Corebridge Financial

Corebridge Financial, Inc.

Company type	Public
Industry	Financial services
Predecessor	American International Group (AIG)
Founded	2022 (2022)
Headquarters	Houston, Texas , United States
Area served	United States
Products	Annuities, life insurance, retirement planning, wealth management

Corebridge Financial, Inc. is a U.S.-based financial services firm that provides annuities, life insurance, retirement planning, wealth management, and related offerings. Its operations are divided into four primary segments: individual retirement, life insurance, retirement services, and institutional markets.

Established in 2022 through a spin-off from AIG accompanied by an IPO, Corebridge garnered substantial backing when Nippon Life Insurance Company purchased an equity interest from AIG in 2024. Under the terms of this deal, AIG maintained a 9.9% stake for a period of two years.

History

Corebridge Financial originated from AIG’s divestiture in September 2022. Two years later, in September 2024, the Corebridge name replaced AIG branding atop the America Tower at the American General Center, marking its headquarters.

Early history

The American General Insurance Company was founded on May 8, 1926, in Houston, Texas, by Gus Sessions Wortham. Wortham’s background included work with the Texas Fire Rating Board and his family’s insurance business. He launched the company following a Texas legal decision permitting insurers to consolidate multiple lines of business.

In 1953, Benjamin N. Woodson, an experienced life insurance executive, joined as president and later succeeded Wortham as CEO in 1972, a role he held until 1978.

American General played a central role in the significant 1995 case Unitrin, Inc. v. American General Corp., which examined corporate boards’ rights to employ defensive tactics such as poison pills and share repurchases to deter hostile takeovers.

NLT Corporation

The NLT Corporation began as the National Sick and Accident Association in 1900 in Nashville, Tennessee and evolved into one of America’s largest life insurers. In 1982, American General (AGC) acquired NLT after a hostile takeover contest. AGC had previously owned Nashville competitor L&C since the 1960s. Over the next decade, AGC merged these entities and sold off non-core assets including entertainment ventures like the Grand Ole Opry, the Opryland theme park, WSM radio station, and the growing cable channel The Nashville Network (TNN), all of which were transferred to what became Gaylord Entertainment Company.

Acquisitions

American General broadened its portfolio in 1977 by acquiring The Variable Annuity Life Insurance Company (VALIC), which specializes in tax-advantaged retirement products for sectors such as education, healthcare, government, and nonprofits. VALIC now operates under Corebridge Financial within its Corebridge Retirement Services division.

In 1998, AIG purchased SunAmerica Inc., a provider of annuities, through an $18 billion stock deal—then ranked as the second-largest transaction ever within the insurance industry.

A planned $26.6 billion takeover of American General by Prudential plc was abandoned in 2001 due to shareholder resistance. Shortly thereafter, AIG acquired American General for $23 billion in stock and incorporated it into its life insurance and retirement services segment. In 2003, Old Line Life Insurance was merged into American General.

Initial Public Offering and Separation from AIG

Corebridge emerged as a result of AIG’s decision to separate its retirement, life insurance, and wealth management divisions. In 2020, AIG revealed its intention to execute this spin-off through an IPO planned for 2022. By July 2021, Blackstone Group committed to purchasing a 9.9% equity stake in the newly formed company for $2.2 billion in cash and secured a long-term agreement to manage approximately one-quarter of AIG’s life and retirement assets, with intentions to expand this portion over time. The company officially commenced operations on September 15, 2022, completing the largest initial public offering of that year and raising $1.68 billion.

In September 2023, Corebridge disclosed the divestiture of its London-based life insurance arm, AIG Life Limited (AIG Life UK), selling it to the UK insurer Aviva for £460 million. Furthermore, on October 31, 2023, Corebridge finalized the sale of Irish health insurer Laya Healthcare to AXA for €650 million.