Slaughter and May is advising Aviva on the acquisition of AIG's UK protection business

Slaughter and May is advising Aviva plc (“Aviva”) on the acquisition of AIG Life Limited from Corebridge Financial, Inc., a quoted subsidiary of American International Group, Inc., for consideration of £460 million. The transaction is subject to customary closing conditions, including regulatory approvals where required, and is expected to complete in Q1 2024.

The transaction supports Aviva’s strategy of repositioning the Group towards capital-light growth. It accelerates Aviva’s growth in the UK protection market, broadens its distribution and expands its customer base in the individual and group protection markets.

Slaughter and May has been working closely with the Aviva legal team, led by Neil Harrison and Alex Eadie.