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Corebridge Financial, Inc. (symbol: CRBG) is a leading provider of retirement solutions and insurance products in the United States. Through its comprehensive range of services, the company aims to secure the financial future of its clients. Corebridge Financial operates through five key segments:
- Individual Retirement: This segment focuses on providing customized retirement solutions to individuals, and it is the primary revenue generator for the company.
- Group Retirement: This segment offers retirement plans and services tailored for groups and organizations, ensuring that entities of all sizes can secure retirement benefits for their members.
- Life Insurance: Corebridge Financial's life insurance segment provides a variety of life insurance products aimed at protecting and supporting families financially after the loss of a loved one.
- Institutional Markets: This division caters to institutional clients, offering specialized financial products and services tailored to meet the unique needs of large-scale organizations.
- Corporate and Other: This segment encompasses the company's corporate functions and other financial operations not included in the primary business units.
Corebridge Financial, Inc. has earned recognition for its innovative solutions and robust financial performance. The company's recent projects include expanding its product offerings and leveraging technology to enhance customer experience. Corebridge Financial continues to build strong partnerships and collaborations to widen its market reach and improve service delivery.
With a solid financial foundation, Corebridge Financial, Inc. remains committed to helping clients achieve their retirement goals and secure their financial future. The firm's strategic initiatives and ongoing projects are geared towards maintaining its leadership in the retirement and insurance sectors.
American International Group (AIG) announced the completion of its secondary offering of Corebridge Financial (CRBG) common stock. AIG sold 30 million shares of Corebridge Financial's common stock at $29.20 per share, generating approximately $872 million in net proceeds after expenses. Morgan Stanley & Co. acted as the underwriter for the offering. The secondary offering also included a 30-day option for the underwriter to purchase an additional 4.5 million shares. The registration statement for this offering was filed with the U.S. Securities and Exchange Commission and became effective automatically.
American International Group (NYSE: AIG) has priced its secondary offering of Corebridge Financial (NYSE: CRBG) common stock at $29.20 per share.
The offering involves 30 million shares, expected to net AIG approximately $876 million. Additionally, AIG has allowed the underwriter a 30-day option to purchase up to 4.5 million more shares.
The offering will close on June 3, 2024, pending customary conditions. Morgan Stanley & Co. is the sole underwriter and may sell the shares through various market channels.
Proceeds from the sale will go directly to AIG. Relevant documents can be obtained from the SEC's website or Morgan Stanley.
American International Group (NYSE: AIG) announced a secondary offering of 30 million shares of Corebridge Financial (NYSE: CRBG) common stock, with the option to sell an additional 4.5 million shares within 30 days. AIG will receive all net proceeds from the sale. The last reported price of Corebridge stock on May 29, 2024, was $29.47. Morgan Stanley & Co. is the underwriter, with shares potentially sold on the NYSE, OTC market, or through negotiated transactions. The offering will be conducted solely via prospectus.
Corebridge Financial, Inc. (NYSE: CRBG) reported impressive first quarter results for 2024, with net income of $878 million, or $1.41 per share. Adjusted after-tax operating income was $688 million and operating EPS was $1.10 per share. Premiums and deposits reached $10.6 billion, with a base portfolio income growth of 18%. The company completed the Corebridge Forward modernization program ahead of schedule, generating $400 million in run rate savings. Additionally, the sale of the UK life insurance business to Aviva plc was finalized on April 8, 2024. The Board of Directors authorized a $2 billion increase to the share repurchase program, returning $386 million to shareholders this quarter. With a focus on profitable growth and disciplined expense management, Corebridge demonstrates resilience and strategic foresight in delivering shareholder value.
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