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UK competition regulator decides against in-depth probe of Aviva, AIG Life UK merger
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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.
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)
A merger is a business strategy where two companies combine to form a new entity, often to enhance their market position, reduce competition, or achieve greater efficiencies.
Life insurance is a financial product that pays a designated beneficiary a sum of money upon the insured person's death, providing financial security to loved ones.
The Enterprise Act 2002 is UK legislation that provides a framework for competition law, including the regulation of mergers and the powers of the Competition and Markets Authority.
A phase 2 investigation is a detailed examination conducted by regulatory authorities to assess the potential impact of a merger or acquisition on competition in the market.
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