Corebridge Financial, Inc. (CRBG) is set to launch its U.S. IPO next week, setting up a spin-off from AIG (NYSE:AIG). Corebridge Financial, Inc. is one of the largest providers of retirement solutions and insurance products in the United States, committed to helping individuals plan, save for and achieve secure financial futures. Below are 7 important facts to focus on into the IPO:
1. Corebridge Financial, Inc. IPO Timing: Corebridge Financial, Inc. is expected to have its IPO on the NYSE on Sept 15, 2022. The stock ticker is 'CRBG'. Normally IPOs on the NYSE began trading between 10AM-2PM ET.
2. Corebridge Financial, Inc. IPO Price: The company anticipates the initial public offering price to be between $21.00 and $24.00 per share.
3. Shares Offered: The company is offering 80,000,000 shares of its common stock with a 30-day option for underwriters to purchase additional 12,000,000 shares. There will be a total of 645,000,000 shares of common stock outstanding after this offering.
4. Corebridge Financial, Inc. IPO Valuation: A pricing at the midpoint of the range would value the company at around $14.6 billion.
5. IPO Underwriters: J.P. Morgan, BofA Securities, Morgan Stanley, Citigroup, Piper Sandler, and Goldman Sachs & Co. LLC are among the underwriters of the offering.
6. Important Corebridge Financial, Inc. Financials: For the twelve months ended June 30, 2022, the company’s four operating businesses collectively generated $5.3 billion in premiums, $3.0 billion in policy fees and $8.9 billion in net investment income excluding Fortitude Re funds withheld assets, contributing to a total of $28.0 billion in total revenue, including Fortitude Re.
7. Corebridge Financial, Inc. Total Addressable Market (TAM): According to the U.S. Census Bureau, there were approximately 56 million Americans aged 65 and older in 2020, representing 17% of the U.S. population. By 2030, this segment of the population is expected to increase by 17 million, or 30%, to approximately 73 million Americans, representing 21% of the U.S. population. Further, Cerulli Associates estimates that by the end of 2042, $70 trillion will change hands from aging households passing on their wealth, providing a significant opportunity for the company's annuities, life insurance and investment products.
By Davit Kirakosyan