AIG Is Offering to Sell $1.3 Billion of Corebridge Shares (1)

American International Group Inc. is seeking to sell as much as $1.3 billion of shares in Corebridge Financial Inc., the life and retirement business it spun off last year.

AIG is offering 65 million shares in a secondary offering, with underwriters getting the option to buy about 9.8 million more, the New York-based insurer said Monday in a statement.

The initial public offering of Houston-based Corebridge was the biggest of last year. The firm sold 80 million shares at $21 apiece in September, and the stock has dropped 16% since then.

Read more: AIG’s Corebridge Falls in Debut ...