AIG initiated a secondary offering of Corebridge Financial stock

American International Group (AIG), a leading global insurance organization providing a wide range of property casualty insurance and other financial services, has initiated a secondary offering of Corebridge Financial common stock, priced at $29.20 per share.

The insurer is offering 30 mn existing shares out of approximately 608 million total outstanding shares of Corebridge Financial, aiming to generate around $876 mn in gross proceeds, all of which will go to AIG.

AIG has also granted the underwriter a 30-day option to purchase an additional 4.5 mn shares. The offering is scheduled to close on June 3, 2024, pending standard closing conditions.

Peter Zaffino, AIG's Chairman and CEO
Peter Zaffino, AIG’s Chairman and CEO

This follows AIG’s December 2023 sale of 35 million Corebridge Financial shares, priced at $20.50 per share, which generated approximately $712 mn for AIG after deducting underwriting discounts, commissions, and other expenses.

In May 2024, AIG announced an agreement with Nippon Life to sell approximately 120 mn Corebridge common stock shares at $31.47 per share, totaling $3.8 bn.

Corebridge Financial, a major player in the financial services industry, provides a broad range of life insurance, retirement solutions, and other financial products.

Formed after AIG spun off its retirement, life insurance, and wealth management segments in 2022, Corebridge is dedicated to helping individuals and businesses secure their financial futures.

The company operates through several key divisions, including Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets​.

Corebridge manages over $350 billion in assets. It aims to deliver innovative solutions that cater to diverse financial needs, supported by a strong partnership with financial professionals and institutions.

Nataly Kramer   by Nataly Kramer