American International Group (NYSE:AIG) has confirmed the deconsolidation of Corebridge Financial (NYSE:CRBG) for accounting purposes.

This move follows AIG's waiver of its right to majority representation on Corebridge's Board of Directors and the resignation of Chris Schaper, AIG’s Executive Vice President, Global Chief Underwriting Officer, from the Corebridge Board.

"Today’s announcement about AIG’s deconsolidation of Corebridge Financial is a major achievement," said Peter Zaffino, Chairman and CEO of AIG.

He emphasized the importance of strategic decisions paving the way for AIG to focus as a global Property and Casualty insurer.