OLDWICK, N.J.--(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
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