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Aviva PLC on Monday announced the acquisition of AIG Life from Corebridge Financial, a subsidiary of American International Group, for £460 million. The London-based insurer said 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. Aviva expects the acquisition to close in the first half of 2024. The company said it anticipates accelerated growth in the ‘attractive’ UK protection market. ‘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,’ said Chief Executive Amanda Blanc. Aviva shares were 0.5% lower at 396.30 pence each on Monday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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