KBRA assigns a rating of "BBB+” with Stable Outlook to $175 million 7.75% surplus notes due 2045 (“Notes”) issued by Venerable Insurance and Annuity Company (VIAC) and $175 million 7.75% surplus notes due 2045 issued by Corporate Solutions Life Reinsurance Company (CSLR). VIAC and CSLR are insurance operating subsidiaries of Venerable Holdings, Inc. (Venerable) that have KBRA Insurance Financial Strength Ratings of A with a Stable Outlook. As surplus notes, the Notes are deeply subordinated, and payments thereon are subject to the prior approval of the Iowa Division of Insurance. If any payments are not approved, the payment will be extended until approval is given. Interest will continue to accrue on any unpaid principal, but interest will not accrue on unpaid interest. Given that VIAC’s business is reinsured to CSLR and CSLR is a subsidiary of VIAC, and similar to the existing surplus notes, the CSLR surplus notes were issued to VIAC and mirror the terms of the notes issued by VIAC to investors. The surplus notes were issued in conjunction with Venerable’s transaction to reinsure variable annuity business of certain subsidiaries of Corebridge Financial, Inc. that closed on August 1, 2025.

Venerable is a privately held company that owns and manages legacy variable annuity business, including variable annuities acquired from other entities. During 2023, it established Venerable Investment Advisers, LLC, which has overall responsibility for the management of mutual funds underlying VIAC’s variable annuity products.

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Methodologies

• Insurance: Insurer & Insurance Holding Company Global Rating Methodology
• ESG Global Rating Methodology

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1010678

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