Insurance giant Aviva has acquired AIG Life UK from AIG subsidiary Corebridge Financial for £460m ($562m, €529m).
AIG Life UK provides individual and group protection products. It has 1.3 million individual protection customers and 1.4 million group protection members.
Amanda Blanc, group chief executive at Aviva, said: “This acquisition brings significant strategic and financial benefits to Aviva. It strengthens our prospects in the highly attractive UK protection market and continues our progress in repositioning the group towards capital-light growth.”
The sale is expected to complete in the first half of 2024.
Focus on US
Peter Zaffino, chairman and chief executive of 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 and retirement products that are driving positive results in the US.”
Kevin Hogan, Corebridge president and chief executive, added: “Corebridge is focused on leveraging our strong market position and the attractive dynamics of our core US products 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.”