The holding firm of U.S. insurer American Worldwide Group Inc.’s life and retirement enterprise, SAFG Retirement Providers Inc., filed for an preliminary public providing in the US on Monday.
Within the filing, SAFG reported whole income of $23.39 billion for the yr ended Dec. 31, up 55%. In the identical interval, adjusted after-tax working earnings rose 14.5% to $2.93 billion.
The transfer units the stage for what is anticipated to be one of many marquee listings this yr, whilst investor curiosity in IPOs has waned considerably on account of current inventory market volatility amid fears of aggressive price hikes from the U.S. Federal Reserve and the financial fallout of geopolitical tensions.
The submitting comes lower than a yr after AIG introduced plans to sell a 9.9% stake within the unit to non-public fairness agency Blackstone Group Inc BX.N for $2.2 billion.
AIG first introduced the choice to separate its life insurance coverage and retirement companies from its property and casualty operations in 2020, years after activist traders focused the corporate for a break-up.
The insurer, which started to retool its underwriting in 2017 to make its core enterprise extra worthwhile stated final yr the method was largely full and it was now pivoting to concentrate on progress.
AIG stated on Monday following the IPO, it’ll proceed to personal greater than 50% of SAFG.
The unit shall be rebranded as Corebridge Monetary Inc when it goes public. J.P. Morgan, Morgan Stanley and Piper Sandler are the underwriters for the providing.
(Reporting by Niket Nishant in Bengaluru; Modifying by Shounak Dasgupta)
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