GLONGHUI, May 16 | Japan's largest insurance company, Nippon Life Insurance Company, has agreed to buy 20% of Corebridge Financial's shares in cash for approximately US$3.8 billion. Corebridge is one of the largest providers of retirement solutions and insurance products in the US. American International Group, which holds more than 50% of Corebridge's shares, said in a statement on Thursday that under the proposed deal, the company will sell approximately 120 million Corebridge shares to Nippon Life Insurance Company at a price of $31.47 per share. AIG said it agreed to keep 9.9% of the shares for two years after the transaction was completed, and the deal is expected to be completed in the first quarter of 2025. Nippon Life Insurance said in another statement that it will establish a strategic partnership with these two companies. The deal is pending regulatory approval.