American International Group (AIG) has completed the sale of 120 million shares of Corebridge Financial to Japan-based Nippon Life Insurance Company, with the transaction amounting to $3.8bn (Y576.31bn).
As the deal was first reported in May this year, the shares were sold at a price of $31.47 per share.
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The sale is part of AIG’s broader plan to reduce its investment in Corebridge, a company it had previously spun off through an initial public offering in 2022.
Wachtell, Lipton, Rosen & Katz provided legal counsel, while J.P. Morgan Securities served as the financial advisor for AIG during the transaction.
AIG will retain a 9.9% stake in Corebridge for a minimum of two years post-transaction.
Before the sale, the company held a stake of nearly 53% in the company.
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By GlobalDataCorebridge, operating within the US, offers a variety of retirement solutions and insurance products.
The company’s services span individual retirement, group retirement, life insurance and institutional markets, serving a broad customer base.
As of 30 September 2024, Corebridge has more than $410bn in assets under management and administration.
Earlier this month, AIG also finalised the sale of its global individual personal travel insurance and assistance business, including Travel Guard, to Zurich Insurance Group.
The terms of the sale exclude AIG’s operations in Japan, its joint venture in India and travel coverages offered through AIG’s Group Accident & Health business.
In its third-quarter (Q3) financial report, AIG disclosed a net income attributable to common shareholders of $459m for Q3 2024.
This figure represents a decrease from the $2.02bn reported in the same period the previous year.
AIG offers insurance solutions that help businesses and individuals in around 190 countries and jurisdictions protect their assets and manage risks via AIG operations and network partners.
