AIG exits remaining stake in Corebridge Financial

AIG announced that it has agreed to sell approximately 25 million shares of common stock of Corebridge Financial, representing its remaining stake in the company. The sale, which is expected to close on May 7, will result in net proceeds to AIG of approximately $710 million.

“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 organization 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.” – Peter Zaffino, Chairman & CEO, AI.