AIG to Divest 20% Corebridge Stake to Nippon Life for $3.8B

Group 1: AIG's Divestment and Strategic Moves - AIG has agreed to divest approximately 120 million common stocks of its Corebridge Financial subsidiary to Nippon Life Insurance for $3.8 billion, equating to a 20% ownership stake in CRBG [1] - The divestment is expected to be finalized by Q1 2025, with AIG retaining a 9.9% stake in CRBG for two years post-transaction [1] - This move is aimed at enhancing Corebridge's investor base and expanding Nippon Life's presence in the U.S. market [1] Group 2: Financial Performance and Strategic Focus - AIG closed the IPO of Corebridge in September 2022 and has been reducing its ownership through secondary offerings to generate cash [2] - The company is streamlining operations to focus on its General Insurance business, which is expected to improve profitability and reduce portfolio volatility [2] - Recent divestments from global insurance organizations highlight AIG's commitment to refocusing on core operations [2] Group 3: Stock Performance - AIG shares have increased by 50.8% over the past year, outperforming the industry growth of 28.7% [4]