Corebridge drops after AIG's $1 bln stake sale

American International

07/08/2025 11:14

** Shares of Corebridge Financial CRBG.N down 2.1% at $33.50 premarket as
    American International Group AIG.N reduces stake in secondary offering

    ** Life insurance and retirement services firm late Weds announced 30 mln shares offloaded by AIG at $33.65 for total gross proceeds of $1 bln

    ** Offering priced at 1.7% discount to CRBG stock's last sale

    ** Morgan Stanley sole underwriter

    ** Sale cuts AIG's stake from 21.15% to 15.58%, or ~79.4 mln shares

    ** Per LSEG data, Japan's Nippon Life Insurance is #1 holder with ~121.96 mln shares, while private equity firm Blackstone BX.N holds ~62 mln shares

    ** Corebridge has ~538.5 mln shares outstanding, per the offering prospectus, for $18.4 bln market cap,

    ** Through Weds close, CRBG shares up ~14% YTD

    * * Of 15 analysts covering CRBG, recommendation breakdown is 11 "strong buy" or "buy",  4 "hold" and median PT is $41, LSEG data reflects

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))