Aviva buys AIG's UK protection business for £460m

British insurer Aviva on Monday said it had bought AIG's UK protection business for £460m.

AIG Life UK provides a full suite of individual and group protection products, with 1.3 million individual protection customers and 1.4 million group protection members, Aviva said.

Amanda Blanc, Group Chief Executive Officer of Aviva, said: "This acquisition brings significant strategic and financial benefits to Aviva. It strengthens our prospects in the highly attractive UK protection market and continues our progress in repositioning the group towards capital-light growth. We look forward to welcoming our new customers and colleagues to Aviva."

Reporting by Frank Prenesti for Sharecast.com