Corebridge Financial: Cheap Valuation, But Equitable Merger Keeps The Story Complicated
Corebridge Financial trades at a discounted 7.1x forward P/E, reflecting market skepticism post-AIG exit and amid Equitable merger integration risks. CRBG's $380B AUM, stable 3.67% dividend yield, and aggressive $2B buyback program highlight management's focus on shareholder returns over debt reduction. Operational efficiency improved to 18.5%, with product rotation toward fee-based revenue and fixed-indexed annuities reducing sensitivity to market fluctuations.