British insurer Aviva has agreed to acquire AIG’s UK life insurance business, AIG Life UK, from Corebridge Financial for GBP460m (USD561.5m), marking its largest acquisition under CEO Amanda Blanc. This move is part of Aviva’s strategy to concentrate on its core markets and elevate investor returns, utilising funds raised from recent global business unit sales. The deal, which is anticipated to close in the first half of 2024 pending regulatory approval, will bolster Aviva’s presence in the market, adding 1.3 million individual and 1.4 million group protection customers. Analysts from RBC deem the acquisition a prudent employment of proceeds from Aviva’s stake sale in Singapore Life. The transaction reflects Aviva’s pursuit of “capital-light growth”, consolidating its market position.
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