About Corebridge Financial
In March of 2022, the multinational finance and insurance corporation American International Group announced that it was making its Life & Retirement business a public company. As part of its transformation, the company would be rebranded as Corebridge Financial Inc.
Corebridge went public on September 15, 2022, with an initial public offering of $21 per share. AIG offered 80 million existing shares of Corebridge’s common stock representing roughly $1.7 billion in gross proceeds. Since then, Corebridge’s shares have traded publicly on the New York Stock Exchange under the ticker symbol CRBG.
Today, Corebridge Financial is one of the largest annuity providers in the United States. The company had $357 billion in assets under management or administration as of Dec. 31, 2022, and $32 billion in premiums and deposits in 2022.
Corebridge’s products and services include group retirement plans, pension risk transfers, structured settlements and annuities – as well as term, universal and index universal life insurance products.
Corebridge life insurance and annuity policyholders – or AIG customers with an annuity now managed by Corebridge – can contact the company’s customer support line at (800) 445-7862.
Corebridge Financial is a rebranded company associated with AIG. AIG may conjure some negative connotations dating back to 2008, but Corebridge is a unique entity devoted to servicing annuity contracts in a highly responsible and consumer-centric manner.
Credit ratings, also called financial strength ratings, offer consumers insight into the financial stability of an annuity provider. These scores are issued by independent credit rating agencies.
If you’re interested in purchasing an annuity, it is important to research which insurance companies have a reputation for reliability and financial stability.
Credit rating agencies such as S&P, Moody’s, Fitch and AM Best rank insurers based on their financial strength and claims-paying abilities (CPAs). The higher the rating, the more you can trust that the insurance company will uphold its end of an annuity contract.
Financial Strength Ratings for Corebridge’s Insurance Companies
|A.M. Best||Fitch||Moody’s||Standard & Poor’s|
|American General Life Insurance Company||A||A+||A2||A+|
|The United States Life Insurance Company in the City of New York||A||A+||A2||A+|
|The Variable Annuity Life Insurance Company (VALIC)||A||A+||A2||A+|
Annuities Offered by Corebridge Financial
Corebridge sells the same products that AIG Life & Retirement used to, including a variety of annuities. The annuity products Corebridge offers include the most common types of deferred annuities: fixed, indexed and variable annuities.
The Assured Edge Income Builder® and the American Pathway® are Corebridge’s fixed annuity offerings. This type of annuity earns interest at a guaranteed rate for a specified number of years. When the fixed annuity matures, it converts to a stream of income payments.
American Pathway® and Assured Edge Income Builder® provide many of the benefits of a traditional fixed annuity. Both products feature principal protection, guaranteed growth, options for lifetime income and a built-in death benefit.
Corebridge also offers the Power Series Index Annuity with Lifetime Income, an indexed annuity that combines a minimum guaranteed rate with a growth rate based on index performance. This offering comes with two rider options designed to boost income payments once your contract is annuitized.
The Power Series Index Annuity with Lifetime Income Plus Multiplier Flex® promises to double the interest earned before annuitization. Once the lifetime income begins, the credit rate will continue to match the interest earned.
The other rider is the Lifetime Income Max®, which guarantees a 10% income credit each year until you annuitize the contract.
Corebridge’s Polaris® is a variable annuity. When you purchase a variable annuity, your premium is invested in a portfolio of securities. Variable annuities combine growth potential with protection from market volatility and, like all annuities, can be set up to provide lifetime income.
The Polaris® Variable Annuity with Polaris Income Plus Daily Flex® comes with daily “step-ups” – meaning annuity owners lock in the highest daily value of their variable annuity with each trading day, or 252 times each year. This feature sets Corebridge apart from other variable annuity providers, most of whom offer only monthly or yearly step-ups.
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Corebridge customers and AIG customers with annuities through Corebridge can access information about their investments through Corebridge Financial’s official website.
The website also features an Insights and Education section containing financial literacy resources for customers. These resources include educational articles, news on retirement planning legislation and interactive tools like retirement calculators.
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Editor Malori Malone contributed to this article.