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.

ALSO READ: AIG promotes Matthew Pereira to head of commercial property HK, Macau and Taiwan

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.

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