American International Group (AIG) has successfully met the requirements for the deconsolidation of its life & retirement unit, Corebridge Financial, for accounting purposes. The decision to waive its right to majority representation on the Corebridge Financial Board of Directors and the resignation of Chris Schaper, Executive Vice President, Global Chief Underwriting Officer, AIG, has led to this achievement.
In late May, AIG launched a secondary offering of Corebridge Financial common stock, with 30 million existing shares of common stock priced at £29.20 per share. This came after the completion of the sale of 35 million Corebridge Financial shares in December 2023. Moreover, AIG also reached an agreement with Nippon Life to sell approximately 120 million shares of its Corebridge common stock. Presently, AIG owns approximately 48.35% of Corebridge Financial’s common stock.
Peter Zaffino, Chairman and CEO of AIG, expressed his pride in the successful deconsolidation of Corebridge Financial, which reflects strategic decisions positioning AIG as a leading global Property and Casualty insurer. Zaffino also commended the efforts of AIG and Corebridge colleagues in executing the separation of the Life & Retirement business. He highlighted the high-quality partnerships with Blackstone and BlackRock, and Nippon Life’s intent to become an approximately 20% strategic investor, positioning Corebridge Financial for long-term growth and industry leadership.
Additionally, Zaffino will continue as Chairman of the Corebridge Financial Board of Directors, which has been reduced to 12 members.
This achievement reflects AIG’s commitment to strategic decisions and disciplined execution, positioning the company for future success in the global insurance market.