AIG Sold Corebridge To Nippon Life

AIG has reached an agreement to sell approximately 120 million shares of its Corebridge common stock to Nippon Life Insurance Company for $31.47 per share, for an aggregate purchase price of $3.8 billion. The shares represent 20% of the outstanding shares of Corebridge at signing.

Under the terms of the transaction, AIG has agreed to maintain a 9.9% ownership stake in Corebridge for two years after the closing. This sale is expected to close by the first quarter of 2025, subject to satisfaction of customary closing conditions, including required regulatory approvals.

Corebridge Financial Inc provides retirement solutions and insurance products in the United States. It offers a broad set of products and services through five segments namely Individual Retirement, Group Retirement, Life Insurance, Institutional Markets businesses, Corporate and Other. The majority of its revenue derives from the Individual Retirement segment.