AIG retirement, life insurance unit SAFG files for IPO, changing name to Corebridge

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.