Corebridge Financial: Difference between revisions
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'''Corebridge Financial''' is an American multinational [[financial services]] company. It provides [[annuity|annuities]], [[life insurance]], retirement solutions, and other services. Corebridge was formed after [[American International Group|AIG]] performed a spin-off on the company via an [[initial public offering|IPO]] in 2022.<ref name="initial public offering">{{cite web|url=https://www.bloomberg.com/news/articles/2022-09-15/aig-s-corebridge-falls-in-debut-after-year-s-biggest-us-ipo?leadSource=uverify%20wall|title=AIG’s Corebridge Falls in Debut After Year’s Biggest US IPO|publisher=[[Bloomberg News]]|access-date=October 30, 2022}}</ref> |
'''Corebridge Financial''' is an American multinational [[financial services]] company. It provides [[annuity|annuities]], [[life insurance]], [[asset management]], retirement solutions, and other services. Corebridge was formed after [[American International Group|AIG]] performed a spin-off on the company via an [[initial public offering|IPO]] in 2022.<ref name="initial public offering">{{cite web|url=https://www.bloomberg.com/news/articles/2022-09-15/aig-s-corebridge-falls-in-debut-after-year-s-biggest-us-ipo?leadSource=uverify%20wall|title=AIG’s Corebridge Falls in Debut After Year’s Biggest US IPO|publisher=[[Bloomberg News]]|access-date=October 30, 2022}}</ref> |
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==History== |
==History== |
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Revision as of 19:24, 5 January 2023
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| Company type | Public company |
|---|---|
| NYSE: CRBG | |
| Industry | Financial services |
| Predecessors | American General, AIG Life Insurance |
| Founded | March 8, 1926(as American General Corp.) October 13, 2022[1] (as Corebridge Financial) |
| Headquarters | American General Center, Houston, Texas , U.S. |
Area served | Worldwide |
| Products | |
| Revenue | 26,679,000,000 United States dollar (2022)  |
| 8,149,000,000 United States dollar (2022) | |
| AUM | US$350 billion (2022) |
Number of employees | 8,000 (2022) |
| Subsidiaries | VALIC Laya Healthcare[2] |
| Website | www |
Corebridge Financial is an American multinational financial services company. It provides annuities, life insurance, asset management, retirement solutions, and other services. Corebridge was formed after AIG performed a spin-off on the company via an IPO in 2022.[3]
History
Corebridge Financial's current structure is a result of AIG spinning off the company in 2022. American General (AG) was the historical predecessor to Corebridge's assets during AG's time as a subsidiary of AIG.
Early History
The American General Insurance Company was formed on May 8, 1926 by Gus Sessions Wortham in Houston, Texas. Wortham worked for the Texas Fire Rating Board in Austin, Texas before moving to Houston in 1912. Before starting American General, he worked at his father's insurance company, John L. Wortham & Son Agency, until his death in 1924.[4] Following his father's death, Wortham began the company in response to a Texas Commissions of Appeal that ruled that insurance companies may merge several lines of business.[5]
NLT Corporation
The NLT Corporation was formed in 1900 as the National Stick and Accident Association. The Nashville, Tennessee company became one of the country's largest life insurance companies and paved the way for the merger.[6] American General announced a hostile takeover bid for NLT. NLT made a counter-offer to buy out AGC. In 1982 AGC,[6] which had owned Nashville rival L&C since the 1960s, prevailed. Having acquired NLT, AGC merged the former rivals over the next decade and spun off the "non-core" assets of NLT, particularly its entertainment properties. The Grand Ole Opry, Opryland theme park, WSM and fledgling cable television network The Nashville Network (TNN) were sold to what became Gaylord Entertainment Company and later on, ViacomCBS. American General would later merge into New York-based American International Group (AIG). Its division of the corporation retained the American General brand.
AIG Merger
In 2001, it was announced that American General would be getting acquired by Prudential plc in a deal worth $26.6 billion. The deal was later called off after negative Prudential shareholder reaction.[7] After the deal failed to go through, AIG announced plans to acquire American General for $23 billion in stock.[8] American General would continue to operate under AIG as their life insurance and retirement services subsidiary. In 2003, Old Line Life Insurance merged with American General.[9]
IPO and Spinoff from AIG
Corebridge was formed as a result of a spin-off of AIG's retirement, life insurance, and wealth management segments. In 2020, AIG announced plans to perform the spin-off with a 2022 IPO. In July 2021, the company announced that Blackstone Group would acquire 9.9% of the new unit for $2.2 billion cash. Blackstone and AIG also entered a long-term asset management agreement for about one quarter of AIG's life and retirement portfolio, set to increase in subsequent years.[10]
References
- ^ "Corebridge flat following IPO; wider market down after August inflation report". S&P Global. Retrieved October 30, 2022.
- ^ "Press Releases | Laya Healthcare".
- ^ "AIG's Corebridge Falls in Debut After Year's Biggest US IPO". Bloomberg News. Retrieved October 30, 2022.
- ^ "Gus Sessions Wortham". Handbook of Texas Online. Retrieved November 4, 2010.
- ^ Keeley, Carol (December 16, 2011). "American General Corporation". Encyclopedia.com. Retrieved December 26, 2022.
- ^ a b Connelly, John Lawrence. "National Life and Accident Insurance Company". Tennessee Encyclopedia of History and Culture. Retrieved February 14, 2018.
- ^ "American General-Prudential PLC merger in jeopardy". Investment News. Retrieved March 19, 2001.
- ^ "AIG Closes American General Acquisition". National Underwriter Life & Health. August 30, 2001.
- ^ "Do You Have An Old Line Life Insurance Policy?". www.rootfin.com. Retrieved December 28, 2017.
- ^ "AIG to sell life and retirement unit stake to Blackstone, another with IPO". Reuters. July 15, 2021. Retrieved March 8, 2022.