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  3. Corebridge Financial - Wikipedia
Corebridge Financial - Wikipedia
From Wikipedia, the free encyclopedia

Corebridge Financial, Inc.
FormerlySAFG Retirement Services
Company typePublic
IndustryFinancial services
Predecessors
  • American General
  • AIG Life Insurance
FoundedMarch 8, 1926; 99 years ago (1926-03-08) as American General Corp.
September 15, 2022; 3 years ago (2022-09-15) as Corebridge Financial
HeadquartersAmerican General Center,
Houston, Texas
,
U.S.
Area served
Worldwide
Key people
Marc Costantini
(President and CEO)[1]
Products
RevenueUS$18.78 billion[2] (2024)
US$3.61 billion[2] (2024)
US$2.23 billion[2] (2024)
AUMUS$404 billion AUMA (2024)[2]
OwnerAIG, Nippon Life,
Blackstone Inc.[3]
Number of employees
5,200[2] (2024)
Subsidiaries
  • American General Life Insurance Company
  • United States Life Insurance Company in the City of New York
  • Variable Annuity Life Insurance Company
(VALIC)[4]
Websitecorebridgefinancial.com

Corebridge Financial, Inc. is an American financial services company.[5] It provides annuities, life insurance, retirement plans, wealth management, and other financial services through its four core businesses—individual retirement, life insurance, retirement services, and institutional markets.[6]

Corebridge was formed by an AIG spin-off of the company via IPO in 2022. In 2024, Nippon Life Insurance Company acquired an equity interest in Corebridge Financial from AIG. Under the terms of the transaction, AIG agreed to maintain a 9.9% stake in Corebridge for two years.[7]

History

Corebridge Financial was formed when AIG spun off the company in September 2022.[5] In September 2024, the Corebridge brand name replaced AIG on the America Tower of the American General Center, its headquarters.[8][9]

Early history

The American General Insurance Company was formed on May 8, 1926 by Gus Sessions Wortham in Houston, Texas. Wortham worked for the Texas Fire Rating Board in Austin, Texas before moving to Houston in 1912. Before starting American General, he worked at his father's insurance company, John L. Wortham & Son Agency, until his death in 1924.[10] Following his father's death, Wortham began the company in response to a Texas Commissions of Appeal ruling allowing that insurance companies may merge several lines of business.[11]

In 1953, American General hired life insurance veteran Benjamin N. Woodson as president. Woodson previously served at Mutual Trust Life Insurance Company, the National Association of Life Underwriters, and various other roles. Woodson would eventually succeed Wortham as CEO of the company in 1972 where he remained until retiring in 1978.[12]

In 1995, the company was the subject of Unitrin, Inc. v. American General Corp. American General tendered an offer for a controlling block of shares of Unitrin. The Board of Directors of Unitrin, who held 23% of the shares, did not think the price offered was adequate and so initiated a poison pill and offered a buyback to increase their holdings to 28% of the total shares. It became the leading case on a board of directors' ability to use defensive measures, such as poison pills or buybacks, to prevent a hostile takeover.[13][14]

NLT Corporation

Main article: National Life and Accident Insurance Company

The NLT Corporation was formed in 1900 as the National Sick and Accident Association. The Nashville, Tennessee firm became one of the country's largest life insurance companies. American General (AGC) announced a hostile takeover bid for NLT, which made a counter-offer to buy out AGC. In 1982, AGC, which had owned Nashville rival L&C since the 1960s, prevailed. Having acquired NLT, AGC merged the former rivals over the next decade and spun off the non-core assets of NLT, particularly its entertainment properties.[15] The Grand Ole Opry, Opryland theme park, WSM, and then fledgling cable television network The Nashville Network (TNN) were sold to what became Gaylord Entertainment Company.[16]

Acquisitions

In 1977, American General acquired The Variable Annuity Life Insurance Company (VALIC), a provider of tax-deferred retirement plans for employees in education, healthcare, government, and non-profit organizations.[11][17] VALIC companies include VALIC Financial Advisors, Inc. and VALIC Retirement Services Company, which operate as Corebridge Financial subsidiaries within Corebridge Retirement Services.[11]

AIG agreed to acquire annuity provider SunAmerica Inc. in 1998, with the $18 billion stock transaction then reported as the second-largest in the history of the insurance industry.[18]

In 2001, it was announced that American General would be acquired by Prudential plc in a deal worth $26.6 billion. The deal was later called off after negative Prudential shareholder reaction.[19] After the deal failed to go through, AIG announced plans to acquire American General for $23 billion in stock.[20] American General would continue to operate under AIG as their life insurance and retirement services subsidiary. In 2003, Old Line Life Insurance merged with American General.[21]

