Aviva to acquire AIG’s UK life insurance business

Aviva is buying AIG’s UK life insurance business for £460 million ($563 million).

AIG Life UK provides a full suite of individual and group protection products, with 1.3 million individual protection customers and 1.4 million group protection members.

The transaction consideration represents 0.9 times AIG Life UK’s Solvency II own funds, after adjusting for expected capital synergies, according to the statement.

“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.” – Amanda Blanc, group CEO of Aviva.

“This transaction is another positive step toward streamlining the Corebridge portfolio to focus on the Life & Retirement products and solutions that are driving positive results in the United States. We are confident that Aviva will continue to provide individuals and employers with the innovative service and solutions they need to protect themselves and their employees.” – Peter Zaffino, chairman and CEO of AIG.

The sale is expected to close in the first half of 2024, subject to customary closing conditions including regulatory approvals.