AIG Announces Sale of a 20% Ownership Stake of Corebridge to Nippon Life
16 May 2024 - 7:30PM
Business Wire
AIG today announced that it has reached an agreement to sell
approximately 120 million shares of its Corebridge common stock to
Nippon Life Insurance Company (Nippon Life) for $31.47 per share,
for an aggregate purchase price of $3.8 billion. The shares
represent 20% of the outstanding shares of Corebridge at signing.
Under the terms of the transaction, AIG has agreed to maintain a
9.9% ownership stake in Corebridge for two years after the
closing.
“Nippon Life is well known in the financial services industry
for its leadership in the Japanese insurance market and is globally
recognized for its strong performance and corporate reputation. We
are pleased to have Nippon Life become a strategic partner to
Corebridge and believe that they will add meaningful value as an
investor,” said Peter Zaffino, Chairman and CEO of AIG. “I have
significant respect for President Shimizu and admire his visionary
leadership of Nippon Life, which is well known for its impressive
capabilities and the high quality of services and benefits it
provides to 15 million clients.”
This sale is expected to close by the first quarter of 2025,
subject to satisfaction of customary closing conditions, including
required regulatory approvals.
Wachtell, Lipton, Rosen & Katz acted as legal counsel, and
J.P. Morgan Securities LLC acted as financial advisor for AIG.
Forward Looking
Statements
Certain statements in this press release and any related oral
statements may constitute forward-looking statements. These
statements are not historical facts but instead represent only the
relevant party’s belief regarding future events, many of which, by
their nature, are inherently uncertain and outside the relevant
party’s control. It is possible that the transaction will not be
completed within the expected timeframes or at all, or that the
transaction will take a materially different form from those
contemplated by these statements. Each party referenced in this
press release only assumes responsibility for its statements and
does not affirm or otherwise adopt the statements of any other
party.
About AIG
American International Group, Inc. (NYSE: AIG) is a leading
global insurance organization. AIG provides insurance solutions
that help businesses and individuals in approximately 190 countries
and jurisdictions protect their assets and manage risks through AIG
operations and network partners. For additional information, visit
www.aig.com. This website with additional information about AIG has
been provided as a convenience, and the information contained on
such website is not incorporated by reference into this press
release.
AIG is the marketing name for the worldwide operations of
American International Group, Inc. All products and services are
written or provided by subsidiaries or affiliates of American
International Group, Inc. Products or services may not be available
in all countries and jurisdictions, and coverage is subject to
underwriting requirements and actual policy language. Non-insurance
products and services may be provided by independent third parties.
Certain property casualty coverages may be provided by a surplus
lines insurer. Surplus lines insurers do not generally participate
in state guaranty funds, and insureds are therefore not protected
by such funds.
About Corebridge Financial
Corebridge Financial, Inc. makes it possible for more people to
take action in their financial lives. With more than $390 billion
in assets under management and administration as of March 31, 2024,
Corebridge Financial is one of the largest providers of retirement
solutions and insurance products in the United States. We proudly
partner with financial professionals and institutions to help
individuals plan, save for and achieve secure financial futures.
For more information, visit corebridgefinancial.com and follow us
on LinkedIn and YouTube. These references with additional
information about Corebridge have been provided as a convenience,
and the information contained on such websites is not incorporated
by reference into this press release.
About Nippon Life Insurance Company
Nippon Life Insurance Company is Japan’s leading private life
insurer, founded in 1889. It is part of the Nippon Life Group which
operates in the Asia-Pacific region and globally through its core
life insurance and asset management businesses.
Nippon Life Group aims to provide peace of mind through its wide
range of products and services and has life insurance at its core.
Through its various businesses, Nippon Life aims to enhance both
policyholders’ interests and the social value of the Nippon Life
Group as a whole. Nippon Life will continue to enhance its business
in the domestic market, which is expected to continue to show
stable growth, while also pursuing its overseas strategy to secure
increased growth opportunities. For more information, visit Nippon
Life’s global website www.nissay.co.jp/global/. Please note that
this website has been provided for reference purposes and the
information contained on this website does not constitute a part of
this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20240516899833/en/
Quentin McMillan (Investors): quentin.mcmillan@aig.com Leah
Gerstner (Media): leah.gerstner@aig.com
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