AIG Reduces Corebridge Stake, Sells 120M Shares To Nippon Life
Portfolio Pulse from Akanksha Bakshi
AIG sold 120 million shares of Corebridge Financial to Nippon Life for $3.8 billion, reducing its stake to 9.9%. The deal aligns with AIG's strategy to reduce its life and retirement business stake. AIG shares rose by 0.89% and Corebridge shares by 10.44% following the announcement.
May 16, 2024 | 2:18 pm
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POSITIVE IMPACT
AIG sold 120 million shares of Corebridge Financial to Nippon Life for $3.8 billion, reducing its stake to 9.9%. This move aligns with AIG's strategy to reduce its life and retirement business stake.
The sale of shares aligns with AIG's strategic goals and has been positively received by the market, as indicated by the 0.89% increase in AIG's share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Corebridge Financial's shares rose by 10.44% following the announcement that AIG sold 120 million shares to Nippon Life, making Nippon Life a strategic partner.
The significant rise in Corebridge's share price indicates strong market approval of Nippon Life becoming a strategic partner.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100