Corebridge drops as AIG to slice stake in secondary offering

American International

06/08/2025 21:40

** Shares of Corebridge Financial CRBG.N down 1.3% at $33.80 post-market as American International Group AIG.N to cut its stake in its former life insurance and retirement services business

    ** Corebridge launches secondary offering of 30 mln shares to be offloaded by AIG

    ** Morgan Stanley acting as the underwriter

    ** AIG currently owns ~113.9 mln CRBG shares for roughly 21% stake, per LSEG data

    ** Japan's Nippon Life Insurance is #1 holder with ~121.96 mln shares, or 22.5% stake, while private equity firm Blackstone BX.N holds ~62 mln shares

    ** Corebridge has ~543.2 mln shares outstanding for $18.6 bln market cap

    ** CRBG shares on Weds closed down 0.2% at $34.23, 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))