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Aviva has detailed its technique for the safety enterprise following the completion of its acquisition of AIG Life’s UK safety enterprise.
The £460m ($579.6m) transfer, which was finalised in April 2024, strengthens Aviva’s standing within the UK safety market and features a administration reshuffle and the merging of sure product options.
Aviva managing director of safety Fran Bruce, as reported by the FT Adviser, mentioned: “We’re happy to have the ability to give readability to our colleagues, clients, intermediaries, and companions about our plans for our future product choices.
“There are nice parts about every of our respective propositions that complement one another nicely and we consider the mixed options will assist us realise our progress ambitions within the safety market.
“Over time, our purpose is to proceed enhancing our propositions and merchandise with the mixed data and experience that we have now gained via the acquisition of the AIG Life enterprise and their proficient individuals.”
The insurer expressed its intention to protect key parts of AIG Life’s operations, significantly its high-net-worth channel and sturdy partnership distribution.
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Aviva will preserve AIG Life’s product choices within the high-net-worth market, the place it at present lacks sure choices, and goals to develop its capabilities on this section.
Continuity is assured for AIG Life’s present single-tie and contractual relationships, with new enterprise continuing beneath the AIG Life model.
Nonetheless, Aviva plans to streamline its particular person and group safety merchandise, providing solely Aviva-branded core propositions for brand new intermediated enterprise.
Present AIG Life Group Safety schemes will stay unchanged, and clients will nonetheless have entry to AIG Sensible Well being advantages.
Phil Willcock, CEO of AIG Life, has introduced his departure later within the yr after a five-year tenure.
Nick Austin, AIG Life’s managing director of particular person safety, will step into a brand new function as safety business director.
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