Insurance giant Aviva has acquired AIG’s UK protection business for just shy of half a billion pounds, the firm confirmed this morning.
AIG’s 1.3m personal and 1.4m ’employee’ customers will be transferred over to Aviva as part of the £460m deal.
It marks another step forward in CEO Amanda Blanc’s simplification of the business, with a focus on three core markets of the UK, Ireland and Canada.
Aviva disposed of its interests in a Singapore business earlier this month.
Blanc said today: “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.”