Corebridge drops after secondary offering by AIG launched

American International

04/11/2025 21:45

** Shares of Corebridge Financial CRBG.N fall 2.5% in extended trading as American International Group AIG.N to reduce its stake in its former life insurance and retirement services business

    ** Corebridge announces A
    IG to part ways with 32.6 mln shares out of approx 520 mln of shares outstanding

    ** In addition, Corebridge to purchase $500 mln worth of offering shares from the underwriter,
    JP Morgan

    ** AIG currently owns ~82.7 mln CRBG 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

    ** After the bell Mon, Clearbridge posted Q3 net income, reversing a loss from a year ago, on rise in premiums, deposits

    ** CRBG shares on Tues finished up 1% at $31.26, up about 4% YTD

    ** Of 15 analysts covering CRBG, recommendation breakdown is 11 "strong buy" or "buy", 4 "hold" and median PT is $39.50 - LSEG

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

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