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American International (AIG) continues to streamline its operations by axing non-core businesses, focusing on core insurance to improve profitability.
Renowned Berkshire Hathaway Inc. (BRK.A, Financial) (BRK.B, Financial) Vice-Chairman and investor extraordinaire Charlie Munger (Trades, Portfolio), who passed away last week at the ripe age of 99, once urged investors to "Look at the cannibals." Cannibals are typically defined as species which eat their own kind, but in this case Munger meant companies that are "eating" their own shares.
AIG is selling from a total of around 630 million outstanding common shares of Corebridge and will receive all the net proceeds from the sale.
American International Group (AIG) reported earnings 30 days ago. What's next for the stock?
American International Group Inc (AIG) announced on Friday that it will sell another 35 million shares of its holdings of Corebridge Financial Inc but will remain a majority owner of the retirement services company. The sale, which represents about 5.6% of Corebridge Financial's shares outstanding, would be valued at about $736 million as of Thursday's closing price of $21.03.
American International Group Inc. AIG, +1.51% said Friday that it will sell off another 35 million shares of Corebridge Financial Inc. CRBG, +0.86%, but will remain a majority owner of the retirement services company. Corebridge's stock fell 2.5% in premarket trading, while AIG shares were still inactive.
American International Group's stock (NYSE: AIG) has gained around 2% YTD, while the S&P500 is up 19% over the same period.
Improving premiums, cost control efforts, streamlining of operations and increasing rates poise American International (AIG) well for growth.
AIG's 2022 spin-off of Corebridge Financial has been beneficial thus far. Concerns abound over commercial real estate exposure. The firm's focus on its legacy business lines should continue improving earnings quality and business-level growth.
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.