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Corebridge Financial, Inc. (NYSE:CRBG) announced Wednesday that its shareholders approved two amendments to the company’s certificate of incorporation at a special meeting held the same day, according to a statement based on a Securities and Exchange Commission filing.
The approved changes include an amendment authorizing the company’s board of directors to make future amendments to Corebridge’s bylaws. The second amendment establishes a process for shareholders to take action by written consent, requiring that shareholders representing at least 25% of the company’s voting power submit a written request before the board is required to set a record date for such action.
Voting results for the board authorization amendment showed 463,676,002 shares in favor, 614,562 against, and 14,868 abstentions. The written consent amendment received 463,171,930 votes in favor, 1,080,852 against, and 52,650 abstentions. No broker non-votes were recorded for either proposal.
As of May 13, 2025, Corebridge Financial had 549,704,830 shares of common stock outstanding and eligible to vote at the meeting. A proposal to adjourn the special meeting was not considered, as there were sufficient votes to approve both amendments.
The charter amendments became effective upon filing the Second Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware on Wednesday.
This information is based on a press release statement filed with the Securities and Exchange Commission. For deeper insights into Corebridge’s governance structure and comprehensive financial analysis, InvestingPro subscribers can access detailed research reports covering over 1,400 US stocks, including expert analysis of corporate governance practices and key financial metrics.
In other recent news, Corebridge Financial announced a significant reinsurance deal with Venerable Holdings, a subsidiary of Apollo, to reinsure its entire variable annuity portfolio valued at $51 billion. This transaction, valued at $2.8 billion, is expected to generate approximately $2.1 billion in distributable proceeds, which Corebridge plans to use primarily for share repurchases. The company has already approved a $2 billion increase to its share repurchase authorization in connection with the deal. Analysts from Barclays (LON:BARC) raised their price target for Corebridge to $45, citing the elimination of variable annuity exposure as a positive move for the company’s valuation. Similarly, BMO Capital increased its price target to $44, emphasizing the potential for improved free cash flow stability. Evercore ISI also raised its price target to $39, noting that the transaction could be accretive to earnings per share by the end of 2026. The deal aims to exit a portfolio with historically volatile earnings, and Corebridge will continue to administer the divested policies. The transaction is anticipated to close in the second half of 2025, subject to regulatory approvals.
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