AIG Announces the Sale of Its Remaining Stake in Corebridge Financial, Inc.
American International Group, Inc. (NYSE:AIG) today announced that it has agreed to sell approximately 25 million shares of common stock of Corebridge Financial, Inc. (NYSE:CRBG), representing its remaining stake in the company. The sale, which is expected to close on May 7, will result in net proceeds to AIG of approximately $710 million.
Peter Zaffino, Chairman & CEO, AIG, 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 & casualty insurance company. This final step reflects years of disciplined planning, commitment, execution, and perseverance. Since Corebridge's IPO in 2022, we have worked to ensure the company had the capabilities to operate effectively as a stand-alone organization and is well positioned for long-term success. I would like to thank our colleagues at both AIG and Corebridge for their outstanding work executing the separation and positioning both companies for continued momentum."
About AIG
American International Group, Inc. (NYSE:AIG) is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in more than 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses and authorizations as well as network partners. For additional information, visit www.aig.com. This website with additional information about AIG has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.
AIG is the marketing name for the worldwide operations of American International Group, Inc. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.
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Andrew Johnson (AIG Media): andrew.r.johnson@aig.com
Quentin McMillan (AIG Investors): quentin.mcmillan@aig.com
