AIG has now reached a point where, with a little help from Blackstone and even BlackRock, it can float its life and retirement business, probably worth at least $22 bln. It’s a key moment in AIG’s reboot, writes richardbeales1:
- American International Group’s life and retirement business on March 28 filed for an initial public offering, a plan first announced in 2020.
- Currently known as SAFG Retirement Services, AIG said it would rebrand the division as Corebridge Financial when it becomes a public company. - The global insurance group also announced the board members for the future Corebridge. Among them is Jonathan Gray, president and chief operating officer of Blackstone. The private equity firm invested $2.2 billion last July in AIG’s life and retirement business for a 9.9% equity stake, alongside other transactions including an agreement to manage an initial $50 billion of the unit’s investments.
- Also on March 28, AIG said investment giant BlackRock would manage up to $90 billion of assets for the life and retirement business and up to $60 billion for AIG itself.Editing by Lauren Silva Laughlin and Sharon Lam. Graphic by Vincent Flasseur.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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AIG life IPO marks 5,000 days of post-crisis slogThat’s how long it took to fix the global insurer after its 2008 bailout. It has now reached a point where, with a little help from Blackstone and even BlackRock, it can float its life and retirement business, probably worth at least $22 bln. It’s a key moment in AIG’s reboot.
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