Corebridge Financial Shares Rise 11% After AIG Deal to Sell Stake

Dow Jones05-17

By Zaeem Shoaib

Corebridge Financial shares rose after American International Group announced a deal to sell a 20% stake in Corebridge to Japan's Nippon Life Insurance for nearly $3.84 billion.

Shares of Corebridge were up 11%, to $33.50, in recent trading. The stock is up 55% this year and has almost doubled in the past 12 months.

Insurer AIG is selling about 122 million shares of Corebridge, its majority-owned life-and-retirement arm, to Nippon Life for $31.47 a share.

AIG sold nearly 20% of Corebridge in an IPO in 2022 but still held a stake of about 53% as of early May. It expects to complete the deal with Nippon Life by the first quarter of 2025.

The insurance company also said it has agreed to keep a 9.9% stake in Corebridge for two years after closing the deal with Nippon Life.

Write to Zaeem Shoaib at zaeem.shoaib@wsj.com

(END) Dow Jones Newswires

May 16, 2024 13:37 ET (17:37 GMT)

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