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.
AIG to sell 20pc stake in Corebridge to Nippon Life
FE Team | Published: May 16, 2024 23:06:01
AIG to sell 20pc stake in Corebridge to Nippon Life
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