Corebridge Financial Inc. has announced a significant transaction with Venerable Holdings, Inc., involving the reinsurance of its Individual Retirement variable annuities. This transaction, valued at $2.8 billion, marks Corebridge's full exit from the Individual Retirement variable annuities sector. The deal will generate approximately $2.1 billion in net distributable proceeds for Corebridge, which plans to use the majority of these funds for share repurchases as part of its capital management strategy. The transaction is expected to accelerate Corebridge's capital return strategy while reaffirming its financial targets and reducing risk. Corebridge's Board of Directors has also approved a $2 billion increase to the company's share repurchase program in connection with this transaction.