Corebridge Financial to Sell Laya Healthcare to AXA
03 August 2023 - 3:00PM
Business Wire
Transaction Streamlines the Corebridge Life
& Retirement Portfolio
Corebridge Financial, Inc. (NYSE: CRBG) today announced that it
has entered into a definitive agreement to sell its subsidiary,
Laya Healthcare Limited (“laya healthcare”), to AXA for a total
consideration of €650 million in cash. The sale of laya healthcare
is expected to close in the fourth quarter of 2023, subject to
regulatory approvals and other customary closing conditions.
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 divestiture
allows Corebridge to streamline its portfolio and focus on core
Life & Retirement products and solutions in the United States.
AXA is an excellent owner for laya healthcare, with a global
platform that will enable the business to continue to build on the
success of its highly regarded member-centric approach to health
insurance.”
Laya healthcare, which is the second largest health insurance
provider in Ireland, is a full-service managing general agent
headquartered in Cork, Ireland and offers a diverse suite of
innovative health insurance benefits and services in the Irish
health insurance market, along with life insurance and travel
insurance.
Kevin Hogan, President and Chief Executive Officer of
Corebridge, said: “Since AIG’s acquisition of laya healthcare in
2015, the company has solidified its position as a leading wellness
and connected healthcare provider, while developing a strong track
record of growth and profitability. We look forward to working with
the AXA team and our laya healthcare colleagues on a smooth
transition of the business.”
Morgan Stanley & Co. LLC acted as financial advisor and
A&L Goodbody LLP acted as legal counsel to Corebridge.
About Corebridge Financial
Corebridge Financial, Inc. makes it possible for more people to
take action in their financial lives. With more than $365 billion
in assets under management and administration as of March 31, 2023,
Corebridge Financial is one of the largest providers of retirement
solutions and insurance products in the United States. We proudly
partner with financial professionals and institutions to help
individuals plan, save for and achieve secure financial futures.
For more information, visit corebridgefinancial.com and follow us
on LinkedIn, YouTube and Facebook.
About AIG
American International Group, Inc. (AIG) is a leading global
insurance organization. AIG member companies provide insurance
solutions that help businesses and individuals in approximately 70
countries and jurisdictions protect their assets and manage risks.
For additional information, visit www.aig.com. AIG common stock is
listed on the New York Stock Exchange.
AIG is the marketing name for the worldwide operations of
American International Group, Inc. All products and services are
written or provided by subsidiaries or affiliates of American
International Group, Inc. Products or services may not be available
in all countries and jurisdictions, and coverage is subject to
underwriting requirements and actual policy language. Non-insurance
products and services may be provided by independent third parties.
Certain property casualty coverages may be provided by a surplus
lines insurer. Surplus lines insurers do not generally participate
in state guaranty funds, and insureds are therefore not protected
by such funds.
Forward Looking Statements
Certain statements in this press release and any related oral
statements constitute forward-looking statements. These statements
are not historical facts but instead represent only the relevant
party’s belief regarding future events, many of which, by their
nature, are inherently uncertain and outside the relevant party’s
control. It is possible that the transaction will not be completed
within the expected timeframe or at all, or that the transaction
will take a materially different form from those contemplated by
these statements. Each party referenced in this press release only
assumes responsibility for its statements and does not affirm or
otherwise adopt the statements of any other party.
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version on businesswire.com: https://www.businesswire.com/news/home/20230802222558/en/
Corebridge Josh Smith (Investors):
investorrelations@corebridgefinancial.com Matt Ward (Media):
media.contact@corebridgefinancial.com
AIG Quentin McMillan (Investors):
quentin.mcmillan@aig.com Dana Ripley (Media):
dana.ripley@aig.com
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