AIG agreed to sell about 120 million Corebridge Financial shares, roughly 20% of the life and retirement insurer, to Nippon Life at $31.47 a share, or $3.8 billion. AIG committed to keep a 9.9% stake for two years after closing. The sale closed on December 9, 2024, making Corebridge an equity-method affiliate of Nippon Life. The deal Nippon Life agreed on May 16, 2024 to buy about 120 million Corebridge shares from AIG at $31.47 each, paid from cash on hand. That was about 20% of the company. AIG agreed to keep at least 9.9% for two years after closing. The sale closed on December 9, 2024, and Corebridge became an equity-method affiliate, so Nippon Life books its share of Corebridge's profit. What Corebridge does Corebridge, based in Houston, is one of the largest US sellers of annuities and life insurance, along with retirement plans for groups. AIG spun it off in a 2022 IPO and has been selling down its stake since. What came next It was Nippon Life's biggest deal at the time and part of its goal to double group core operating profit by 2035. Seven months later it agreed to buy all of Resolution Life for $8.2 billion, making the US its main growth market abroad.
