AIG spun off Corebridge through an initial public offering and flotation on the New York Stock Exchange last year, but retains a 77 per cent stake in the business that counts private equity giant Blackstone as its second largest investor with a 9.9 per cent holding.
Cork-based Laya was the subject of a management buyout in December 2011 with the support of an underwriter owned by Swiss Re, before AIG acquired the business in 2015 in a deal worth about €80 million. Laya recorded €89.5 million of turnover in 2021, which was essentially made up of commissions for the sale of insurance coverage, according to its most recent set of accounts filed with the Companies Registration Office . That was up from €80 million for 2020.
AIG moved Laya from its AIG Europe Holdings unit in 2021 to sit within Corebridge as it prepared the latter for a stock market flotation.