AIG’s Corebridge raises $1.68 billion in IPO

AIG’s life insurance and retirement division Corebridge Financial raised $1.68 billion on Wednesday in the biggest initial public offering so far this year.

The insurer has priced the IPO of Corebridge at $21 per share, and expects trading to begin today. The offering is expected to close on September 19, 2022, subject to customary closing conditions.

AIG, as the selling stockholder, is offering 80 million existing shares of common stock (out of 645 million total common shares) of Corebridge, corresponding to approximately $1.7 billion of gross proceeds. The shares will trade on the New York Stock Exchange under the ticker symbol “CRBG.” AIG will control almost 78% of the company’s shares after the listing.

AIG first announced it would separate its life and retirement unit and list it as a new public company in 2020. Earlier this year, AIG said it would rebrand SAFG Retirement Services, the parent company of its Life & Retirement business, as Corebridge Financial when it becomes a public company.