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
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