BUZZ-Corebridge down after AIG slices stake in secondary offering

reuters11-08
BUZZ-Corebridge down after AIG slices stake in secondary offering

** Corebridge Financial's CRBG.N shares down 3.2% at $30.84 before the bell as American International Group AIG.N reduces stake

** Life insurance and retirement services firm late Thurs announced pricing 30 mln share offering by AIG at $31.20

** Offering price represents 2% discount to CRBG last sale

** JP Morgan and Morgan Stanley are the underwriters

** Sale reduces AIG's stake in CBRG from 49% to 43.8%, or ~249.2 shares, per SEC prospectus

** Blackstone Inc BX.N is second largest CRBG shareholder with ~11% stake, or 62 mln shares, per LSEG

** Late Mon, Corebridge posted 24% y/y increase in net investment income of $3.3 bln in Q3, and AIG said its Q3 net investment income rose 14%, driven by dividends received from CRBG, and higher income from alternative investments and equity and fixed-maturity securities

** Through Thurs, CRBG up ~47% YTD

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))

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