American International Group (AIG) has announced a significant transaction involving the sale of approximately 120 million shares of its Corebridge Financial common stock to Nippon Life Insurance Company.

The shares, priced at $31.47 each, total an aggregate purchase price of $3.8 billion, representing 20% of the outstanding shares of Corebridge at the time of signing.

Under the agreement, AIG will retain a 9.9% ownership stake in Corebridge for at least two years following the deal's closure.

The transaction is slated to close by the first quarter of 2025, contingent upon meeting customary closing conditions, including the necessary regulatory approvals.