Corebridge drops after AIG's $1 bln stake sale
** Shares of Corebridge Financial CRBG.N down 2.1% at $33.50 premarket as American International Group AIG.N reduces stake in secondary offering
** Life insurance and retirement services firm late Weds announced 30 mln shares offloaded by AIG at $33.65 for total gross proceeds of $1 bln
** Offering priced at 1.7% discount to CRBG stock's last sale
** Morgan Stanley sole underwriter
** Sale cuts AIG's stake from 21.15% to 15.58%, or ~79.4 mln shares
** Per LSEG data, Japan's Nippon Life Insurance is #1 holder with ~121.96 mln shares, while private equity firm Blackstone BX.N holds ~62 mln shares
** Corebridge has ~538.5 mln shares outstanding, per the offering prospectus, for $18.4 bln market cap,
** Through Weds close, CRBG shares 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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