Aviva’s £460m takeover of AIG Life UK has been cleared by the Competition and Markets Authority (CMA).
The deal that would see Aviva purchase the AIG Life UK business from AIG subsidiary Corebridge Financial for £460m was originally announced in September.
In February the competition regulator announced it was investigating the deal and its potential to substantially lessen competition in the sector.
It invited comments from interested parties over a two-week period in February.
Launching its review, the CMA said it was considering whether the purchase may create a situation that “may be expected to result in a substantial lessening of competition”.
However, the CMA announced today that the deal can progress.
“The CMA has cleared the anticipated acquisition by Aviva plc of AIG Life Limited. The full text of the decision will be published shortly,” it said.
Aviva told Health & Protection it would not be commenting on the development as the deal had not been completed yet.
The acquisition was originally expected to close in the first half of 2024.
Health & Protection has also contacted AIG who also declined to comment.