AIG has launched the initial public offering of its life and retirement business that will see it sold off as a separate entity.
Last month the insurer announced it was deferring the IPO of majority-owned subsidiary, Corebridge Financial which would include the UK operation which provides individual, business and group protection products through the AIG Life UK arm. AIG UK also offers general insurance and other related financial services.
But yesterday the group revealed it was now launching the IPO and as the selling stockholder, AIG would be offering 80 million shares of common stock (out of 645 million total common shares) of Corebridge and has granted a 30-day option to the underwriters for the purchase of up to an additional 12 million shares of common stock. The IPO price is currently expected to be between US$21 and US$24 per share. All of the net proceeds from the offering will go to AIG.
The shares are expected to trade on the New York Stock Exchange under the ticker symbol “CRBG.”
J.P. Morgan is acting as global coordinator and a lead active bookrunner for the proposed offering. Morgan Stanley and Piper Sandler are also acting as lead active bookrunners for the proposed offering. BofA Securities, Citigroup and Goldman Sachs & Co. LLC are acting active bookrunners for the proposed offering.