American International Group Inc. (AIG) finalized the sale of 120 mn shares of Corebridge Financial common stock to Nippon Life Insurance Co. The shares were sold at $31.47 each, amounting to a total of $3.8 bn. However, Nippon Life reported the total price as $3.84 bn in a separate statement.
Nippon Life stated that its objective is to strengthen its position in the U.S. life insurance market, which is expected to see stable growth.
This move aims to stabilize its overall business and provide enhanced returns for policyholders by diversifying its profit sources across different regions.
As part of broader leadership changes at Corebridge, AIG Chairman and CEO Peter Zaffino announced his resignation as chairman of Corebridge’s board. Zaffino had held this position since November 2021. Alan Colberg will replace him as chairman. Colberg, who joined Corebridge’s board in September 2022, was appointed lead independent director earlier this year. He previously served as CEO and director of Assurant Inc. from January 2015 to January 2022.
Additionally, Jon Gray, president and COO of Blackstone Inc., will also step down from Corebridge’s board. Gilles Dellaert, global head of Blackstone Credit and Insurance, will take Gray’s place on the board. Dellaert previously served as global head of Blackstone Insurance Solutions.
The 120 mn shares sold represent 20% of Corebridge’s outstanding shares at the time of signing, according to AIG. As part of the deal, AIG will retain a 9.9% stake in Corebridge for two years post-closing.
This arrangement supports a strategic partnership between AIG, Corebridge, and Nippon Life, which aims to increase Corebridge’s long-term value.
Nippon Life, led by President Hiroshi Shimizu, plans to expand its global operations through 2026. The insurer seeks growth in its existing business and new investments, with a focus on U.S. life and retirement companies. Nippon Life’s underwriting entities currently hold Best’s Financial Strength Ratings of A+ (Superior) and A- (Excellent).
