AIG’s (AIG) retirement and life insurance unit, SAFG Retirement Services, has filed for an initial public offering.
The unit, which is changing its name to Corebridge Financial, said in a filing that it plans to list its shares on NYSE under the symbol CRBG. The size and pricing of the deal were not disclosed.
A majority owned subsidiary of AIG, SAFG’s business is divided into four groups: individual retirement, group retirement, life insurance and institutional markets. As of the end of 2021, it had $410.9B assets under management and administration.
JP Morgan, Morgan Stanley and Piper Sandler are serving as lead bookrunners on the deal.
SAFG said that it is currently undergoing a restructuring so that it will hold all of AIG’s retirement and life insurance business. For 2021, SAFG reported a net income of $7.4B on revenue of $23.4B.
Blackstone is also a major shareholder and currently holds 9.9% of SAFG’s common stock. The investment firm made a $2.2B investment in SAFG in November and will manage around $50B of SAFG’s portfolio assets.
SAFG also has signed a letter of intent with BlackRock for management services. Under the deal, BlackRock will manage up to $90B in liquid fixed income and certain private placement assets.
AIG announced in October 2020 that it was planning to spinout its retirement and life insurance operations as a separate entity.