American International Group (AIG) has reportedly agreed to sell about 25 million shares of Corebridge Financial, Inc. common stock, effectively exiting its remaining stake, for net proceeds of approximately $710 million.
The sale, expected to close on May 7, follows AIG’s 2024 confirmation that it had met the requirements to deconsolidate Corebridge Financial for accounting purposes.
Under the terms of that transaction, AIG committed to retaining a 9.9% stake in Corebridge for two years following closing, a period that now appears to have concluded with this latest divestment.
Peter Zaffino, Chairman & CEO, AIG, commented, “Today’s sale of our remaining stake in Corebridge marks the culmination of a five-year separation and a significant milestone in the successful execution of our strategy to exit the life and retirement business.
“We have transformed AIG into a more focused, leading, global property & casualty insurance company. This final step reflects years of disciplined planning, commitment, execution, and perseverance.
“Since Corebridge’s IPO in 2022, we have worked to ensure the company had the capabilities to operate effectively as a stand-alone organisation and is well-positioned for long-term success.
“I would like to thank our colleagues at both AIG and Corebridge for their outstanding work executing the separation and positioning both companies for continued momentum.”
