AIG Launches Corebridge Life and Annuity Unit IPO
September 7, 2022 by Allison Bell
American International Group today began a split from Corebridge Financial — its life and annuity business — that it began talking about in October 2020.
AIG offered 80 million of the 645 million available shares of Corebridge common stock, or about 12% of the shares, to the public through an initial public offering.
The company said it’s hoping to get a price of about $21 to $24 per share and raise about $1.9 billion. If the offering goes well, AIG could sell up to 12 million more shares to the offering underwriters and raise another $260 million.