AIG Set to Exit Corebridge Financial With $710M Stake Sale

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.