Aviva’s £460m move was finalised in April. Credit: chrisdorney/Shutterstock.

Aviva has detailed its strategy for the protection business following the completion of its acquisition of AIG Life’s UK protection business.  

The £460m ($579.6m) move, which was finalised in April 2024, strengthens Aviva’s standing in the UK protection market and includes a management reshuffle and the merging of certain product features. 

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Aviva managing director of protection Fran Bruce, as reported by the FT Adviser, said: “We are pleased to be able to give clarity to our colleagues, customers, intermediaries, and partners about our plans for our future product offerings.  

“There are great elements about each of our respective propositions that complement each other well and we believe the combined features will help us realise our growth ambitions in the protection market.  

“Over time, our aim is to continue enhancing our propositions and products with the combined knowledge and expertise that we have gained through the acquisition of the AIG Life business and their talented people.” 

The insurer expressed its intention to preserve key elements of AIG Life’s operations, particularly its high-net-worth channel and robust partnership distribution.  

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Aviva will maintain AIG Life’s product offerings in the high-net-worth market, where it currently lacks certain options, and aims to expand its capabilities in this segment. 

Continuity is assured for AIG Life’s existing single-tie and contractual relationships, with new business proceeding under the AIG Life brand.  

However, Aviva plans to streamline its individual and group protection products, offering only Aviva-branded core propositions for new intermediated business. 

Existing AIG Life Group Protection schemes will remain unchanged, and customers will still have access to AIG Smart Health benefits.  

Phil Willcock, CEO of AIG Life, has announced his departure later in the year after a five-year tenure.  

Nick Austin, AIG Life’s managing director of individual protection, will step into a new role as protection commercial director.