Corebridge Financial entered into a definitive agreement to sell its UK life insurance business (operating as AIG Life Limited), to Aviva for a total consideration of £460 million ($462 million) in cash._x000D_
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The sale is expected to close in the first half of 2024, subject to customary closing conditions including regulatory approvals. J.P. Morgan Securities acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom acted as legal counsel to Corebridge._x000D_
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“This transaction is another positive step toward streamlining the Corebridge portfolio to focus on the life and retirement products and solutions that are driving positive results in the United States,” Peter Zaffino, chairman and CEO of majority shareholder American International Group, and chairman of the board of directors of Corebridge, said in a joint statement. “We are confident that Aviva will continue to provide individuals and employers with the innovative service and solutions they need to protect themselves and their employees.”_x000D_
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“Corebridge is focused on leveraging our strong market position and the attractive dynamics of our core U.S. product offerings to deliver enhanced value to stakeholders,” Kevin Hogan, president and CEO of Corebridge, said. “Since acquiring the UK Life business in 2014, we have built a well-established provider of life insurance, critical illness and income protection products in the UK. We look forward to working closely with Aviva to ensure a smooth transition for employees, customers and distribution partners.”
Forward for Specialty Finance
