06:37 AM EDT, 05/16/2024 (MT Newswires) -- American International Group ( AIG ) said Thursday that it has agreed to sell a 20% stake, or 120 million shares, of Corebridge Financial ( CRBG ) to Nippon Life Insurance for $31.47 per share, for a total of $3.80 billion.

AIG said it expects to complete the sale by Q1 next year and that it has agreed to keep a 9.9% stake in Corebridge for two years following closing.

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