AIG to sell 50 million shares of former life and retirement business

  • AIG is launching a secondary offering of 50 million shares of Corebridge Financial
  • All proceeds from the offering will go to AIG
  • Goldman Sachs and JPMorgan are underwriting the deal
  • Corebridge’s stock has gained 5% in the year to date

American International Group Inc. (AIG) has announced the launch of a secondary offering of 50 million shares of common stock of Corebridge Financial Inc., its former life and retirement business. The proceeds from the offering will go to AIG, which plans to further deconsolidate Corebridge this year. The underwriters for the deal are Goldman Sachs and JPMorgan. Corebridge’s stock has gained 5% year-to-date, while the S&P 500 has gained 13.5%.

Factuality Level: 8
Factuality Justification: The article provides factual information about American International Group Inc. launching a secondary offering of 50 million shares of common stock of Corebridge Financial Inc. The details about the underwriters and the stock performance are also accurate. However, the article lacks context and background information about the companies involved, which could have provided a better understanding of the situation.
Noise Level: 3
Noise Justification: The article provides straightforward information about American International Group Inc. launching a secondary offering of shares of Corebridge Financial Inc. There is no irrelevant or misleading information, and the article stays on topic. However, it lacks in-depth analysis, scientific rigor, and actionable insights. It mainly reports the facts without providing any context or implications of the offering.
Financial Relevance: Yes
Financial Markets Impacted: The news article pertains to the financial markets as it discusses a secondary offering of shares of Corebridge Financial Inc., a former business of American International Group Inc. (AIG). The offering will generate proceeds for AIG, impacting its financial position.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The news article does not describe any extreme event. It solely focuses on the secondary offering of shares by AIG and the financial impact on the company.
Public Companies: American International Group Inc. (AIG), Corebridge Financial Inc. (CRBG)
Key People: Goldman Sachs (Underwriter), JPMorgan (Underwriter)

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Reported publicly: www.marketwatch.com