AIG says September window for delayed IPO

American International Group Inc. said on Tuesday that September would be the next window for the delayed initial public offering IPO of its life and retirement unit.

AIG, one of the world's biggest commercial insurers, blamed market volatility for the delay, becoming the latest company to rethink IPO plans in the face of runaway inflation, rising interest rates and Russia-Ukraine war.

The unit filed for its offer in March and AIG, which had announced the move in 2020, plans to complete the listing by the end of June, subject to market conditions.

AIG said that it weighed several variables when deciding whether to launch the IPO in May or June, including equity market conditions and the trading values of companies in the life and retirement sector.

Chief Executive Officer Peter Zaffino told analysts on a call that we believe this is an attractive business and did not want to execute a transaction that would be detrimental to stakeholders in the long run.

Without any external events, we remain ready to execute on the IPO, subject to regulatory approvals and market conditions. He added that the next window will be in September.

In the past year, AIG sold a 9.9% stake in the unit to private equity firm Blackstone Group Inc for $2.2 billion.

When it goes public, the unit will be renamed Corebridge Financial Inc.