American International Group Inc. (AIG) has announced its plans to sell an additional 35 million shares of Corebridge Financial Inc. (CRBG) while maintaining its position as a majority stakeholder in the retirement services company.
By the Numbers
The news saw a decline of 2.5% in Corebridge’s stock during premarket trading, while AIG shares remained inactive. The 35 million shares being sold by AIG account for approximately 5.6% of the outstanding shares and are estimated to be valued at around $736 million based on Thursday’s closing price of $21.03 per share.
Continuation of Share Sales
This recent sell-off follows AIG’s previous sale of 50 million shares of Corebridge, raising $1.03 billion. With this transaction, AIG retains ownership of approximately 365.4 million Corebridge shares, equivalent to a 57.5% stake in the company, according to FactSet data.
Milestone from IPO to Present
Corebridge’s separation from AIG was completed in September 2022 through an initial public offering (IPO). Since then, Corebridge’s stock has experienced a notable rally, increasing by 16.5% over the past three months. In comparison, AIG shares have climbed by 11.1%, while the S&P 500 has seen a modest growth of 1.2%.
As AIG proceeds with the sale of more Corebridge shares, it will be interesting to observe the long-term implications on both companies and how this move aligns with their respective strategies.
TechBerry
Happy Galaxy
Forex Cyborg
Forex Fury
FXgoodway