(Reuters) - American International Group ( AIG ) said on Thursday it would sell a 20% stake in its life insurance and retirement unit Corebridge Financial ( CRBG ) for $3.8 billion.

The stake would be sold to Nippon Life Insurance Company, and the deal is expected to close by the first quarter of 2025, AIG said.

AIG also said it would maintain a 9.9% stake in Corebridge for two years after the deal closes.