STOCKS | Nippon Life Insurance Spends $7.89 Million to Raise Corebridge Financial Stake to 132 Million Shares

Nippon Life Insurance bought 227,773 common shares of U.S. insurance and retirement services provider Corebridge Financial for about $7.886 million on October 30, according to the latest regulatory filing. According to Sina Finance, 223,981 shares were purchased at prices of $34.26 to $35.25 each, and another 3,792 shares at $35.26 to $35.37 each. The purchases were made under a Rule 10b5-1 trading plan Nippon Life Insurance established on August 7. After the transaction, its beneficial ownership in Corebridge Financial rose to 132,343,862 shares, including 33,271 shares held by its wholly owned subsidiary, Nissay Asset Management. Corebridge shares were near a 52-week high, and had gained about 34% over the past six months. The company’s third-quarter revenue and operating earnings per share came in below market expectations, although operating earnings per share rose 27% year over year.