UK regulator investigates Aviva’s acquisition of AIG’s life insurance business

Last September, Aviva announced a deal to acquire AIG’s UK life insurance business for $563 million. The business provides a full suite of individual and group protection products, with 1.3 million individual protection customers and 1.4 million group protection members.

Now, the UK Competition and Markets Authority (CMA) has initiated an investigation into Aviva’s planned acquisition over concerns that the transaction could lead to “a substantial lessening of competition” in the UK market.

The CMA aims to conclude the initial phase of the investigation by April 8.