set to merge with Equitable Holdings, creating the largest U.S. life insurer by earnings and a fully integrated annuity platform. CRBG trades at 6x FY27E non-GAAP EPS, yields 2.9%, and benefits from strong annuity demand, with recent insider buying by Nippon Life signaling confidence. The merger is expected to deliver significant cost synergies, over $5B in adjusted operating earnings, and >15% ROE by FY27, with 10% EPS accretion in FY28.