American International Group, Inc. (AIG) has successfully concluded its secondary offering of Corebridge Financial, Inc. (CRBG) shares, generating approximately $712m.
J.P. Morgan spearheaded the underwriting for this significant transaction which comprised 35 million existing shares of Corebridge’s common stock at a public offering price of $20.50 per share, including an additional 5.25 million shares available under a 30-day option to the underwriter.
Despite this transaction, AIG maintains its majority shareholder status in Corebridge Financial. This offering has generated approximately a lofty sum for AIG, post-deductions for underwriting discounts, commissions, and associated expenses. Notably, all net proceeds from this offering will funnel back to the firm.
AIG stands as a leading global insurance organisation, extending its insurance solutions to businesses and individuals across approximately 70 countries and jurisdictions worldwide. The company’s common stock is listed on the New York Stock Exchange.
Corebridge is dedicated to empowering individuals in their financial journey, managing over $360bn in assets under management and administration.
Recognised as one of the largest providers of retirement solutions and insurance products in the United States, Corebridge collaborates with financial professionals and institutions to secure individuals’ financial futures. The company’s common stock is listed on the New York Stock Exchange.
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