Corebridge Financial to Sell UK Life Insurance Business to Aviva plc

Rhea-AI Summary

Corebridge Financial, Inc. (NYSE: CRBG) sells its UK life insurance business to Aviva plc for £460 million in cash.

Positive

• Transaction streamlines Corebridge portfolio to focus on US Life & Retirement products and solutions driving positive results.
• Aviva expected to provide innovative service and solutions to individuals and employers.

Negative

• None.

Transaction Further Focuses Corebridge Portfolio on Core US Life & Retirement Solutions

HOUSTON--(BUSINESS WIRE)-- Corebridge Financial, Inc. (NYSE: CRBG) today announced that it has entered into a definitive agreement to sell its UK life insurance business (operating as AIG Life Limited), to Aviva plc for a total consideration of £460 million in cash.

The sale is expected to close in the first half of 2024, subject to customary closing conditions including regulatory approvals.

Peter Zaffino, Chairman and Chief Executive Officer of majority shareholder American International Group (NYSE: AIG), and Chairman of the Board of Directors of Corebridge, said: “This transaction is another positive step toward streamlining the Corebridge portfolio to focus on the Life & Retirement products and solutions that are driving positive results in the United States. 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.”

Kevin Hogan, President and Chief Executive Officer of Corebridge, said: “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. 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.”

AIG Life Limited is the life insurance arm of Corebridge Financial in the UK, Channel Islands, Isle of Man and Gibraltar. The business provides financial and practical support for individuals, families and businesses when illness or injury threatens their life, lifestyle or livelihood.

J.P. Morgan Securities LLC acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to Corebridge.

About Corebridge Financial

Corebridge Financial, Inc. makes it possible for more people to take action in their financial lives. With more than $370 billion in assets under management and administration as of June 30, 2023, Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the United States. We proudly partner with financial professionals and institutions to help individuals plan, save for and achieve secure financial futures. For more information, visit corebridgefinancial.com and follow us on LinkedIn and YouTube.

About AIG

American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide insurance solutions that help businesses and individuals in approximately 70 countries and jurisdictions protect their assets and manage risks. For additional information, visit www.aig.com. AIG common stock is listed on the New York Stock Exchange.

AIG is the marketing name for the worldwide operations of American International Group, Inc. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

Forward Looking Statements

Certain statements in this press release and any related oral statements constitute forward-looking statements. These statements are not historical facts but instead represent only the relevant party’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside the relevant party’s control. It is possible that the transaction will not be completed within the expected timeframe or at all, or that the transaction will take a materially different form from those contemplated by these statements. Each party referenced in this press release only assumes responsibility for its statements and does not affirm or otherwise adopt the statements of any other party.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230924228124/en/

Corebridge Contacts:

Işıl Müderrisoğlu (Investors): investorrelations@corebridgefinancial.com

Matt Ward (Media): media.contact@corebridgefinancial.com

AIG Contacts:

Quentin McMillan (Investors): quentin.mcmillan@aig.com

Claire Talcott (Media): claire.talcott@aig.com

Source: Corebridge Financial