AIG launches secondary offering of 50 million shares of former life and retirement business Corebridge Financial

American International Group Inc.
AIG,
-0.96%
said Monday it is launching a secondary offering of 50 million shares of common stock of Corebridge Financial Inc.
CRBG,
-2.90%,
its former life and retirement business that was separated out in 2021. All proceeds from the offering will go to AIG, which has said it would further deconsolidate Corebridge this year. Corebridge’s stock closed at $21.08 on Friday. Goldman Sachs and JPMorgan are underwriting the deal. Corebridge’s stock was down 0.4% premarket but has gained 5% in the year to date, while the S&P 500
SPX,
+0.94%
has gained 13.5%.