AIG Prices $718 Million of Corebridge Shares at Bottom of Range

American International Group Inc. sold $717.5 million worth of shares in Corebridge Financial Inc., the life and retirement business it spun off last year.

AIG sold 35 million shares in the secondary offering for $20.50 each, the New York-based insurer said Friday in a statement announcing the pricing. The shares were sold at the bottom of their marketed range of $20.50 to $20.75 each, people familiar with the matter said, asking not to be identified as the information wasn’t public.

Shares of Corebridge fell as much as 4.5% in early New York trading Friday, their largest intraday decline in ...