Corebridge Financial Divests UK Life Insurance Business To Focus On Core US Portfolio
Portfolio Pulse from Lekha Gupta
Corebridge Financial Inc (NYSE:CRBG) has agreed to sell its UK life insurance business, AIG Life Limited, to Aviva PLC (OTC:AIVAF) for £460 million in cash. The sale is expected to close in H1 2024, subject to regulatory approvals. This move is part of Corebridge's strategy to focus on its core US portfolio. As of June 30, 2023, the company's liquidity stood at $1.6 billion.
September 25, 2023 | 9:46 am
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POSITIVE IMPACT
As the majority shareholder of Corebridge, American International Group, Inc. (NYSE:AIG) could potentially benefit from the divestment through increased value of its holdings.
As the majority shareholder of Corebridge, AIG could potentially benefit from the divestment through increased value of its holdings if the strategic move leads to improved performance and profitability of Corebridge.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
Aviva's acquisition of Corebridge's UK life insurance business could potentially expand its market share and customer base in the UK.
The acquisition of Corebridge's UK life insurance business could potentially expand Aviva's market share and customer base in the UK, leading to increased revenues and profitability.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Corebridge's divestment of its UK life insurance business to Aviva for £460 million is a strategic move to focus on its core US portfolio. This could potentially strengthen the company's financial position.
The divestment allows Corebridge to focus on its core US portfolio, which could lead to improved performance and profitability. The cash inflow from the sale could also strengthen the company's financial position.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100