Corebridge down after AIG slices stake in secondary offering
** Corebridge Financial's CRBG.N shares down 3.2% at $30.84 before the bell as American International Group AIG.N reduces stake
** Life insurance and retirement services firm late Thurs announced pricing 30 mln share offering by AIG at $31.20
** Offering price represents 2% discount to CRBG last sale
** JP Morgan and Morgan Stanley are the underwriters
** Sale reduces AIG's stake in CBRG from 49% to 43.8%, or ~249.2 shares, per SEC prospectus
** Blackstone Inc BX.N is second largest CRBG shareholder with ~11% stake, or 62 mln shares, per LSEG
** Late Mon, Corebridge posted 24% y/y increase in net investment income of $3.3 bln in Q3, and AIG said its Q3 net investment income rose 14%, driven by dividends received from CRBG, and higher income from alternative investments and equity and fixed-maturity securities
** Through Thurs, CRBG up ~47% YTD
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
</body></html>Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
