AIG to sell more than $700 million worth of Corebridge Financial stock, less than a month after selling $1 billion

American International Group Inc. (AIG) said Friday that it will sell off another 35 million shares of Corebridge Financial Inc. (CRBG), but will remain a majority owner of the retirement services company. Corebridge's stock fell 2.5% in premarket trading, while AIG shares were still inactive. The shares AIG is selling, which represents about 5.6% of the shares outstanding, would be valued at about $736 million at Thursday's stock closing price of $21.03. The sale comes less than a month after AIG sold 50 million shares of Corebridge to raise $1.03 billion. Prior to Friday's announcement, AIG owned about 365.4 million Corebridge shares, or 57.5% of the shares outstanding, according to FactSet data. Corebridge separated from AIG in September 2022 through an initial public offering. Corebridge's stock has rallied 16.5% over the past three months through Thursday, while AIG shares have climbed 11.1% and the S&P 500 has tacked on 1.2%.

-Tomi Kilgore

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12-01-23 0625ET

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