American International Group (AIG) has met the criteria to break up Corebridge Financial for accounting purposes following AIG’s decision to relinquish its right to majority representation on Corebridge’s Board of Directors and the resignation of AIG’s Executive Vice President and Chief Global Underwriting Officer Chris Schipper. From the same council.

“The announcement of AIG’s divestment of Corebridge Financial is a major achievement that reflects the culmination of a series of deliberate, well-planned strategic decisions that will position AIG as it stands,” said Peter Zaffino (pictured), AIG Chairman and CEO. For the future as a global leader in property and casualty insurance.

“I am very proud of our colleagues at AIG and Corebridge for all they have contributed over the past several years, along with the focus and discipline with which they have executed the separation of life and retirement businesses.

“Ahead of our successful IPO in 2022, we are very pleased that Corebridge Financial is developing high-quality partnerships with Blackstone and BlackRock, and we recently announced Nippon Life’s intention to become a strategic investor for approximately 20%, positioning Corebridge Financial in a profitable position over the long term. Long-term growth and leadership in the industry.”

The AIG CEO will retain his position as chairman of Corebridge’s board, which has been reduced to 12 members. Currently, AIG maintains ownership of approximately 48.35% of Corebridge’s common stock.

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