AIG sells 20% stake in Corebridge to Nippon Life

AIG will keep its 9.9% share in Corebridge for two years.

AIG announced it will sell approximately 120 million shares of its Corebridge common stock to Nippon Life Insurance Company for $31.47 per share, totalling $3.8b. 

These shares represent 20% of Corebridge's outstanding shares. 

AIG has agreed to retain a 9.9% ownership stake in Corebridge for two years post-closing.

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The transaction is expected to close by the first quarter of 2025, pending customary closing conditions and regulatory approvals. 

Legal counsel for AIG was provided by Wachtell, Lipton, Rosen & Katz, with J.P. Morgan Securities LLC acting as financial advisor.