Japan Nippon Life Insurance Company to Buy 20% of Corebridge Financial with $390 Billion Managed Assets in United States from AIG for $3.8 Billion, AIG to Maintain 9.9% Ownership in Corebridge for 2 Years after Close of Transaction
16th May 2024 | Hong Kong
Japan Nippon Life Insurance Company has announced to buy 20% of Corebridge Financial with $390 billion managed assets in United States from AIG for $3.8 billion, with AIG to maintain 9.9% ownership in Corebridge for 2 years after the close of transaction. AIG (16/5/24): “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. 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.”
“ Japan Nippon Life Insurance Company to Buy 20% of Corebridge Financial with $390 Billion Managed Assets in United States from AIG for $3.8 Billion, AIG to Maintain 9.9% Ownership in Corebridge for 2 Years after Close of Transaction “
Peter Zaffino, Chairman and CEO of AIG: “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. 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.”
Japan Nippon Life Insurance Company to Buy 20% of Corebridge Financial with $390 Billion Managed Assets in United States from AIG for $3.8 Billion, AIG to Maintain 9.9% Ownership in Corebridge for 2 Years after Close of Transaction
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.
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