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Aviva to acquire AIG’s UK protection business

  • Aviva to acquire AIG’s UK protection business for consideration of £460m
  • Supports Aviva’s strategy to grow capital-light businesses
  • Accelerates Aviva’s growth in the attractive UK protection market, broadening distribution and adding 1.3m1 individual protection customers and 1.4m1 group protection members
  • Delivers significant capital and expense synergies

Aviva plc (“Aviva”) announces the acquisition of AIG Life Limited (“AIG Life UK”) from Corebridge Financial, Inc. (“Corebridge”), a quoted subsidiary of American International Group, Inc. (“AIG”), for consideration of £460m. The transaction builds upon Aviva’s momentum in the protection market, where Aviva has delivered strong organic growth through an award winning2 business. Aviva’s protection business offers high quality customer propositions and continual improvements to the experience of customers and intermediaries. The acquisition positions existing AIG Life UK customers to benefit from Aviva’s expertise and financial strength.

AIG Life UK provides a full suite of individual and group protection products, with 1.3m1 individual protection customers and 1.4m1 group protection members.

Amanda Blanc, Group Chief Executive Officer of Aviva, said:

“This acquisition brings significant strategic and financial benefits to Aviva. It strengthens our prospects in the highly attractive UK protection market and continues our progress in repositioning the Group towards capital-light growth. We look forward to welcoming our new customers and colleagues to Aviva.”

AIG Life UK complements Aviva’s approach with a focus on innovative solutions and strong partnership distribution. The combined protection business will benefit from AIG Life UK’s successful SME and high net worth propositions and will reach more customers through AIG Life UK’s relationships with regional and corporate IFAs, as well as other key partners. The combined businesses will create a more efficient platform from which to serve existing and new customers.

The transaction, which is being funded through internal resources, delivers strong financial returns with an expected low-teens IRR (including integration and restructuring costs). As part of the transaction, Aviva will also re-capture the economics of the business that AIG Life UK reinsures internally to the wider AIG Group.

The transaction consideration represents 0.9x AIG Life UK’s Solvency II Own Funds, after adjusting for expected capital synergies. The estimated impact on the Group’s Solvency II shareholder cover ratio would have been a reduction of c.5 percentage points as at 30 June 2023.

The acquisition is consistent with our capital management framework, which remains unchanged. We continue to anticipate further regular and sustainable capital returns in the future. The transaction is subject to customary closing conditions including regulatory approvals and is expected to close in the first half of 2024.


About AIG Life Limited

AIG Life Limited was established in 2014 following AIG’s acquisition of Ageas Protect and entered the group protection market in 2018 following the acquisition of Ellipse from Munich Re. Today, AIG Life Limited is a trusted partner to 1.3m1 individual protection customers and 1.4m1 employee members. In 2022, AIG Life Limited reported £158m of new business sales3.


  1. As at 31 December 2022.
  2. Winner of the ‘Outstanding contribution to Protection & Health – Provider’ award at the COVER Excellence Awards 2022. Winner of the ‘Best Protection Provider’ award at the Money Marketing Awards 2023.
  3. Measured as annual premium equivalent.

  • We are one of the UK’s leading Insurance, Wealth & Retirement businesses and we operate in the UK, Ireland and Canada. We also have international investments in India and China.
  • We help our 18.7 million customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
  • We have been taking care of people for more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2022, we paid £23.2 billion in claims and benefits to our customers.
  • Aviva is a market leader in sustainability. In 2021, we announced our ambition to become Net Zero by 2040, the first major insurance company in the world to do so. This plan means Net Zero carbon emissions from our investments by 2040; setting out a clear pathway to get there with a cut of 25% in the carbon intensity of our investments by 2025 and of 60% by 2030; and Net Zero carbon emissions from our own operations and supply chain by 2030. Find out more about our climate goals at and our sustainability ambition and action at
  • While we are working towards our sustainability ambitions, we acknowledge that we have relationships with businesses and existing assets that may be associated with significant emissions. More information can be found at
  • Aviva is a Living Wage, Living Pensions and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at
  • As at 30 June 2023, total Group assets under management at Aviva were £358 billion and our estimated Solvency II shareholder capital surplus was £7.8 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
  • For more details on what we do, our business and how we help our customers, visit


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