AIG’s Corebridge Falls in Debut After Year’s Biggest US IPO (1)

The biggest US initial public offering this year broke issue price on the first day.

Corebridge Financial Inc., American International Group Inc.’s life and retirement business, closed below its IPO price after raising $1.68 billion in a listing that had earlier priced at the bottom of a marketed range.

Shares of Corebridge, which sold for $21 each in the IPO, fell as much as 3.3% in their trading debut in New York Thursday. They closed at $20.73, giving the company a market value of about $13.4 billion.

The IPO is the biggest in the US this year and ...