(New York) The American insurer AIG officially separated Thursday from its life insurance and retirement savings business by bringing it to Wall Street as Corebridge Financial in the biggest IPO of the year in New York.
Posted yesterday at 3:47 p.m.
Corebridge had set its IPO price Wednesday evening at $21, below the announced range, which allowed it to raise $1.7 billion and gave it a valuation of $13.5 billion.
Shortly after its first listing on Thursday under the symbol CRBG, the title lost some ground (-1.12%).
Between the strong volatility of the financial markets and the uncertainties on the American monetary policy and the world economy, the situation is not very favorable to IPOs.
At the last count Monday of the specialized firm Renaissance Capital, the number of companies having raised money on Wall Street had fallen since the beginning of the year by 79% compared to the same period last year.
Among the major IPOs expected this year, Greek yogurt maker Chobani has simply abandoned its project. The autonomous driving specialist Mobileye, the social network Reddit or the grocery delivery man Instacart are still waiting.
AIG had initially planned to carry out its operation in the second quarter but preferred to wait a little longer before taking the plunge.
The insurer embarked on a major transformation in October 2020, announcing its intention to separate from its life insurance and pension activities, under the leadership of a new boss, Peter Zaffino.
The group struggled to recover from the financial crisis of 2008, when following bad financial bets, AIG had to be saved from bankruptcy by the State.
After having sold many activities that have little to do with its core business, AIG now wants to focus on insurance for theft, accidents or civil liability. The company has just generated six consecutive profit quarters.
But the action of the group, which had collapsed in 2008, has never recovered since frankly.
Thursday, it evolved around the balance.