05.16.24

AIG To Sell 20% Stake in Corebridge to Japan's Nippon Life

by: Niket Nishant

American International Group (AIG) is selling a 20% stake in Corebridge Financial to Japan's Nippon Life Insurance for $3.8 billion. The deal is part of AIG's efforts to reduce its holdings in the life and retirement business, which it had listed as a separate company in 2022. AIG had a nearly 53% stake in Corebridge before the latest deal, according to regulatory filings. AIG CEO Peter Zaffino has committed to sell the company's remaining ownership in Corebridge, but the firm agreed to maintain a 9.9% stake for two years after the deal closes. The sale would help Nippon Life boost its presence in the United States.

Read the full article on Reuters