Corebridge Financial is an American multinational financial services company. It provides

annuities In investment, an annuity is a series of payments made at equal intervals.Kellison, Stephen G. (1970). ''The Theory of Interest''. Homewood, Illinois: Richard D. Irwin, Inc. p. 45 Examples of annuities are regular deposits to a savings account, m ...

, life insurance, asset management, retirement solutions, and other services. Corebridge was formed after

AIG American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. , AIG companies employed 49,600 people.https://www.aig.com/content/dam/aig/amer ...

performed a spin-off on the company via an

IPO An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

in 2022.

History

Corebridge Financial's current structure is a result of

spinning off the company in 2022. American General (AG) was the historical predecessor to Corebridge's assets during AG's time as a subsidiary of AIG.

Early History

The American General Insurance Company was formed on May 8, 1926 by Gus Sessions Wortham in

Houston Houston (; ) is the most populous city in Texas, the most populous city in the Southern United States, the fourth-most populous city in the United States, and the sixth-most populous city in North America, with a population of 2,304,580 i ...

Texas Texas (, ; Spanish: ''Texas'', ''Tejas'') is a state in the South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2020, it is the second-largest U.S. state by ...

. Wortham worked for the Texas Fire Rating Board in

Austin, Texas Austin is the capital city of the U.S. state of Texas, as well as the seat and largest city of Travis County, with portions extending into Hays and Williamson counties. Incorporated on December 27, 1839, it is the 11th-most-populous city ...

before moving to Houston in 1912. Before starting American General, he worked at his father's insurance company, ''John L. Wortham & Son Agency'', until his death in 1924. Following his father's death, Wortham began the company in response to a Texas Commissions of Appeal that ruled that insurance companies may merge several lines of business. In 1953, American General hired life insurance veteran Benjamin N. Woodson as president. Woodson previously served at Mutual Trust Life Insurance Company, the National Association of Life Underwriters, and various other roles. Woodson would eventually succeed Wortham as CEO of the company in 1972 where he remained until retiring in 1978.Benjamin N. Woodson titles
from Worldcat

NLT Corporation

The NLT Corporation was formed in 1900 as the ''National Stick and Accident Association''. The

Nashville, Tennessee Nashville is the capital city of the U.S. state of Tennessee and the seat of Davidson County. With a population of 689,447 at the 2020 U.S. census, Nashville is the most populous city in the state, 21st most-populous city in the U.S., and ...

company became one of the country's largest life insurance companies and paved the way for the merger. American General announced a

hostile takeover In business, a takeover is the purchase of one company (the ''target'') by another (the ''acquirer'' or ''bidder''). In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to t ...

bid for NLT. NLT made a counter-offer to buy out AGC. In 1982 AGC, which had owned Nashville rival L&C since the 1960s, prevailed. Having acquired NLT, AGC merged the former rivals over the next decade and spun off the "non-core" assets of NLT, particularly its entertainment properties. ''The Grand Ole Opry,'' Opryland theme park, WSM and fledgling cable television network

The Nashville Network The Nashville Network, usually referred to as TNN, was an American country music-oriented cable television network. Programming included music videos, taped concerts, movies, game shows, syndicated programs, and numerous talk shows. On Septembe ...

(TNN) were sold to what became

Gaylord Entertainment Company Ryman Hospitality Properties, Inc. () is a hotel, resort, entertainment, and media company named after National Historic Landmark the Ryman Auditorium, built as a tabernacle by Captain Thomas G. Ryman in 1892 and later the home of the Grand Ole Op ...

and later on,

ViacomCBS Paramount Global (doing business as Paramount) is an American multinational mass media and entertainment conglomerate owned and operated by National Amusements (79.4%) and headquartered at One Astor Plaza in Midtown Manhattan, New York. It ...

. American General would later merge into New York-based

American International Group American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. , AIG companies employed 49,600 people.https://www.aig.com/content/dam/aig/amer ...

(AIG). Its division of the corporation retained the

American General American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. , AIG companies employed 49,600 people.https://www.aig.com/content/dam/aig/amer ...

brand.

AIG Merger

In 2001, it was announced that American General would be getting acquired by

Prudential plc Prudential plc is a British multinational insurance company headquartered in London, England. It was founded in London in May 1848 to provide loans to professional and working people. Prudential has dual primary listings on the London Stock E ...

in a deal worth $26.6 billion. The deal was later called off after negative Prudential shareholder reaction. After the deal failed to go through,

announced plans to acquire American General for $23 billion in stock. American General would continue to operate under AIG as their life insurance and retirement services subsidiary. In 2003, Old Line Life Insurance merged with American General.

IPO and Spinoff from AIG

Corebridge was formed as a result of a spin-off of

's retirement, life insurance, and wealth management segments. In 2020, AIG announced plans to perform the spin-off with a 2022 IPO. In July 2021, the company announced that

Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate bu ...

would acquire 9.9% of the new unit for $2.2 billion cash. Blackstone and AIG also entered a long-term asset management agreement for about one quarter of AIG's life and retirement portfolio, set to increase in subsequent years.

References

External links

* {{Official website, http://www.corebridgefinancial.com Financial services companies of the United States American International Group American companies established in 2022 Insurance companies based in Texas Companies based in Houston