Aviva has completed its acquisition of AIG Life from Corebridge Financial, a quoted subsidiary of American International Group for consideration of £453m.
The acquisition of AIG Life UK was first announced on 25 September 2023 and signals a further consolidation of the number of protection players in the market.
Amanda Blanc, group chief executive officer of Aviva, said at that time: “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.”
Corebridge Financial separately announced yesterday (9 April) that it had completed the previously announced sale of its UK life insurance business (operating as AIG Life Limited) to Aviva plc.
“The transaction allows Corebridge to focus on Life & Retirement products and solutions in the United States”, it said.
With more than $380bn in assets under management and administration as of December 31, 2023, Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the United States.
American International Group provides insurance solutions that help businesses and individuals in approximately 190 countries and jurisdictions protect their assets and manage risks through AIG operations and network partners.
