Corebridge drops as AIG to slice stake in secondary offering

Shares of Corebridge Financial CRBG.N down 1.3% at $33.80 post-market as American International Group AIG.N to cut its stake in its former life insurance and retirement services business

Corebridge launches secondary offering of 30 mln shares to be offloaded by AIG

Morgan Stanley acting as the underwriter

AIG currently owns ~113.9 mln CRBG shares for roughly 21% stake, per LSEG data

Japan's Nippon Life Insurance is #1 holder with ~121.96 mln shares, or 22.5% stake, while private equity firm Blackstone BX.N holds ~62 mln shares

Corebridge has ~543.2 mln shares outstanding for $18.6 bln market cap

CRBG shares on Weds closed down 0.2% at $34.23, up ~14% YTD

Of 15 analysts covering CRBG, recommendation breakdown is 11 "strong buy" or "buy", 4 "hold" and median PT is $41, LSEG data reflects