American International Group (AIG) has reportedly agreed to sell approximately 25 million shares of Corebridge Financial, Inc. common stock, effectively exiting its remaining stake for net proceeds of approximately $710 million.
The sale, expected to close on May 7, comes after AIG confirmed in 2024 that it had met requirements to spin off Corebridge Financial for accounting purposes.
Earlier that year, AIG also agreed to sell approximately 120 million shares of Corebridge common stock to Nippon Life Insurance Company at a price of US$31.47 per share, for a total consideration of approximately US$3.8 billion.
Under the terms of the deal, AIG committed to retain a 9.9% stake in Corebridge for two years after the deal closed, a period that now appears to have ended with this latest divestment.
Peter Zaffino, AIG Chairman and Chief Executive Officer, commented: “Today’s sale of the remaining shares of Corebridge marks the culmination of five years of separation and is an important milestone in the successful execution of our strategy to exit our life insurance and retirement businesses.
“We have transformed AIG into a more focused, leading global property and casualty insurance company. This final step reflects years of rigorous planning, commitment, execution and persistence.
“Since Corebridge’s IPO in 2022, we have been focused on ensuring the company’s ability to operate effectively as an independent organization and positioning it for long-term success.
“I would like to thank my colleagues at AIG and Corebridge for their outstanding work in executing the separation process, allowing both companies to maintain continued momentum.”
