The purchase “continues our progress in repositioning the group towards capital-light growth,” Aviva Group Chief Executive Officer Amanda Blanc said in the statement.
Aviva Plc is buying American International Group Inc.’s UK protection business for GBP460 million ($768.8 million) in a deal that would expand the UK insurer’s presence in the local market.
The London-based company will use internal resources to acquire AIG Life Ltd. from Corebridge Financial Inc., an AIG subsidiary, according to a statement on Monday. The transaction is expected to close in the first half of 2024.
