Insurance organisation Aviva has completed its acquisition of Friends Life.
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.
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.