US insurer AIG has filed for a long-expected initial public offering of its life and asset management business that could value the unit, to be called Corebridge Financial, at more than $20bn.

The company, which will have $410bn in assets under management, is by far the largest to publicly file for a US IPO so far this year. Market volatility caused by concerns about rising interest rates and the war in Ukraine led many candidates to put their plans on hold. Companies have raised just $2.4bn in US listings this year, the slowest quarter since early 2016.

AIG’s split was first promised in 2020 as part of a plan to revive its flagging fortunes. The company is the only big US insurer to combine life with property and casualty units, impeding comparisons with peers.