American International Group (AIG), a major global insurer, has agreed to sell its remaining shares in life insurance and retirement services provider Corebridge Financial. This move puts an end to their five-year separation plan. The deal covers around 25 million shares worth approximately $710 million.

AIG spun off its life and retirement division into Corebridge Financial through an IPO back in 2022. The full divestment marks the completion of AIG’s strategy to exit the life and retirement business, repositioning itself as a streamlined global property and casualty insurance specialist.