Aviva has completed the acquisition of AIG Life UK for £453m after the insurer confirmed it had received all the necessary regulatory approvals.

The deal to buy AIG’s UK protection business from Corebridge Financial, a quoted subsidiary of AIG, was first announced in September last year.

However, the deal came under scrutiny after the Competition and Markets Authority (CMA) launched an investigation into the acquisition amid concerns it could result in a “substantial lessening of competition”.

After inviting comments from the relevant parties, the CMA confirmed on 28 March that it had cleared the deal.

AIG Life UK provides a suite of individual and group protection products and is expected to add 1.3 million individual protection customers and 1.4 million group protection members to Aviva’s business.

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