AIG in the pricing the initial public offering of its life and retirement insurance subsidiary, Corebridge Financial

On September 14, 2022, American International Group, Inc. announced the pricing of the initial public offering of its subsidiary Corebridge Financial, Inc.  After completion of the IPO, AIG will own approximately 75-78% of the outstanding Corebridge common stock (depending on whether the underwriters exercise in full their option to purchase additional shares), and an affiliate of Blackstone Inc. will own approximately 9.9% of the outstanding Corebridge common stock.

The IPO follows the separation of AIG’s life and retirement business to Corebridge and Blackstone’s $2.2 billion investment in, and $92.5 billion asset management relationship with, Corebridge, which the parties entered into in 2021.  Corebridge common stock is expected to trade on the New York Stock Exchange under the ticker symbol “CRBG.”

Wachtell, Lipton, Rosen & Katz served as legal advisor to AIG.