3.3 C
New York
Thursday, December 7, 2023

Corebridge Monetary to promote UK life insurance coverage enterprise to Aviva

Must read

Corebridge Monetary right this moment introduced that it has entered right into a definitive settlement to promote its UK life insurance coverage enterprise (working as AIG Life Restricted), to Aviva plc for a complete consideration of Β£460 million in money.

The sale is predicted to shut within the first half of 2024, topic to customary closing situations together with regulatory approvals.

Peter Zaffino, Chairman and Chief Govt Officer of majority shareholder American Worldwide Group (NYSE: AIG), and Chairman of the Board of Administrators of Corebridge, mentioned: “This transaction is one other constructive step towards streamlining the Corebridge portfolio to give attention to the Life & Retirement merchandise and options which might be driving constructive leads to the USA. We’re assured that Aviva will proceed to offer people and employers with the modern service and options they should shield themselves and their workers.”

Kevin Hogan, President and Chief Govt Officer of Corebridge, mentioned: “Corebridge is targeted on leveraging our sturdy market place and the engaging dynamics of our core U.S. product choices to ship enhanced worth to stakeholders. Since buying the UK Life enterprise in 2014, now we have constructed a well-established supplier of life insurance coverage, important sickness and earnings safety merchandise within the UK. We look ahead to working intently with Aviva to make sure a easy transition for workers, prospects and distribution companions.”

See also  The right way to Get a Free On-line Life Insurance coverage Quote

AIG Life Restricted is the life insurance coverage arm of Corebridge Monetary within the UK, Channel Islands, Isle of Man and Gibraltar. The enterprise supplies monetary and sensible help for people, households and companies when sickness or damage threatens their life, way of life or livelihood.

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

About Corebridge Monetary

Corebridge Monetary, Inc. makes it doable for extra folks to take motion of their monetary lives. With greater than $370 billion in belongings underneath administration and administration as of June 30, 2023, Corebridge Monetary is among the largest suppliers of retirement options and insurance coverage merchandise in the USA. We proudly companion with monetary professionals and establishments to assist people plan, save for and obtain safe monetary futures. For extra data, go to corebridgefinancial.com and observe us on LinkedIn and YouTube.

About AIG

American Worldwide Group, Inc. (AIG) is a number one world insurance coverage group. AIG member corporations present insurance coverage options that assist companies and people in roughly 70 nations and jurisdictions shield their belongings and handle dangers. For added data, go to www.aig.com. AIG frequent inventory is listed on the New York Inventory Trade.

See also  MassMutual to β€˜wind down’ Haven Life amid poor outcomes, excessive prices

AIG is the advertising and marketing title for the worldwide operations of American Worldwide Group, Inc. All services and products are written or supplied by subsidiaries or associates of American Worldwide Group, Inc. Services or products will not be accessible in all nations and jurisdictions, and protection is topic to underwriting necessities and precise coverage language. Non-insurance services and products could also be supplied by unbiased third events. Sure property casualty coverages could also be supplied by a surplus traces insurer. Surplus traces insurers don’t typically take part in state warranty funds, and insureds are due to this fact not protected by such funds.

Related News

Latest News