AIG deconsolidates Corebridge after stake drops to 48.4%; reports pro forma results as discontinued ops

AMERICAN INTERNATIONAL GROUP, INC.

AIG reduced Corebridge ownership to 48.4% and waived board majority rights on June 9, 2024, ending consolidation.
Historical Corebridge results will be reported as discontinued operations starting Q2 2024; fair value option elected for retained stake.
AIG sold ~5% (30M shares) of Corebridge on May 30, 2024 for $876M; pending sale of 20% to Nippon Life for $3.8B ($31.47/sh) expected Q1 2025.
Pro forma Q1 2024 net income attributable to AIG common shareholders is $2,370M vs. reported $1,194M, reflecting deconsolidation adjustments.
AIG will account for its 48.4% Corebridge interest as an equity method investment at fair value; changes in stock price included in net investment income.

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