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DOW JONES INDUSTRIAL

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Real-time USA  -  02:41 2022-09-26 pm EDT
29221.30 PTS   -1.25%
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AIG eyes September as next window for unit's IPO

08/09/2022 | 10:43am EDT
FILE PHOTO:  A new sign is displayed over the entrance to the AIG headquarters offices in New York's financial district

(Reuters) - Insurer American International Group Inc said on Tuesday that September would be the next window for the delayed initial public offering (IPO) of its life and retirement unit.

AIG, one of the world's biggest commercial insurers, on Monday blamed market volatility for the delay, becoming the latest company to rethink IPO plans in the face of runaway inflation, rising interest rates and the Russia-Ukraine war.

The unit filed for its offering in March and AIG, which had first announced the move in 2020, planned to complete the listing by the end of June, subject to market conditions.

In deciding whether to launch the IPO in May or June, AIG had said it weighed several variables including equity market conditions and particularly the trading values of companies in the life and retirement sector.

"We believe this is an attractive business and did not want to execute a transaction that would be detrimental to stakeholders in the long run," Chief Executive Officer Peter Zaffino told analysts on a call.

Barring any unforeseen external events, "we remain ready to execute on the IPO, subject to regulatory approvals and market conditions. And the next window will be in September", he added.

Last year, AIG sold a 9.9% stake in the unit to private equity firm Blackstone Group Inc for $2.2 billion.

The unit is set to be renamed Corebridge Financial Inc when it goes public.

(Reporting by Noor Zainab Hussain and Niket Nishant in Bengaluru; Editing by Devika Syamnath)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN INTERNATIONAL GROUP, INC. -2.53% 48.48 Delayed Quote.-12.47%
BLACKSTONE INC. -0.23% 83.295 Delayed Quote.-35.47%
DOW JONES INDUSTRIAL -1.18% 29220.72 Real-time Quote.-18.57%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 2.21% 57.75 Delayed Quote.-24.11%
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