Aviva expands market reach with £460 million acquisition of AIG UK protection division

Aviva Plc has unveiled a significant stride in its expansion strategy by acquiring American International Group Inc.’s UK protection business for a notable £460 million ($563 million). This strategic move is poised to fortify the UK-based insurer’s position within the local market. The transaction entails Aviva’s purchase of AIG Life Ltd. from Corebridge Financial Inc., a subsidiary of AIG, and will be financed through the company’s internal resources. The deal is anticipated to be concluded in the initial half of 2024.

Aviva Group’s Chief Executive Officer, Amanda Blanc, emphasized the acquisition as a pivotal milestone in the company’s broader vision of attaining capital-light growth. This strategic maneuver aligns seamlessly with Aviva’s goal of optimizing its international footprint. As part of this overarching restructuring, the insurer has been actively divesting assets in various markets, including notable exits in Italy and Singapore.

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This acquisition brings with it the promise of expanded market reach for Aviva. It opens doors to a broader customer base, encompassing small and medium enterprises, as well as high-net-worth individuals. By integrating the AIG unit into its portfolio, Aviva seeks to fortify its presence in these key market segments, further solidifying its standing as a formidable player in the insurance industry. This move marks a definitive step forward in Aviva’s quest for sustained growth and enhanced market influence.