American International Group (AIG) has reached an agreement to divest a 20% ownership stake in Corebridge Financial to Japan’s Nippon Life Insurance Company (Nippon Life).  

The deal, valued at an aggregate purchase price of $3.8bn (Y595bn), will see AIG selling 120 million shares of Corebridge at $31.47 per share. 

Under the terms of the deal, AIG will retain a 9.9% stake in Corebridge for at least two years following the conclusion of the transaction. 

Prior to this deal, AIG held nearly a 53% stake in the company. 

The transaction is part of AIG’s broader strategy to decrease its investment in Corebridge, which it had spun off in a 2022 initial public offering.  

Since then, AIG has been actively reducing its interest in the company. 

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Corebridge operates within the US, offering retirement solutions and insurance products.  

It provides a range of services across individual retirement, group retirement, life insurance and institutional markets businesses, catering to a diverse customer base. 

AIG chairman and CEO Peter Zaffino said: “Nippon Life is well known in the financial services industry for its leadership in the Japanese insurance market and is globally recognised 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.”  

For Nippon Life, the acquisition is a strategic move to bolster its growth in the US market. The Japanese company has been actively seeking acquisition opportunities both domestically and internationally. 

In a statement, Nippon Life said: “By investing in Corebridge, Nippon Life aims to further grow Corebridge’s business, and to establish a business foundation and network in the US life insurance and retirement markets. With Corebridge, we will deliver insurance and peace of mind to more customers overseas.  

“Moreover, this will further accelerate Nippon Life’s geographical diversification of profit source, which ensures Nippon Life’s long-term business as well as benefits our policyholders.” 

The sale is expected to be finalised by the first quarter of 2025, pending the fulfilment of standard closing conditions and the receipt of necessary regulatory approvals.