Proactive Investors - Aviva plc (LON:AV) has formally completed the £453 million acquisition of AIG (NYSE:AIG) Life Limited's UK protection business from Corebridge Financial.
The deal was first announced in September, with Aviva touting “significant capital and expense synergies”.
“It strengthens our prospects in the highly attractive UK protection market and continues our progress in repositioning the group towards capital-light growth,” chief executive Amanda Blanc said at the time.
Blanc was appointed to Aviva’s top position on a mandate to turn the FTSE 100 insurance giant’s fortunes around; acquisitions have played a star role in Blanc’s strategy, including last month’s acquisition of Probitas, which saw Aviva enter the Lloyd’s market.
Aviva itself has been a rumoured takeover target, with the likes of Allianz (ETR:ALVG) of Germany, Intact Financial (TSX:IFC) of Canada and the Scandinavian group Tryg reportedly eyeing up a bid.
The company’s shares are currently 18% higher year to date.