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Aviva completes takeover of AIG's UK life insurance business

Published Tue, Apr 9, 2024 · 04:06 PM
    • Aviva is buying the unit – known as AIG Life UK – from Corebridge Financial, a New York-listed company majority-owned by AIG.
    • Aviva is buying the unit – known as AIG Life UK – from Corebridge Financial, a New York-listed company majority-owned by AIG. PHOTO: AVIVA

    BRITISH insurer Aviva said on Tuesday (Apr 9) it had completed the £453 million (S$772.2 million) acquisition of AIG’s UK life insurance business, sealing the largest takeover under CEO Amanda Blanc to date.

    Aviva announced the deal in September. The company is buying the unit – known as AIG Life UK – from Corebridge Financial, a New York-listed company majority-owned by AIG.

    Blanc said last month that Aviva would continue to look for “selective” acquisitions, after announcing a full-year profit that beat analyst forecasts.

    Aviva in March agreed to an acquisition to re-enter the historic Lloyd’s insurance market with a £242 million deal to buy insurance platform Probitas. REUTERS

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