’We look forward to welcoming our new customers and colleagues to Aviva,’ says chief executive
Aviva has completed its acquisition of AIG’s UK protection arm for over £400m.
The unit – known as AIG Life – was formed in 2014 and provides a suite of individual and group protection products.
The deal, which was first announced in September 2023, will add 1.3m individual protection customers and 1.4m group protection members to Aviva.
The insurer announced that it had now received the necessary approvals to complete the deal, which is valued at £453m.
’Financial benefits’
Aviva purchased the unit from Corebridge Financial, a subsidiary of AIG.
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The insurer said AIG Life customers would “benefit from its expertise and financial strength.”
And it felt the deal would accelerate its growth in the UK protection market.
Aviva chief executive Amanda Blanc added: “This acquisition brings significant strategic and financial benefits to Aviva.
“It strengthens our prospects in the highly attractive UK protection market and continues our progress in repositioning the group towards capital-light growth.
“We look forward to welcoming our new customers and colleagues to Aviva.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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