American International Group (AIG) has agreed to dispose of around 25 million Corebridge Financial common shares, marking the sale of its last holding in the insurer.
The transaction is scheduled for completion on 7 May and is set to generate roughly $710m in net proceeds for AIG.
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AIG chairman and CEO Peter Zaffino said: “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 and casualty insurance company.
“Since Corebridge’s IPO [initial public offering] 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.”
In 2024, AIG completed the sale of 120 million Corebridge Financial shares to Japan-based Nippon Life Insurance Company, with the transaction amounting to $3.8bn (Y576.31bn).
Meanwhile, in March, Corebridge Financial and Equitable Holdings struck an all-share merger deal that put the value of the combined group at approximately $22bn.
Following completion, the merged business is expected to oversee $1.5tn in assets under management and administration, and provide services to more than 12 million customers.
Its operations will span individual and group retirement, asset management, wealth management, life insurance and institutional markets.
Corebridge named Christopher Filiaggi, its current chief accounting officer, as interim chief financial officer (CFO) with effect from 24 April.
He is expected to remain in the role until the merger is finalised.
After the merger is completed, finance leadership at the enlarged group is expected to move to Robin Raju, currently CFO at Equitable.
