HOUSTON-- September 26, 2023 -- 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.