Aviva has acquired AIG’s UK protection business from AIG subsidiary Corebridge Financial for £460m, to build the firm’s “momentum in the protection market”.
The insurer Aviva said that it had delivered “strong organic growth” through its protection business, adding that it also offered “high quality customer propositions and continual improvements to the experience of customers and intermediaries”.
The acquisition will benefit AIG Life UK customers due to Aviva’s “expertise and financial strength”.
AIG Life UK has around 1.3 million individual protection customers and 1.4 million group protection members.
Aviva said that AIG Life UK complemented the firm’s approach with a “focus on innovative solutions and strong partnership distribution”.
The company added: “The combined protection business will benefit from 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 transaction is being funded through “internal resources” and is expected to close in the first half of next year.
Amanda Blanc, group chief executive officer of Aviva, 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. We look forward to welcoming our new customers and colleagues to Aviva.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
