© Reuters. FILE PHOTO: The AIG logo is seen at its building in New York’s financial district March 19, 2015. REUTERS/Brendan McDermid//File Photo
(Reuters) – American International Group Inc (NYSE:) said on Friday it had delayed a secondary share sale in its life insurance and retirement business unit due to heightened market volatility fueled by the banking crisis.
The U.S. insurer seeks to gradually reduce its stake in its Corebridge Financial Inc unit and had planned the share sale in the first quarter.
Corebridge, which listed on the stock market in September last year after a multi-year effort by AIG to separate the business, has seen its shares drop by more than 20% since going public.
“We remain committed to reducing our ownership interest in Corebridge and will explore other options that are aligned with the best interest of shareholders,” CEO Peter Zaffino told analysts on an earnings call.
AIG on Thursday beat Wall Street estimates for first-quarter profit on strong underwriting gains.
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