— May 5, 2023 —
Published in TOP STORIES
on InsuranceNewsNet.com
Written by John Hilton
American International Group celebrated strong first-quarter financials today, bottom-line results that were depressed by inconsistent sales in AIG’s separating Life and Retirement business.
The results validated AIG’s decision to separate Life and Retirement, which rebranded as Corebridge Financial. The separation effort began in 2021 and AIG is underwriting a decreasing amount of the business.
Like many other life insurers, AIG/Corebridge sales of fixed and fixed-indexed annuities thrived during the quarter. Spooked by troubling economic trends, retirement investors flocked to protection-focused annuities in 2022. That trend continued into 2023.
Life and Retirement reported very good results with premiums and deposits of $10.4 billion dollars in the first quarter, a 44% increase year over year, supported by record sales in fixed annuity and fixed indexed annuity products. Flows into the general account from individual retirement where approximately $1.3 billion.
Peter Zaffino, CEO, American International Group
Our objective has not changed, which is for AIG to reduce its ownership stake in Corebridge over time. Corebridge has done a terrific job since we announced that we were going to commence upon doing an IPO getting themselves positioned to be an independent public company.
Corebridge will announce its first-quarter results next week.
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