Insurance giant AIG is rebranding the parent company of its life and retirement business to Corebridge Financial when the latter becomes a public company.
On 28 March 2022, the holding company SAFG Retirement Services filed for an initial public offering (IPO) in the US. The terms of the IPO were not disclosed.
Peter Zaffino, chairman and chief executive of AIG, said that the rebranding “represents continued progress as we prepare our life and retirement business to be a standalone company.”
AIG’s life and retirement business is mainly US-based and offers individual retirement, group retirement, life insurance and institutional markets solutions.
AIG confirmed to International Adviser that the rebrand will also include AIG Life UK. The life and retirement business is made up of AIG member insurance companies American General Life Insurance, The United States Life Insurance Company, The Variable Annuity Life Insurance Company, as well as AIG Life UK and Laya Healthcare in Ireland.
Kevin Hogan, executive vice president and chief executive of life and retirement at AIG, said: “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.
“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.”
Management team
Zaffino will serve as chairman of Corebridge Financial.
The board will include independent directors Alan Colberg, Christopher Lynch, Amy Schioldager, Jonathan Gray.
Chief executive Hogan will also be part of the board.
AIG expects to continue to own more than 50% of Corebridge Financial following its IPO, therefore, an additional six directors will be senior executives of AIG.
The insurer also told IA that there will be no management changes to the UK operation.
BlackRock partnership
Lastly, AIG has partnered with BlackRock to allow the firm to manage up to $60bn (£47bn, €54bn) of the global AIG investment portfolio and up to $90bn of the life and retirement investment portfolio.
Additionally, BlackRock’s Aladdin platform will provide investment management technology for both AIG and life and retirement.
Zaffino added: “For life and retirement, the partnership with BlackRock creates both strategic and operating flexibility as we reposition asset management and prepare the business to be a standalone company.”
The arrangements with BlackRock will be implemented in phases across AIG’s global operations, subject to customary onboarding and implementation requirements and any required regulatory approvals.
