NEW YORK - American International Group, Inc. (NYSE: NYSE:AIG), a leading global insurance organization, has initiated a secondary offering of Corebridge Financial, Inc. (NYSE: CRBG) common stock, as per its recent statement. AIG is offering 30 million shares of its holdings in Corebridge Financial, with an additional option for the underwriter to purchase up to 4.5 million more shares within a 30-day period.
The proceeds from this transaction will be directed entirely to AIG. The offering comes at a time when Corebridge Financial's stock was last traded at $29.47 per share on May 29, 2024. Corebridge Financial, known for its significant presence in the retirement solutions and insurance sectors, has over $390 billion in assets under management as of March 31, 2024.
Morgan Stanley (NYSE:MS) & Co. LLC is managing the underwriting process. The shares may be sold on the New York Stock Exchange, in over-the-counter transactions, through direct negotiation, or by other means, depending on prevailing market conditions.
Interested parties can obtain the prospectus and its preliminary supplement by contacting Morgan Stanley & Co. LLC, which are necessary for the offering that is being made. The registration statement for these securities, effective since November 6, 2023, is available on the U.S. Securities and Exchange Commission's website.
This press release serves as a factual announcement and does not constitute an offer to sell or a solicitation of an offer to buy the mentioned securities. The sale of these securities will be in compliance with the Securities Act of 1933, as amended, and within the regulatory framework.
The information for this article is based on a press release statement from American International Group, Inc.
InvestingPro Insights
In light of American International Group, Inc.'s (NYSE: AIG) recent move to offer shares of Corebridge Financial, Inc., analyzing the insurer's financial health and market performance offers valuable context. AIG's proactive management strategy is evident, with a notable InvestingPro Tip highlighting that management has been aggressively buying back shares, signaling confidence in the company's value. Additionally, the firm has maintained dividend payments for 12 consecutive years, which is a testament to its commitment to returning value to shareholders.
From a financial standpoint, AIG's current market capitalization stands at $51.91 billion, and it boasts a Price/Earnings (P/E) ratio of 11.58, which adjusts to 11.06 for the last twelve months as of Q1 2024. This could suggest that the stock is reasonably valued relative to earnings. Moreover, AIG has been trading near its 52-week high, with its price at 96.63% of this peak, reflecting strong investor sentiment and market performance.
The company's revenue for the last twelve months as of Q1 2024 was $48.37 billion, although it experienced a slight decline in revenue growth at -4.02%. Despite this, analysts predict the company will be profitable this year, which is corroborated by the fact that AIG has been profitable over the last twelve months.
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