Insurance giant American International Group said on Tuesday it had agreed to sell its remaining stake in life insurance and retirement firm Corebridge Financial, marking the culmination of a five-year separation.
Here are some details:
- AIG has agreed to sell roughly 25 million shares of Corebridge for roughly $710 million. The sale is expected to close on May 7.
- AIG carved out its life insurance and retirement division Corebridge through an initial public offering in 2022.
- “We have transformed AIG into a more focused, leading, global property & casualty insurance company,” CEO Peter Zaffino says.
- Corebridge shares fell 2.5% in extended trading.
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Topics AIG
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