“We continue to expect Corebridge to pay $600 million in annual dividends, with its first quarterly dividend of $148 million declared 15 days after the IPO close and already paid, to have the financial flexibility to repurchase shares or reduce AIG's ownership stake as early as the second quarter of 2023 and to achieve a return on equity of 12% to 14% over the next 24 months.”

In context

“exity of operationally separating Corebridge from AIG as well as implementing our new operating model for investment management cannot be understated. Keep in mind, these businesses have been in a combined structure for over 2 decades, with aspects of each business shifting over time between segments until just a few years ago. And until we announced our intention to separate Corebridge from AIG in late 2020, investments was a stand-alone unit at AIG, servicing all businesses across the organization. Our partnerships with Blackstone and BlackRock enable us to accelerate the reshaping of our investment portfolios. With respect to the financial commitments Corebridge made as part of the IPO, I'd like to reiterate them as they too will create significant value for shareholders over time. We continue to expect Corebridge to pay $600 million in annual dividends, with its first quarterly dividend of $148 million declared 15 days after the IPO close and already paid, to have the financial flexibility to repurchase shares or reduce AIG's ownership stake as early as the second quarter of 2023 and to achieve a return on equity of 12% to 14% over the next 24 months. Completing the Corebridge IPO within a very narrow window was a testament to the careful preparation, hard work and dedication of our teams at AIG and Corebridge and to the quality of the business. This was a major accomplishment for our teams, and we are all very proud of the outcome. Turning to other highlights in the third quarter. Adjusted after-tax net income per diluted common share was $0.66. General Insurance delivered very strong performance and continued profitability improvement despite significant natural CATs in the quarter. The accident year combined ratio, ex CATs, was 88.4%, a 210 basis point improvement year-over-year and the 17th consecutive quarter of improvement. This result was primarily due to Global Commercial, which had an excellent quarter, with an accident”