American International Group, Inc. (NYSE: AIG) today announced that it plans to rebrand SAFG Retirement Services, Inc., the parent company of its Life & Retirement business, as Corebridge Financial, Inc. when it becomes a public company.
“Today’s announcement represents continued progress as we prepare our Life & Retirement business to be a standalone company,” said Peter Zaffino, Chairman & CEO, AIG.
AIG’s Life & Retirement business is one of the largest providers of retirement solutions and insurance products in the United States. The Individual Retirement, Group Retirement, Life Insurance and Institutional Markets businesses provide solutions that help individuals, and the institutions that support them, address today’s complex financial and retirement needs.
“Our team of committed colleagues work hard every day to find solutions that allow people to take action and build a secure bridge to their financial futures,” said Kevin Hogan, Executive Vice President and Chief Executive Officer of Life & Retirement. “As Corebridge, we will continue to proudly partner with financial and retirement professionals to help their clients feel confident and motivated today, and in control of their tomorrow.”
No assurance can be given regarding the form that future separation transactions may take or the specific terms or timing thereof, or that a separation will in fact occur. Any separation transaction will be subject to the satisfaction of various conditions and approvals, including receipt of insurance department and other required regulatory approvals, and satisfaction of any applicable requirements of the Securities and Exchange Commission (SEC).
This news release is not an offer to sell, or a solicitation of an offer to buy, any securities.
American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in approximately 70 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.
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AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.
About AIG’s Life & Retirement Business
AIG’s Life & Retirement business, which is being rebranded as Corebridge Financial, brings together a broad portfolio of protection, retirement savings, investment and lifetime income solutions to help individuals achieve financial and retirement security. The business consists of four operating segments – Individual Retirement, Group Retirement, Life Insurance and Institutional Markets – and holds longstanding, leading market positions in many of the markets it serves.
The Life & Retirement business includes AIG member insurance companies American General Life Insurance Company (Houston, TX), The United States Life Insurance Company in the City of New York, and The Variable Annuity Life Insurance Company (VALIC), Houston, TX as well as their affiliates. AIG’s Life & Retirement also includes the UK life insurance business AIG Life Limited and Laya Healthcare in Ireland. Securities products are distributed by AIG Capital Services, Inc., member FINRA. Additional information about Life & Retirement can be found at lifeandretirement.aig.com.