AIG Announces Plan to Rebrand its Life & Retirement Business as Corebridge Financial

Rhea-AI Summary

American International Group (NYSE: AIG) plans to rebrand its Life & Retirement business as Corebridge Financial, Inc. The transition aims to prepare the business for its future as a standalone public company. AIG's Life & Retirement segment is a leading provider of retirement solutions in the U.S., offering individual and group retirement plans, life insurance, and more. CEO Peter Zaffino emphasized this move as a step towards enhancing the company's independent identity. No specific timeline or details regarding the separation have been provided.

Positive

• Strategic rebranding aims to enhance the independent identity of the Life & Retirement business.
• AIG's Life & Retirement business is one of the largest providers of retirement solutions in the U.S.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- 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.

About AIG

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.

Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220328005592/en/

Quentin McMillan (Investors): quentin.mcmillan@aig.com

Dana Ripley (Media): dana.ripley@aig.com

Source: American International Group, Inc.

FAQ

What is AIG's plan for its Life & Retirement business?

AIG plans to rebrand its Life & Retirement business as Corebridge Financial, Inc., preparing it for its future as a standalone public company.

When will AIG's Life & Retirement business become Corebridge Financial?

The exact timing for the rebranding of AIG's Life & Retirement business as Corebridge Financial has not been specified.

What are the key markets of AIG's Life & Retirement business?

AIG's Life & Retirement business serves individual and institutional markets, focusing on solutions for retirement security.

Is AIG publicly traded and what is its stock symbol?

Yes, AIG is publicly traded on the New York Stock Exchange under the stock symbol AIG.

Who is the CEO of AIG?

Peter Zaffino is the Chairman & CEO of AIG.