Nippon Life Adds $24.4 Million of Corebridge Stock Under 10b5-1

Nippon Life Insurance Co, a 10%+ owner of Corebridge Financial, Inc. (CRBG), bought 702,576 shares of common stock between Oct. 16 and Oct. 20, worth about $24.4 million, according to three Form 4 filings submitted Oct. 20, Oct. 21 and Oct. 22. All three purchases were made under a Rule 10b5-1 plan.

Each filing reports one weighted average line. On Oct. 16, Nippon Life bought 347,195 shares at a weighted average price of $34.71, in trades from $34.31 to $35.07, for about $12.1 million. That purchase was reported in a Form 4 filed Oct. 20, four days after the trade.

On Oct. 19, it bought 162,024 shares at a weighted average price of $34.51, in trades from $34.25 to $34.95, about $5.6 million in all. The Form 4 filed Oct. 21 came two days later. The Oct. 20 purchase was 193,357 shares at a weighted average price of $35.01, in trades from $34.51 to $35.34, for about $6.8 million, and it was reported in a Form 4 filed Oct. 22, also two days after the trade.

Across the three lines, Nippon Life paid an average of $34.75 a share. The lowest price in any of the trades was $34.25 and the highest was $35.34.

A Form 4 is the report that officers, directors and holders of more than 10% of a company's stock must file within two business days of a trade in its shares. Transaction code P marks an open-market or private purchase of the stock, paid for by the insider; a Form 4 code P explainer covers the details. A Rule 10b5-1 plan is a trading plan an insider sets up in advance, and the filer ticks a box on the form when a trade was made under one.

The purchases were all of common stock and all held directly. Before the Oct. 16 purchase, Nippon Life's direct holding stood at 129,500,908 shares. After the Oct. 20 purchase it was 130,203,484 shares, a 0.5% increase.

Form 4s dated July 23 or later and filed before Oct. 20 show 32 open-market purchases by one distinct buyer, with a combined value of about $257.2 million. The last of those came on Oct. 15, a day before the first purchase in the new filings. Among the largest were Nippon Life's purchases of 736,814 shares worth about $25.1 million on Sept. 28 and 606,912 shares worth about $20.9 million on Oct. 7.

The same window includes four open-market sales by three distinct sellers, worth about $492.1 million in total. The largest was by Argon Holdco LLC, a 10%+ owner, which sold 14,500,000 shares for about $491.1 million on Aug. 10. David Ditillo, the chief information officer, sold 12,414 shares on Aug. 6 and 8,736 shares on Sept. 11. The last sale in the window was on Sept. 11, 35 days before the first of the new purchases.