American International Group, Inc. (NYSE:AIG) has sold a significant portion of its holdings in Corebridge Financial, Inc. (NYSE:CRBG), a company that has delivered an impressive 48% return year-to-date. According to a recent SEC filing, AIG disposed of approximately 121.96 million shares of Corebridge Financial at an average price of $31.47 per share. This transaction amounts to a total value of approximately $3.84 billion. Following the sale, AIG retains ownership of roughly 127.28 million shares of Corebridge Financial, which currently has a market capitalization of $17.8 billion. InvestingPro analysis indicates the stock is currently overvalued, though analysts maintain a positive outlook with a 15% upside potential. Management has been actively pursuing share buybacks, demonstrating confidence in the company's future. For deeper insights into Corebridge Financial's valuation and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Corebridge Financial has made significant strides in its financial performance and strategic initiatives. The company recently issued $600 million in junior subordinated notes as part of its long-term capital securing efforts. This move is aimed at bolstering its financial base for future operations and investments.
Corebridge Financial also reported a strong third quarter, with a notable 31% year-over-year increase in operating earnings per share (EPS) to $1.38. The company experienced a substantial 40% surge in individual retirement premiums and deposits to $5.5 billion. The company's robust financial position was further evidenced by returning a total of $1.8 billion to shareholders year-to-date.
In addition, the company successfully launched its first registered index-linked annuity (RILA) and saw increases in Group Retirement and Life Insurance (NS:LIFI) sales by 10% and 14% respectively. Corebridge Financial's diversified business model has resulted in consistent cash flows, with total distributions from domestic insurance companies expected to exceed $2 billion in 2024. Despite preparing for potential seasonal fluctuations in the fourth quarter, the company maintains a strong outlook for continued growth and efficiency in its operations.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.