AIG rebrands and spins off life & retirement business

AIG rebrands and spins off life & retirement business | Insurance Business America

AIG rebrands and spins off life & retirement business

American International Group (AIG) has revealed its plans to rebrand SAFG Retirement Service – the parent company of its life & retirement business – as the standalone company Corebridge Financial once its goes public.

“Today’s announcement represents continued progress as we prepare our Life & Retirement business to be a standalone company,” commented AIG chairman and CEO Peter Zaffino.

“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,” added AIG executive vice president and CEO of life & retirement Kevin Hogan. “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.”

AIG has also named Corebridge’s board of directors. Peter Zaffino will serve as chairman of Corebridge, and he will be joined by the following independent directors:

  • Alan Colberg, retired chief executive officer, 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
  • Trish Walsh, chief legal officer, Stripe

In addition to the independent members above, two other executives in-house have been tapped to serve as directors: Blackstone president & chief operating Jonathan Gray, who joined the company board in November 2021 following Blackstone’s 9.9% equity investment in the company, and Kevin Hogan, CEO of Corebridge Financial.

Read more: AIG announces strategic partnerships with BlackRock

The formation of Corebridge Financial comes after AIG recently announced a strategic partnership with BlackRock, which would see the latter manage up to $60 billion of the global AIG investment portfolio and up to $90 billion of the life & retirement investment portfolio. The partnership would also see BlackRock provide investment management technology in the form of its Aladdin platform to both AIG and its life & retirement business.