AIG to rebrand its Life & Retirement business
AIG 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.
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 complex financial and retirement needs.
The insurer also announced directors for the board of directors of Corebridge Financial, Inc. as it continues to prepare the business to be a standalone company. The directors include Alan Colberg, retired CEO, Assurant; 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.
AIG expects to continue to own more than 50% of Corebridge Financial following its initial public offering, therefore, an additional six directors will be senior executives of AIG.
“Today’s announcement represents continued progress as we prepare our Life & Retirement business to be a standalone company. Demonstrating another important milestone toward the separation of Life & Retirement from AIG, I am pleased to announce a group of accomplished, experienced and highly credible Directors for Corebridge Financial, the previously announced new name for this business. We are committed to exceptional corporate governance, which starts with Directors who bring diverse perspectives, experiences, backgrounds, and insights to the boardroom” – Peter Zaffino, chairman & CEO, AIG.
“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.” – Kevin Hogan, EVP and CEO of Life & Retirement.