AIG plans to rebrand the parent company of its Life & Retirement business as Corebridge Financial.
The company is currently known as SAFG Retirement Services but is about to be turned public, at which point the rebranding will take place. The firm has also named the board of directors for Corebridge Financial.
Serving as chairman on the board will be Peter Zaffino, current chairman and CEO of AIG. He will be joined by Alan Colberg, retired CEO of Assurant; Christopher Lynch, former national partner in charge of KPMG’s financial services line of business; Amy Schioldager, former senior managing director and global head of beta strategies at BlackRock; and Trish Walsh, chief legal officer at Stripe.
Kevin Hogan, executive vice president and CEO of Life & Retirement and who also serves on the board, said: “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. 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.”
Members of Corebridge Financial’s board already include Jonathan Gray, president and COO at Blackstone. AIG said it expects to continue to own more than 50 percent of Corebridge Financial following its initial public offering (IPO). Therefore, an additional six directors will be senior executives of AIG.
AIG’s Life & Retirement business brings together a portfolio of protection, retirement savings, investment, and lifetime income products to help individuals achieve financial and retirement security. The business consists of four operating segments – Individual Retirement, Group Retirement, Life Insurance and Institutional Markets.
The Life & Retirement business includes AIG member insurance companies American General Life Insurance Company (Houston, TX), The United States Life Insurance Company in the City of New York, and The Variable Annuity Life Insurance Company (VALIC), Houston, TX as well as their affiliates. AIG’s Life & Retirement also includes the UK life insurance business AIG Life Limited and Laya Healthcare in Ireland.