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Aviva has concluded its acquisition of AIG Life UK from Corebridge Monetary, a subsidiary of insurance coverage main American Worldwide Group.
This transfer, which price Aviva £453m, is geared toward bolstering its place within the UK safety market and a part of its broader technique to develop capital-light companies and improve distribution channels.
AIG Life UK, recognized for its particular person and group safety merchandise, is claimed to serve between 1.3 and 1.4 million purchasers and members, respectively.
The acquisition is ready to capitalise on AIG Life UK’s established relationships with native and company unbiased monetary advisors (IFAs) and different companions.
This deal was introduced in September 2023 and has since undergone scrutiny from the UK Competitors Markets Authority (CMA).
The CMA’s investigation was centered on assessing whether or not the acquisition might result in lowered competitors inside the UK insurance coverage sector.
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The CMA cleared the transaction late final month, paving the way in which for the finalisation of the deal.
On the time of the announcement of the deal, Aviva group CEO Amanda Blanc stated: “This acquisition brings vital strategic and monetary advantages to Aviva. It strengthens our prospects within the extremely engaging UK safety market and continues our progress in repositioning the group in the direction of capital-light progress.”
For Corebridge Monetary, divesting AIG Life UK permits a sharper concentrate on its life and retirement merchandise and options within the US market.
In the meantime, Aviva has been actively restructuring its portfolio, as evidenced by the sale of its stake within the Singlife three way partnership to Sumitomo Life Insurance coverage Firm.
The disposal aligned with Aviva’s technique to simplify its enterprise and focus on its core markets within the UK, Eire and Canada.
Earlier this 12 months, Aviva Canada additionally expanded its choices by buying automobile substitute insurance coverage supplier Optiom for £100m (C$171.94m).
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