Nippon Life Acquires $160M of Corebridge Financial Stock via 10b5-1 Plan

Executive Summary

On October 27, 2026, Nippon Life Insurance Company filed Amendment No. 6 to Schedule 13D disclosing substantial open-market purchases of Corebridge Financial, Inc. (CRBG) common stock. Between October 5, 2026, and October 23, 2026, Nippon Life acquired 4,658,665 shares for an aggregate purchase price of approximately $159.99 million, reflecting a volume-weighted average price of roughly $34.34 per share.

Transaction & Ownership Details

• Shares Transacted: 4,658,665 shares of Common Stock ($0.01 par value).
• Total Consideration: ~$159,990,457 funded via working capital.
• Aggregate Ownership After Transactions: 131,262,715 shares, representing 29.4% of the 445,772,522 shares outstanding (as of July 31, 2026).
• Beneficial Ownership Structure:
  • 131,229,444 shares held of record directly by Nippon Life Insurance Company.
  • 33,271 shares held of record by Nissay Asset Management Corporation (NAMC), a direct wholly owned subsidiary.
• Voting & Dispositive Power: Sole voting and dispositive power over all 131,262,715 shares.

Strategic Context & Significance

1. Pre-Arranged 10b5-1 Execution: The open-market purchases were executed pursuant to Nippon Life's previously disclosed Rule 10b5-1 trading plan, highlighting programmatic and disciplined accumulation.
2. Large Capital Deployment: An injection of nearly $160 million into open-market purchases underlines Nippon Life's strong commitment to its strategic partnership and equity stake in Corebridge Financial.
3. Market Impact: Nippon Life's continued accumulation towards the 30% threshold solidifies its role as the dominant strategic shareholder, reducing free float and reinforcing long-term balance sheet stability for Corebridge.