SAFG Retirement Services, a carve-out of AIG's retirement services and life insurance business, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $3 billion. Prior to the offering, the company plans to change its name to Corebridge Financial.
SAFG Retirement Services states it is one of the largest providers of retirement solutions and insurance products in the United States, describing its market as having long-term secular trends given an aging U.S. population and a growing need for retirement solutions. The company comprises four primary business lines: Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets.
During the fiscal year ended 12/31/2021, adjusted revenue increased 18% to $20.5 billion, and adjusted after-tax operating income rose 15% to $2.9 billion.
The Houston, TX-based company was founded in 1850 and plans to list on the NYSE under the symbol CRBG. JP Morgan, Morgan Stanley, and Piper Sandler are the joint bookrunners on the deal. No pricing terms were disclosed.
