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Thursday, February 22, 2024

CMA launches probe into Aviva’s acquisition of AIG Life UK   

The UK Competitors Markets Authority (CMA) has began a probe to scrutinise Aviva‘s latest proposal to accumulate AIG Life UK. 

That is geared toward evaluating whether or not the transfer may doubtlessly diminish competitors inside the UK insurance coverage providers sector.  

Introduced in September 2023, the deal includes Aviva buying AIG Life UK from Corebridge Monetary, a subsidiary of American Worldwide Group (AIG), for £460m ($562.83m). 

In a press release, the competitors regulator stated: “The CMA is contemplating whether or not it’s or would be the case that this transaction, if carried into impact, will end result within the creation of a related merger state of affairs underneath the merger provisions of the Enterprise Act 2002 and, if that’s the case, whether or not the creation of that state of affairs could also be anticipated to end in a considerable lessening of competitors inside any market or markets within the UK for items or providers.” 

The watchdog has opened the ground for feedback from events to help its evaluation, with a submission deadline set for 22 February 2024. 

AIG Life UK specialises in a spread of particular person and group safety merchandise, serving round 1.3 million particular person safety shoppers and 1.4 million group safety members.  

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This acquisition aligns with Aviva’s technique to develop its capital-light companies, speed up its presence within the UK safety market and diversify distribution strategies. 

Asserting the deal, Aviva group CEO Amanda Blanc stated: “This acquisition brings vital strategic and monetary advantages to Aviva.  

“It strengthens our prospects within the extremely enticing UK safety market and continues our progress in repositioning the group in direction of capital-light development.” 

The mixed safety enterprise is anticipated to profit from AIG Life UK’s established relationships with native and company impartial monetary advisors and different companions. 

Final month, Aviva finalised a £140m bulk buy annuity full scheme buy-in transaction with the Trustee of the Guilbert UK Retirement Advantages Plan, sponsored by Workplace Depot UK Pension Sponsor.  

In the identical month, Aviva additionally closed a £100m deal to purchase Optiom, a Canadian car substitute insurance coverage supplier.  

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