Deals
AIG Files for IPO of Retirement Business, Renames It Corebridge
- Life and retirement arm indicated to have $29 billion value
- Proposed terms for AIG selling shares in unit to be set later
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American International Group Inc. filed for an initial public offering of its life and retirement arm, one of the final steps in a years-long effort to simplify the sprawling insurer.
The business will be renamed Corebridge Financial Inc. once it becomes public, AIG said in a filing Monday. The insurer called the business “one of the largest providers of retirement solutions and insurance products” in the U.S., with $411 billion in client assets under management as of the end of last year.