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(Alliance News) - Aviva PLC on Tuesday said it had completed the acquisition of AIG Life Ltd from Corebridge Financial Inc.
The London-based insurer, which is a FTSE 100 constituent, said it purchased the life insurance business for a consideration of GBP453 million.
Following the initial announcement of Aviva's intention to purchase the company on September 25, the UK Competition & Markets Authority launched an initial probe to assess whether the acquisition could reduce competition in the UK services sector.
A decision was later made in March by regulators not to escalate the case to a phase two investigation.
Aviva anticipates accelerated growth in the "attractive" UK market, and said the acquisition will add 1.3 million individual protection customers and 1.4 million group protection members to the company's existing portfolio.
The acquisition is not the only move by Aviva this year to expand its business in the UK. The company recently returned to the Lloyd's of London insurance market after two decades of absence through its acquisition of Probitas Holdings Ltd.
Aviva shares were up 0.3% to 494.40 pence each in London on Tuesday morning.
By Elijah Dale, Alliance News reporter
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