News

29
Mar

AIG’s life and retirement business will be rebranded

SAFG Retirement Services, the parent company of AIG’s life and retirement business, will be rebranded as Corebridge Financial following an initial public offering. The rebrand will also include AIG Life UK.

The IPO was filed in the US. AIG expects to continue to own more than half of Corebridge Financial after the float. Chairman and chief executive of AIG, Peter Zaffino, will become chair of Corebridge. Meanwhile, there will be no management changes to AIG Life UK.

According to Mr Zaffino, the rebranding “represents continued progress as we prepare our life and retirement business to be a standalone company.”

Kevin Hogan, executive vice president and chief executive of life and retirement at AIG, said: “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.

“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.”

AIG has also established a strategic partnership with BlackRock, involving BlackRock managing up to $90bn of the life and retirement investment portfolio, as well as providing technology.

Mr Zaffino commented: “For life and retirement, the partnership with BlackRock creates both strategic and operating flexibility as we reposition asset management and prepare the business to be a standalone company.”

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