Aviva buys AIG’s UK protection arm for £460 million

Aviva, the insurance giant, is buying the UK protection arm of AIG for stg£460 million. The deal will add 1.3 million individual protection customers and 1.4 million group members.

“This acquisition brings significant strategic and financial benefits to Aviva,” said Amanda Blanc, Aviva’s chief executive. “It strengthens our prospects in the highly attractive UK protection market and continues our progress in repositioning the group towards capital-light growth.”

The deal is expected to complete in the ...