SAFG reported total revenue of $23.39 billion for the fiscal year ended Dec. 31, a 55 percent increase, in the filing. Adjusted after-tax operating income increased 14.5 percent to $2.93 billion during the same period.
The move sets the stage for what is expected to be one of the year's marquee IPOs, even as investor interest in IPOs has waned significantly due to recent stock market volatility and fears of aggressive rate hikes from the United States Federal Reserve, as well as the economic fallout from geopolitical tensions.
The filing comes less than a year after AIG announced plans to sell a 9.9 percent stake in the unit for $2.2 billion to private equity firm Blackstone Group Inc.
AIG first announced its intention to separate its life insurance and retirement businesses from its property and casualty operations in 2020, after years of pressure from activist investors.
The insurer, which began retooling its underwriting in 2017 to make its core business more profitable, announced last year that the process was nearly finished and that it was now pivoting to focus on growth.
Following the IPO, AIG stated on Monday that it will retain a stake of more than 50% in SAFG.
When the unit goes public, it will be renamed Corebridge Financial Inc. Underwriters for the offering include J.P. Morgan, Morgan Stanley, and Piper Sandler.