This acquisition was first announced on the 25th September 2023, for consideration of £460mn. It is set to build upon the insurer’s strong organic growth, offering high-quality customer propositions, and continual improvements to the experience of customers and intermediaries alike.
At the time, AIG Life UK provided a full suite of individual and group protection products with 1.3mn individual protection customers and 1.4mn group protection members.
READ MORE: AIG Life UK retires from protection market
On the 8th February 2024, the Competition & Markets Authority (CMA) said the merger notice in relation to the anticipated acquisition by Aviva of AIG Life Ltd met the requirements of section 96(2) of the Act. Consequently, an investigation was launched to assess whether this merger will result in a “substantial lessening of competition within any market or markets in the UK for good or services.”
“It’s typical for transactions to require regulatory approval and this deal is no different. We continue to expect the transaction to be complete in the first half of 2024 subject to regulatory approvals, and we will provide an update in due course,” said an Aviva spokesperson to various media outlets.
Last month, the CMA said it wouldn’t be opening an in-depth ‘phase 2’ investigation, explaining that the decision was made “on the information currently available to it.”
READ MORE: CMA decide against ‘in-depth’ investigation into AIG Life UK merger
Today, Aviva has announced that, following receipt of all necessary approvals, it has completed the acquisition of AIG Life UK from Corebridge Financial, Inc, for consideration of £453mn.
