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Aviva buys AIG’s UK protection business for £460m

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  • 25/09/2023
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Aviva buys AIG’s UK protection business for £460m
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.”

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