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September 7, 2022

AIG looking to list life business Corebridge Financial at $15.5bn valuation

American International Group (AIG) has launched the initial public offering (IPO) of its life and retirement subsidiary Corebridge Financial in the US.

The company seeks to raise nearly $1.9bn by selling 80 million shares of Corebridge at $21 to $24 per share.

The proposed per share price give Corebridge Financial a valuation of as much as $15.5bn.

The company has also provided an option of 30 days to the underwriters for buying up to an additional 12 million common stock shares.  

AIG will receive all the net proceeds from the offering, stated the company.

The Corebridge shares are set to trade on the New York Stock Exchange under the ticker symbol ‘CRBG’.

For the planned offering, J.P. Morgan is serving as global coordinator and a lead active bookrunner.

A number of firms such as Morgan Stanley, Piper Sandler, Citigroup, Goldman Sachs and others are also involved as underwriters of the offering.

In a statement, AIG said: “The proposed offering of these securities will be made only by means of a prospectus.

“A registration statement relating to the proposed IPO has been filed with the U.S. Securities and Exchange Commission, but has not yet become effective.

“These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.”

In March this year, AIG announced that it had filed for an IPO for Corebridge Financial (previously known as SAFG Retirement Services). AIG is a majority shareholder in the company.

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