Nippon Life to take 20% stake in Corebridge in U.S. market push

TOKYO -- Nippon Life Insurance said Thursday it has agreed to spend over $3.8 billion for a 20% stake in U.S. life insurance provider Corebridge Financial, the move representing a full-fledged entry into the promising American insurance market in response to poor growth prospects at home.

This will be the largest acquisition in the Japanese insurer's history. Nippon Life will pay $31.47 per share to obtain the stake from insurance heavyweight American International Group (AIG), a 4.3% premium on Corebridge's closing price Wednesday.