AIG To Rebrand Its Life & Retirement Business As Corebridge Financial
American International Group, Inc. 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.”
Peter Zaffino serves as chairman of Corebridge Financial, and the Board will include the following independent directors:
- Alan Colberg, Retired Chief Executive Officer, Assurant, Inc.
- Christopher Lynch, former National Partner in Charge of KPMG LLP’s Financial Services Line of Business
- Amy Schioldager, former Senior Managing Director and Global Head of Beta Strategies at BlackRock, Inc.
- Trish Walsh, Chief Legal Officer, Stripe, Inc.
Jonathan Gray, President & Chief Operating Officer, Blackstone, Inc. joined the Board in November 2021 following Blackstone’s 9.9 percent equity investment in the company. Kevin Hogan, Chief Executive Officer of Corebridge Financial, is also a member of the Board.
AIG expects to continue to own more than 50 percent of Corebridge Financial following its initial public offering (IPO), therefore, an additional six directors will be senior executives of 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.