IPO and spin-off from AIG

Corebridge was formed as a result of a spin-off of AIG's retirement, life insurance, and wealth management segments. In 2020, AIG announced plans to perform the spin-off with a 2022 IPO. In July 2021, the company announced that Blackstone Group would acquire 9.9% of the new unit for $2.2 billion cash. Blackstone and AIG also entered a long-term asset management agreement for about one quarter of AIG's life and retirement portfolio, set to increase in subsequent years.[22] The new company was launched on September 15, 2022,[23] in the largest IPO of 2022 to date,[24] which raised a total of $1.68 billion.[5]

In September 2023, it was announced Corebridge would sell its subsidiary, the London-headquartered life insurance company AIG Life Limited (AIG Life UK) to the British multinational insurance company, Aviva for £460 million.[25] Corebridge sold subsidiary[26] Irish health insurer Laya Healthcare to AXA, for €650 million,[27] on October 31, 2023.[28]

References

  1. ^ "Corebridge Financial Appoints New CEO Marc Costantini". theglobeandmail.com. September 8, 2025. Retrieved December 1, 2025.
  2. ^ a b c d e Form 10K Securities and Exchange Commission; pp. 6, 25, 152, 163; December 31, 2024.
  3. ^ Musselwhite, Beth. "Corebridge Financial announces Board changes including new Chairman". ReinsuranceNews. Retrieved March 28, 2025.
  4. ^ "Corebridge Financial And Core Subsidiaries Ratings Affirmed Following Revised Capital Model Criteria; Outlook Stable". S&P Global. Retrieved March 28, 2025.
  5. ^ a b c "AIG unit Corebridge raises $1.68 bln in year's largest IPO". Reuters. Retrieved March 28, 2025.
  6. ^ "Corebridge Financial on its own and moving to dominate the market". Insurance News Net. Retrieved March 28, 2025.
  7. ^ Jain, Saumya (September 25, 2023). "AIG closes sale of Corebridge stake to Nippon Life". ReinsuranceNews. Retrieved September 25, 2023.
  8. ^ "Corebridge Financial makes board changes after AIG sells $3.8 billion equity stake". Houston Business Journal. Retrieved March 28, 2025.
  9. ^ "'AIG' letters are gone: Houston's landmark tower undergoes name change". Chron. Hearst. Retrieved March 28, 2025.
  10. ^ "Gus Sessions Wortham". Handbook of Texas Online. Retrieved November 4, 2010.
  11. ^ a b c Keeley, Carol (December 16, 2011). "American General Corporation". Encyclopedia.com. Retrieved December 26, 2022.
  12. ^ Benjamin N. Woodson titles Worldcat
  13. ^ Gallardo, Eduardo (February 18, 2010). "Poison Pills Revisited". Harvard Law School Forum on Corporate Governance and Financial Regulation. Harvard College. Retrieved August 31, 2015.
  14. ^ Wong, R. Wai (February 25, 2013). "Through the Anti-Trust Looking Glass: A New Vision on Delaware's Takeover-Defense Jurisprudence" (PDF). The Virginia Law Review. 99 (169). Virginia Law Review Association. Retrieved August 31, 2015.
  15. ^ Connelly, John Lawrence. "National Life and Accident Insurance Company". Tennessee Encyclopedia of History and Culture. Retrieved February 14, 2018.
  16. ^ "Opryland purchase achieved". The Oklahoman. Retrieved March 28, 2025.
  17. ^ "Get to know Corebridge". Corebridge Financial. Retrieved March 28, 2025.
  18. ^ "AIG Agrees to Buy SunAmerica For Stock Valued at $18 Billion". The Wall Street Journal. Retrieved March 28, 2025.
  19. ^ "American General-Prudential PLC merger in jeopardy". Investment News. Retrieved March 19, 2001.
  20. ^ "AIG Closes American General Acquisition". National Underwriter Life & Health. August 30, 2001.
  21. ^ "Do You Have An Old Line Life Insurance Policy?". www.rootfin.com. Retrieved December 28, 2017.
  22. ^ "AIG to sell life and retirement unit stake to Blackstone, another with IPO". Reuters. July 15, 2021. Retrieved March 8, 2022.
  23. ^ "Corebridge flat following IPO; wider market down after August inflation report". S&P Global. Retrieved October 30, 2022.
  24. ^ "AIG's Corebridge Falls in Debut After Year's Biggest US IPO". Bloomberg News. Retrieved October 30, 2022.
  25. ^ Jain, Saumya (September 25, 2023). "Aviva acquires AIG's UK protection business for £460m". ReinsuranceNews. Retrieved September 25, 2023.
  26. ^ "Press Releases &#124". Laya Healthcare.
  27. ^ Jimenez-Sanchez, Kassandra. "AXA completes acquisition of Corebridge Financial's Laya Healthcare". ReinsuranceNews. Retrieved March 28, 2025.
  28. ^ "AXA completes the acquisition of Laya Healthcare Limited". AXA. Retrieved March 28, 2025.
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