AIG To Sell 20% Stake In Corebridge To Nippon Life In $3.8 Bln Deal

(RTTNews) - Insurance major American International Group, Inc. or AIG (AIG) announced Thursday that it has reached an agreement to sell around 20 percent of its Corebridge common stock to Nippon Life Insurance Co. for $3.8 billion.

The company will sell around 120 million shares of its Corebridge stock for $31.47 per share.

The sale is expected to close by the first quarter of 2025, subject to satisfaction of customary closing conditions, including required regulatory approvals.

Under the deal terms, AIG has agreed to maintain a 9.9 percent ownership stake in Corebridge for two years after the closing.

Peter Zaffino, Chairman and CEO of AIG, said, "Nippon Life is well known in the financial services industry for its leadership in the Japanese insurance market and is globally recognized for its strong performance and corporate reputation. We are pleased to have Nippon Life become a strategic partner to Corebridge and believe that they will add meaningful value as an investor."

In the deal, Wachtell, Lipton, Rosen & Katz acted as legal counsel, and J.P. Morgan Securities LLC acted as financial advisor for AIG.