(RTTNews) - Insurance giant American International Group Inc. (AIG) on Tuesday announced an agreement to sell its remaining stake in Corebridge Financial Inc. (CRBG).
The company will sell approximately 25 million shares of Corebridge common stock, generating net proceeds of about $710 million. The transaction is expected to close on May 7, subject to customary conditions.
AIG said the divestment completes a five-year separation process and reflects its strategy to become a more focused global property and casualty insurance company.
Peter Zaffino, Chairman & CEO, AIG, said, "Today's sale of our remaining stake in Corebridge marks the culmination of a five-year separation and a significant milestone in the successful execution of our strategy to exit the life and retirement business. We have transformed AIG into a more focused, leading, global property & casualty insurance company. This final step reflects years of disciplined planning, commitment, execution, and perseverance. Since Corebridge's IPO in 2022, we have worked to ensure the company had the capabilities to operate effectively as a stand-alone organization and is well positioned for long-term success. I would like to thank our colleagues at both AIG and Corebridge for their outstanding work executing the separation and positioning both companies for continued momentum."
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