Aviva has formally completed the £453 million acquisition of AIG Life Limited's UK protection business from Corebridge Financial.
The deal was first announced in September, with the life insurer 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 and has taken an axe to its global portfolio though last month's acquisition of Probitas saw a change and the insurer re-enter the Lloyd’s market.
Aviva itself has been a rumoured takeover target, with Allianz of Germany, Intact Financial (TSX:IFC) of Canada and the Scandinavian group Tryg all reportedly eyeing up a bid.
The company’s shares are currently 18% higher year to date.