Aviva is set to acquire AIG’s UK protection business for £460 million.
The London-based insurer said the acquisition will build upon its momentum in the protection market where it has delivered “strong organic growth”.
Once the two businesses are combined, Aviva said its customers will benefit from AIG Life UK’s SME and high-net worth propositions and that more customers will be reachable through AIG Life UK’s relationships with regional and corporate financial advisors.
AIG Life UK is operated by the American insurer’s subsidiary Corebridge Financial.
“This acquisition brings significant strategic and financial benefits to Aviva,” said Aviva group chief executive Amanda Blanc. “It strengthens our prospects in the highly attractive UK protection market and continues our progress in repositioning the Group towards capital-light growth.”
Pending customary closing conditions including regulatory approvals, the acquisition is expected to close in the first half of 2024.
Aviva recently announced it expects its profits for the first half of 2023 to reach around £700 million, representing five to seven per cent year on year growth for the company.
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