American International Group (AIG), a leading global insurance organization, announced that is has successfully closed the previously announced sale of approximately 120 million shares (21.6%) of its Corebridge Financial, Inc. common stock to Nippon Life Insurance Company for USD 31.47 per share, for an aggregate purchase price of USD 3.8 billion.

Nippon Life Insurance Company is Japan’s leading private life insurer, founded in 1889. It is part of the Nippon Life Group which operates in the Asia-Pacific region and globally through its core life insurance and asset management businesses, AIG said in its press release.