Corebridge dips as AIG carves stake in $1 bln secondary offering

Shares of Corebridge Financial CRBG.N down 0.8% premarket at $31 after American International Group AIG.N carves stake in $1 bln secondary offering

Life insurance and retirement services firm late Weds said AIG parted ways with 32.6 mln shares in offering priced at $31.10, a razor-thin 0.1% discount to last close

In addition, Corebridge to purchase $500 mln worth of offering shares from the sole underwriter, JP Morgan

Prior to the sale, AIG held ~82.7 mln shares, or 15.89% of Corebridge's ~520.5 mln shares outstanding, per the prospectus

Per LSEG data, Japan's Nippon Life Insurance is #1 holder with ~121.96 mln shares, while private equity firm Blackstone BX.N owns ~62 mln shares

After the bell Mon, Corebridge posted Q3 net income, reversing a loss from a year ago, on rise in premiums, deposits

Through Tues close, CRBG shares up about 4% YTD

Of 15 analysts covering CRBG, recommendation breakdown is 11 "strong buy" or "buy", 4 "hold" and median PT is $39.50 - LSEG