Aviva acquired AIG Life for a sum of £460m and the firms have been “working closely together” over the last two months to progress their joint plans. 

Aviva said it was “keen” to retain attributes of AIG Life’s business, in particular the high-net-worth (HNW) division. It also said it wanted to maintain its “strong partnership distribution”. 

Going forward, distributors who have worked with AIG Life in the HNW market will still be able to offer its products to their clients. Aviva does not currently provide some of these products but said it would look into how it can grow its capabilities in this area. 

New HNW business will continue to be transacted through AIG Life for its existing single-tie and contractual relationships, and Aviva will continue to work closely with these key partners. 

Aviva said that after a review of AIG Life’s core individual and group protection products, and due to similarities with its own proposition, it will continue to provide Aviva-branded core products for new intermediated business only. 

Sponsored

Are you up to date with the latest vulnerability requirements?

Sponsored by Halifax Intermediaries

The final submission date for AIG-branded products for intermediaries will be 11:59pm on 15 August 2024. 

Aviva also said there would be no change to existing insured AIG Life group protection schemes, or the cover existing customers and business clients have with AIG Life. 

New or existing AIG Life customers will continue to have access to the health and wellbeing service AIG Smart Health as a non-contractual benefit. 

 

Changes to the senior leadership team 

Phil Willcock will step down as CEO of AIG Life later this year after leading the business for five years. Aviva said he played a crucial role in the success of the company and its sale. 

Nick Austin, managing director of individual protection at AIG Life, has been appointed to the newly created role of protection commercial director. He will lead the commercial aspect of the business and bring together the combined pricing, reinsurance and scheme underwriting teams. 

Other AIG Life leaders have been appointed into risk, compliance, IT and HR roles. 

Fran Bruce will lead the combined business as managing director of protection. 

Bruce said: “We’re pleased to be able to give clarity to our colleagues, customers, intermediaries and partners about our plans for our future product offerings. There are great elements about each of our respective propositions that complement each other well and we believe the combined features will help us realise our growth ambitions in the protection market. 

“Over time, our aim is to continue enhancing our propositions and products with the combined knowledge and expertise that we have gained through the acquisition of the AIG Life business and their talented people.”