Aviva completes takeover of AIG's UK life insurance business

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