AIG to sell 20% ownership stake of Corebridge to Nippon Life for $3.8B

AIG announced that it has reached an agreement to sell approximately 120M shares of its Corebridge common stock to Nippon Life Insurance for $31.47 per share, for an aggregate purchase price of $3.8B. 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.