Aviva has completed the £453m acquisition of AIG Life UK from Corebridge Financial, a quoted subsidiary of American International Group.
The deal was first announced in September last year, but in February the Competition and Markets Authority (CMA) opened an investigation into the takeover and its potential to substantially lessen competition in the sector.
However, late last month, the competition regulator cleared the deal.
While Aviva told Health & Protection it would not be going into further detail about how it will incorporate the AIG Life business, it did release an additional statement about the deal.
Fran Bruce, managing director for protection at Aviva, said: “We are delighted that Aviva has completed the acquisition of AIG Life Ltd.
“The transaction brings significant strategic and financial benefits and strengthens our prospects in the highly attractive UK protection market.
“Now that the deal is complete our combined protection business will work together to deliver for our customers and support our intermediary partners.”