Insurance firm Aviva (LSE: AV) confirmed the completion of its £453 million acquisition of AIG’s UK life insurance business on Tuesday. This marks the largest takeover undertaken by CEO Amanda Blanc during her tenure.

The deal, originally announced in September 2023, sees Aviva acquiring AIG Life UK from Corebridge Financial Inc., a New York-listed subsidiary majority-owned by AIG.

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This acquisition follows Aviva’s commitment to “selective” acquisitions, as highlighted by Blanc last month alongside the company’s strong full-year profit results.

The insurer further bolstered its portfolio in March with a £242 million acquisition of Probitas, an insurance platform, signifying its return to the Lloyd’s market.

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