AIG to sell 20% stake in Corebridge Nippon Life for $3.8Bln

American International Group ( AIG ) has announced plans to sell a 20% stake in Corebridge Financial to Japan's Nippon Life Insurance for $3.8 billion. The move is part of AIG 's efforts to reduce its holdings in the life and retirement business, which it had listed as a separate company in 2022.

AIG will sell 120 million shares at an average price of $31.47 each, with the proceeds potentially used for stock buybacks. The insurer had a nearly 53% stake in Corebridge before the latest deal. AIG's CEO, Peter Zaffino, has committed to selling the remaining ownership in Corebridge, but the firm will maintain a 9.9% stake for two years after the deal closes.

Corebridge shares surged 13% to a record high, while AIG's stock climbed 1.3%. The sale is expected to help Nippon Life boost its presence in the U.S. market, which is one of the largest life insurers in Japan and operates in Australia, India, Myanmar, China, Thailand, and Indonesia.

Technical Outlook
American International Group ( AIG ) was up 1.3% on Thursday's Market trading. AIG was up since March risen from a falling wedge. There is a lot of regression tight to the chart with the asset trading along the 50- Day Moving Average (MA).