AIG to sell 20pc stake in Corebridge to Nippon Life

NEW YORK, May 16 (Reuters): US insurer American International Group said on Thursday it would sell a 20 per cent stake in Corebridge Financial to Japan's Nippon Life Insurance for $3.8 billion.
The deal is part of AIG's efforts to sell down its holdings in the life and retirement business, which it had listed as a separate company in 2022 following years of pressure from activist investors.
AIG had a nearly 53 per cent stake in Corebridge before the latest deal, according to regulatory filings. Peter Zaffino, CEO at AIG, has committed to sell the company's remaining ownership in Corebridge.