Corebridge price target lowered to $35 from $37 at Wells Fargo

Wells Fargo lowered the firm’s price target on Corebridge (CRBG) to $35 from $37 and keeps an Overweight rating on the shares. Discussing the insurance industry, Wells notes that for non-life insurance, the focus remains on cats, pricing, loss trend, reserves and margins. Domestically Q4 cats are above normal due to Milton, with international losses from Spanish floods. For Life insurance, the focus is on sales growth, rate commentary, Group results, and guides. Sales growth should continue to get attention, while group results are trending well, and life companies continue to return capital. Meanwhile, Brokers should continue to see good organic growth, the firm adds.