Aviva completes acquisition of Friends Life

Insurance organisation Aviva has completed its acquisition of Friends Life. 

Aviva-headoffice-2015

The merger will create the UK’s largest insurance and savings business with more than 16 million customers.

The acquisition does not change any policy terms and conditions for existing customers with either Friends Life or Aviva products.

Aviva first announced the firms were in talks in November 2014.

It later announced the final details of the merger in December 2014.

Both Aviva and Friends Life shareholders voted and approved the acquisition on 26 March and the acquisition was cleared by the Financial Conduct Authority (FCA).

It is expected the merger will generate £225 million of run-rate annual cost synergies by the end of 2017, which Aviva has valued at around £1.8 billion.