American International Group (AIG) has fulfilled the criteria necessary for the deconsolidation of Corebridge Financial for accounting purposes following AIG’s decision to relinquish its right to a majority representation on the Corebridge board and the resignation of AIG executive vice president and global chief underwriting officer Chris Schaper from the same board.

Peter Zaffino (pictured), chairman and chief executive of AIG, stated: “[The] announcement about AIG’s deconsolidation of Corebridge Financial is a major achievement, which reflects the culmination of a series of well-planned and deliberate strategic decisions which will position AIG for the future as a leading global property and casualty insurer.

“I am very proud of our colleagues at AIG and Corebridge for all they contributed over the past several years, along with the focus and discipline with which they executed on the separation of the life & retirement business.

“Leading up to their successful IPO in 2022, we are very pleased that Corebridge Financial developed high-quality partnerships with Blackstone and BlackRock, and recently we announced Nippon Life’s intent to become an approximately 20% strategic investor, positioning Corebridge Financial for profitable long-term growth and industry leadership.”

The AIG CEO will maintain his position as chairman of the Corebridge board, which has been downsized to 12 members. Currently, AIG retains ownership of about 48.35% of Corebridge’s common stock.

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