Competition watchdog begins Aviva, AIG Life probe
Reuters
Published Feb 08, 2024 07:26
Updated Feb 08, 2024 17:21
LONDON (Reuters) - Britain's antitrust watchdog has launched an investigation into Aviva (LON:AV)'s acquisition of AIG (NYSE:AIG)'s life insurance business, it said on Thursday, amid concerns the deal could result in "a substantial lessening of competition".
The Competition and Markets Authority (CMA) has invited comments from interested parties until February 22 and is expected to complete the initial phase of its probe by April 8.
Aviva agreed last September to buy the UK life insurance business of AIG, known as AIG Life UK, for 460 million pounds.
The transaction was expected to add 1.3 million individual protection customers and 1.4 million group protection members to Aviva's business, the insurer said last year.
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Written By: Reuters
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