Aviva Buys AIG’s UK Protection Business for £460 Million

Aviva Plc is buying American International Group Inc.’s UK protection business for £460 million ($563 million) in a deal that would expand the UK insurer’s presence in the local market.

The London-based company will use internal resources to acquire AIG Life Ltd. from Corebridge Financial Inc., an AIG subsidiary, according to a statement on Monday. The transaction is expected to close in the first half of 2024.

The purchase “continues our progress in repositioning the group towards capital-light growth,” Aviva Group Chief Executive Officer Amanda Blanc said in the statement.

As part of a strategic overhaul, Aviva has ...