American International Group (AIG), a global finance and insurance company, announced as early as 2020 that it planned to spin off its life insurance and retirement businesses into a separate company. [1] In March, AIG announced the new company would be called Corebridge Financial. [2]
Corebridge officially launched as a new company and completed an initial public offering in September, becoming one of the largest providers of retirement and insurance products in the U.S. [3] Policygenius will roll out its newly rebranded life insurance products starting Feb. 20.
Customers shouldn’t see any difference in the products offered, other than the change in name from AIG to Corebridge. Some documentation on paper and online, including the policies themselves, may still have references to AIG, as well as to American General Life Insurance Company, the United States Life Insurance Company, and the Variable Annuity Life Insurance Company, the issuing life insurance companies in certain areas.
Corebridge products fall into four categories: individual retirement, group retirement, life insurance, and institutional markets. The company is led by CEO Kevin Hogan, who began his career with AIG in 1984.
Corebridge sells term, permanent, and final expense life insurance. Its IPO, which raised $1.7 billion, was the largest of the year by deal size.
AIG has retained its property and casualty business, part of a trend of insurance companies focusing on a single product offering, Reuters reported. Corebridge had more than $345 billion in assets under management as of Sept. 30. The company will announce its full year financial results on Friday.
How to pick a life insurance company
The best insurer for you will depend on your profile and specific needs. To get the best rates, you should compare life insurance quotes from multiple companies, starting with our picks for the best life insurance companies.
The price of life insurance will depend on factors like your location, age, gender, and medical history. For most people, the cheapest policy is the right choice. But some companies provide better coverage for particular health profiles. For example, we picked AIG as the best life insurance for people with anxiety. Because Corebridge offers the same products, you can expect Corebridge life insurance to also be good for people with anxiety.
A licensed life insurance agent can help you compare offerings from different companies and walk you through the application so you find the right company and policy for your individual needs.
