Corebridge Financial, Inc. (SAFG Retirement Services)
(Note: Corebridge Financial, Inc. priced its IPO at $21 – the bottom of its $21-to-$24 price range – on all 80 million shares offered by its parent, selling stockholder AIG. The IPO – the biggest of the year – raised $1.68 billion for AIG. None of the proceeds will go to Corebridge. The company disclosed the terms for its IPO in an S-1/A filing dated Sept. 6, 2022: 80.0 million shares – all to be sold by the selling stockholder, American International Group (AIG) – at a price range of $21.00 to $24.00 to raise $1.8 billion.)
(Note: AIG is spinning off SAFG Retirement Services, Inc., in this IPO. The business will be renamed Corebridge Financial, Inc., once it goes public. SAFG Retirement Services, Inc., filed confidential IPO paperwork with the SEC on Dec. 21, 2021.)
We are one of the largest providers of retirement solutions and insurance products in the United States, committed to helping individuals plan, save for and achieve secure financial futures. Our addressable markets are large, with powerful, long-term secular trends, given an aging U.S. population and a growing need for retirement solutions. We offer a broad set of products and services through our market-leading Individual Retirement, Group Retirement, Life Insurance and Institutional Markets businesses, each of which features capabilities and industry experience we believe are difficult to replicate. These four businesses collectively seek to enhance stockholder returns while maintaining our attractive risk profile, which has historically resulted in consistent and strong cash flow generation.
**The company managed or administered $388 billion in client assets as of March 31, 2022.
**Note: SAFG Retirement Services, Inc., reported total revenues of $24.15 billion and net income attributable to Corebridge of $7.7 billion for the 12 months that ended March 31, 2022, according to an S-1/A filing dated June 13, 2022.
|Industry:||Life Insurance & Retirement Services|
|Address||2919 Allen Parkway, Woodson Tower Houston, Texas 77019|
|View Prospectus:||Corebridge Financial, Inc. (SAFG Retirement Services)|
|Revenues||$24151.00 mil (last 12 months)|
|Net Income||$7700.0 mil (last 12 months)|
|Price range||$21.00 - $21.00|
|Est. $ Volume||$1680.0 mil|
|Manager / Joint Managers||J.P. Morgan/ Morgan Stanley/ Piper Sandler/BofA Securities/Citigroup/ Goldman Sachs|
|CO-Managers||BNP PARIBAS/ HSBC/ PNC Capital Markets LLC/ Deutsche Bank Securities/ Jefferies/ RBC Capital Markets/ Wells Fargo Securities/ Evercore ISI/ Mizuho/ SMBC Nikko/ Academy Securities/ Credit Agricole CIB/ Loop Capital Markets/ Scotiabank/ Barclays/ Dowling & Partners Securities, LLC/ R. Seelaus & Co., LLC /Siebert Williams Shank/ BTIG/ Keefe, Bruyette & Woods, A Stifel Company/ Ramirez & Co., Inc./ SOCIETE GENERALE/ AmeriVet Securities/ Drexel Hamilton/ ING/ Natixis/ Santander/ BNY Mellon Capital Markets, LLC/ Fifth Third Securities/ Mischler Financial Group, Inc./ Oppenheimer & Co./ TD Securities/ CastleOak Securities, L.P./ Great Pacific Securities/ MUFG/ Raymond James/ UniCredit Capital Markets|
|Expected To Trade:||9/15/2022|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|