Insurance giant American International Group has struck a deal to sell a stake in its majority-owned life-and-retirement arm Corebridge Financial to Japan’s Nippon Life Insurance for $3.8 billion.

Problems in the plumbing of the financial system were costly for investors in 2021, and a planned upgrade still isn’t complete.

Don’t rule out a surprise rate cut this summer.

Shares of Chinese property developers surged on rising expectations that government entities in China are helping buy up excess housing in a bid to revive the struggling real-estate sector.

Nippon Life Insurance, the largest insurer in Japan by asset size, is planning to invest more in foreign credit markets, looking to diversify its portfolio even as key domestic yields hover at decade highs.

The Omaha, Neb., company began building a secret stock position in the second half of 2023.