Corebridge Financial Inc CRBG penned a deal to divest its U.K. life insurance business, operating as AIG Life Limited, to Aviva PLC AIVAF for £460 million in cash.
AIG Life is the life insurance subsidiary of Corebridge, which offers financial and practical support for individuals and businesses.
The sale is expected to close in H1 2024, subject to customary closing conditions, including regulatory approvals.
"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.", stated Peter Zaffino, Chairman and CEO of majority shareholder American International Group, Inc. AIG and Chairman of the Board of Directors of Corebridge.
As of June 30, 2023, Holding company liquidity stood at $1.6 billion.
Price Action: CRBG shares closed higher by 2.70% at $19.43 on Friday.
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