American International Group Inc.
AIG Completes Deconsolidation of Corebridge Financial
Summary
On June 10, 2024, American International Group, Inc. (AIG) announced the deconsolidation of Corebridge Financial for accounting purposes, a result of AIG waiving its right to majority representation on the Corebridge board and the resignation of Chris Schaper, AIG's Executive Vice President and Global Chief Underwriting Officer, from the Corebridge board. This decision follows AIG's strategic decisions to position itself as a leading global Property and Casualty insurer. AIG's Chairman and CEO, Peter Zaffino, highlighted the successful separation of the Life & Retirement business, leading to Corebridge's IPO in 2022 and subsequent partnerships with Blackstone, BlackRock, and Nippon Life. AIG continues to own approximately 48.35% of Corebridge's common stock.
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About American International Group Inc.
American International Group Inc. is a prominent multinational finance and insurance corporation. Its primary function is to provide a wide array of insurance products and services to clients globally. These offerings include general property and casualty insurance, life insurance, retirement solutions, and other financial services. AIG plays a critical role in the financial market by offering risk management solutions and safeguarding assets for both individuals and businesses. Operating across numerous sectors such as commercial, financial institutions, and personal insurance markets, AIG holds a significant presence in the global insurance landscape. The company is known for tailored products designed to meet diverse customer needs, ranging from small businesses to major corporations. Its broad market reach and longstanding industry experience make it a key player in driving insurance innovation and providing financial security. Founded in 1919 and headquartered in New York City, AIG continues to influence the financial market through strategic leadership and adaptation to changing financial and regulatory environments, consistently working towards strengthening its market position through technological advancements and sustainable practices.
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