View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
March 29, 2022

AIG to float life and retirement business and rebrand as Corebridge

American International Group has filed for an initial public offering (IPO) for its life & retirement business in the US as part of its strategy to streamline operations.

The insurance giant has also decided to rebrand the life & retirement business, known as SAFG, as Corebridge Financial, after it goes public.

AIG chairman and CEO Peter Zaffino said: “Today’s announcement represents continued progress as we prepare our Life & Retirement business to be a standalone company.”

The IPO could value the business, which may have $410bn in assets under management, at more than $20bn, the Financial Times reported.

The business comprises four operating parts – Individual Retirement, Group Retirement, Life Insurance and Institutional Markets.

The IPO filing indicated the business had total equity of $28.9bn as of the end of 2021, however, the size and price of share sale are yet to be finalised.

In 2021, the business posted net income of $7.4bn and generated revenue of $23bn, compared with net income of $642m and revenue of $15bn a year ago, according to the filing.

AIG noted that it intends to own over 50% stake in Corebridge Financial even after the listing.

The company first revealed plans to divest part of its life & retirement business through IPO in October 2020.

Recently, the insurer agreed to divest a 9.9% equity stake in the business in $2.2bn cash deal to private equity firm Blackstone.

Topics in this article: ,
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Life Insurance International