Corebridge down after AIG slices stake in secondary offering

Corebridge Financial

08/11/2024 14:06

** Corebridge Financial's  CRBG.N  shares down 3.2% at $30.84
before the bell as American International Group  AIG.N  reduces
stake
** Life insurance and retirement services firm late Thurs
announced pricing 30 mln share offering by AIG at $31.20
    ** Offering price represents 2% discount to CRBG last sale
    ** JP Morgan and Morgan Stanley are the underwriters
** Sale reduces AIG's stake in CBRG from 49% to 43.8%, or ~249.2
shares, per SEC prospectus
    ** Blackstone Inc  BX.N  is second largest CRBG shareholder
with ~11% stake, or 62 mln shares, per LSEG
** Late Mon, Corebridge posted 24% y/y increase in net
investment income of $3.3 bln in Q3, and AIG said its Q3 net
investment income rose 14%, driven by dividends received from
CRBG, and higher income from alternative investments and equity
and fixed-maturity securities
    ** Through Thurs, CRBG up ~47% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))