Aviva has outlined its plans for its protection business following its acquisition of AIG Life, including a management shake up and some features being combined.
Aviva managing director of protection, Fran Bruce, said: “We’re pleased to be able to give clarity to our colleagues, customers, intermediaries, and partners about our plans for our future product offerings.
“There are great elements about each of our respective propositions that complement each other well and we believe the combined features will help us realise our growth ambitions in the protection market.
“Over time, our aim is to continue enhancing our propositions and products with the combined knowledge and expertise that we have gained through the acquisition of the AIG Life business and their talented people.”
Aviva announced it was buying the UK protection business of AIG in a deal worth £460mn back in September 2023.
Aviva said it was “keen” to retain several attributes of AIG Life’s business, specifically their high-net-worth channel and their strong partnership distribution.
As a result, distributors who have worked closely with AIG Life in the high-net-worth market will continue to be able to offer AIG Life products to clients, as Aviva does not currently offer some of the options available within this proposition.
Aviva will be exploring how it can grow its capabilities in this area as a key focus for the combined business.
New business will also continue under AIG Life for their existing single-tie relationships and contractual relationships, and we will continue to work closely with these key partners.
Single new business proposition
After review of AIG Life’s core individual and group protection products, due to their similarities Aviva will continue with its own branded core propositions only for new intermediated business.
This “significant” phase of the integration aims to give stakeholders a clear position on new business products going forward and certainty to customers and intermediaries of a single product offering.
As part of this, Aviva confirmed several details such as no change to existing insured AIG Life Group Protection schemes, and new or existing AIG Life customers still having access to the health and wellbeing service AIG Smart Health as a benefit.
“As we continue to work towards a smooth transition of the AIG Life business, we will share further relevant information with our distribution partners when we can,” the insurer added.
Senior leadership team
Lastly, AIG Life CEO, Phil Willcock, announced that he would be stepping down from his position later this year.
Willcock has led AIG Life for five years and has played a “crucial” role both in the company’s success and in the sale of the business to Aviva.
Meanwhile, AIG Life managing director of individual protection, Nick Austin, has been appointed to a newly created role as protection commercial director.
In this new role, Austin will lead a “commercial centre of excellence” to bring together the combined pricing, reinsurance, and scheme underwriting teams.
tom.dunstan@ft.com
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