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UK competition regulator decides against in-depth probe of Aviva, AIG Life UK merger

by Staff GBAF Publications Ltd
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UK competition regulator decides against in-depth probe of Aviva, AIG Life UK merger

LONDON (Reuters) -Britain’s competition regulator said on Thursday that it has decided not to open an in-depth ‘phase 2’ investigation into Aviva’s acquisition of AIG Life UK.

Britain’s Aviva agreed last September to buy the UK life insurance business of U.S. insurer AIG, known as AIG Life UK, for 460 million pounds ($580.43 million).

The transaction was expected to add 1.3 million individual protection customers and 1.4 million group protection members to Aviva’s business, the UK insurer said at the time.

“The Competition and Markets Authority has decided, on the information currently available to it, not to refer the above merger to a phase 2 investigation under the provisions of the Enterprise Act 2002,” the regulator said in a statement.

($1 = 0.7925 pounds)

(Reporting by Huw Jones, editing by Sinead Cruise)