AIG Life UK retires from protection market

Aviva has today announced the acquisition of AIG Life UK from Corebridge Financial, Inc. for consideration of £460m.

Related topics:  AIG Life UK,  acquisition
Tabitha Lambie | Editor, Protection Reporter
25th September 2023
"We look forward to welcoming our new customers and colleagues to Aviva."
- Amanda Blanc, CEO of Aviva

This transaction builds upon Aviva’s strong organic growth, offering high-quality customer propositions and continual improvements to the experience of customers and intermediaries. This acquisition positions existing AIG Life UK customers to benefit from Aviva’s expertise and financial strength.

At the moment, AIG Life UK provides a full suite of individual and group protection products, with 1.3m individual protection customers and 1.4m group protection members.

Aviva will gain AIG Life UK’s successful SME and high net worth propositions and will reach more customers through AIG Life UK’s relationships with regional and corporate IFAs, as well as other key partners. The combined businesses will create a more efficient platform from which to serve existing and new customers.

The acquisition is subject to customary closing conditions including regulatory approvals and is expected to close in the first half of 2024.

Commenting on the acquisition, Amanda Blanc, CEO of Aviva, has said:

“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.”

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