American International Group, Inc. (AIG) has announced that it has reached an agreement to sell approximately 120 million shares of its Corebridge common stock to Nippon Life Insurance Company (Nippon Life) for $31.47 per share, for an aggregate purchase price of $3.8 billion.

The shares account for 20% of Corebridge's outstanding shares at the time of signing. According to the transaction terms, AIG will retain a 9.9% ownership stake in Corebridge for two years post-closing. Nippon Life, renowned in the financial services industry, is a leader in the Japanese insurance market and has a strong global reputation for performance and corporate integrity. Wachtell, Lipton, Rosen & Katz served as legal counsel, and J.P. Morgan Securities LLC was the financial advisor for AIG. The sale is anticipated to close by Q1 of 2025.

With more than US$390 billion in assets under management and administration as of March 31, 2024, Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the USA. They partner with financial professionals and institutions to help individuals plan, save for and achieve secure financial futures.