AIG reaches agreement with Nippon Life

AIG has reached an agreement to sell approximately 120 million shares of its Corebridge common stock to Nippon Life Insurance Company for $31.47 per share, for an aggregate purchase price of $3.8 billion. The shares represent 20% of the outstanding shares of Corebridge at signing.

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

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

“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. I have significant respect for President Shimizu and admire his visionary leadership of Nippon Life, which is well known for its impressive capabilities and the high quality of services and benefits it provides to 15 million clients.” – Peter Zaffino, Chairman and CEO of AIG.