AM Best Comments on Credit Ratings of Members of Corebridge Financial Following Announced Agreement
May 16 2024 - 4:42PM
Business Wire
AM Best has commented that the Credit Ratings (ratings)
of the members of Corebridge Financial (Corebridge) remain
unchanged following the recently announced definitive agreement
whereby American International Group, Inc. (AIG) will sell a 20%
share in Corebridge to Nippon Life Insurance Company for
approximately USD $3.8 billion in a straight cash transaction. AIG
has agreed to maintain a 9.9% ownership stake for two years
post-closing of the deal.
The members of Corebridge have a Financial Strength Rating (FSR)
of A (Excellent) and Long-Term Issuer Credit Ratings (Long-Term
ICRs) of “a” (Excellent). The outlook of these ratings is
stable.
The transaction is expected to close in first-quarter 2025,
subject to regulatory approvals and other customary closing
conditions. AIG has been in the process of gradually spinning off
the parent company of the Corebridge operating units, Corebridge
Financial, Inc., in recent years. Leading up to and following the
close of this transaction, there are no expected changes to
governance, investment management, capital management, or other
operations and processes at Corebridge.
The FSR of A (Excellent) and the Long-Term ICRs of “a”
(Excellent) with stable outlooks for the following operating
companies, which are collectively referred to as Corebridge
Financial:
- AGC Life Insurance Company
- American General Life Insurance Company
- United States Life Insurance Company in the City of New
York
- The Variable Annuity Life Insurance Company
This press release relates to Credit Ratings that have been
published on AM Best’s website. For all rating information relating
to the release and pertinent disclosures, including details of the
office responsible for issuing each of the individual ratings
referenced in this release, please see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please
view Guide to Best's Credit Ratings. For information
on the proper use of Best’s Credit Ratings, Best’s Performance
Assessments, Best’s Preliminary Credit Assessments and AM Best
press releases, please view Guide to Proper Use of Best’s
Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and
data analytics provider specializing in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
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Raymond Thomson, CPCU, ARe, ARM Associate Director
+1 908 882 2394 raymond.thomson@ambest.com
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erik.miller@ambest.com
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908 882 2318 al.slavin@ambest.com