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Aviva's acquisition of AIG Life will not go to in-depth UK CMA probe

28th Mar 2024 09:16

(Alliance News) - The UK's competition watchdog on Thursday said Aviva PLC's GBP460 million planned acquisition of AIG Life Ltd will not be referred to a phase 2 investigation.

In February, the Competition & Markets Authority launched an initial probe to assess whether the acquisition could reduce competition in the UK services sector.

In September, London-based insurer Aviva announced the acquisition of AIG Life from Corebridge Financial, a subsidiary of American International Group Inc, for GBP460 million.

Aviva said that acquiring AIG's life-insurance and retirement-services division would add 1.3 million individual protection customers and 1.4 million group protection members to the company's existing portfolio.

Shares in Aviva fell 0.1% to 495.49 pence in London on Thursday morning.

By Jeremy Cutler, Alliance News reporter

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