Corebridge Financial
 | |
| Company type | Public company |
|---|---|
| NYSE: CRBG | |
| Industry | Financial services |
| Predecessors | American General, AIG Life Insurance |
| Founded | October 13, 2022[1] |
| 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 | Laya Healthcare[2] |
| Website | www |
Corebridge Financial is an American multinational financial services company. It provides annuities, life insurance, retirement solutions, and other services. Corebridge was formed after AIG performed a spin-off on the company via an IPO in 2022.[3]
History
Early History
The American General Insurance Company was formed on May 8, 1926 by Gus Sessions Wortham in Houston, Texas. Wortham previously worked at his father's insurance company, John L. Wortham & Son Agency, until his death in 1924. 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.[4]
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.[5]
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.
- ^ Keeley, Carol (December 16, 2011). "American General Corporation". Encyclopedia.com. Retrieved December 26, 2022.
- ^ "AIG to sell life and retirement unit stake to Blackstone, another with IPO". Reuters. July 15, 2021. Retrieved March 8, 2022.