American International Group has today confirmed its purchase of Ageas’ UK protection arm in a deal worth £181m.
AIG says it expects the deal to be completed in the fourth quarter of 2014, pending regulatory approval.
Ageas Protect will join AIG’s global consumer business which currently offers personal accident, health and travel insurance to consumers.
AIG chief executive of global consumer insurance Kevin Hogan says: “UK life protection is an attractive market for AIG.
“We are excited about the prospect of enhancing AIG’s significant presence and existing insurance offerings in the UK, and we are committed to the management team, employees and distributors who have made Ageas Protect the strong company it is today.”
Ageas Protect managing director Darren Spriggs says: “I’m very proud of all that the Ageas Protect team have achieved in building a great company from scratch. We have a strong presence and close relationships with our IFAs, partners, customers and suppliers based on the delivery of award-winning service, systems and processes and that delivery will most definitely continue.
“Ageas has supported us all the way through our growth but we all feel that now is the right time to move to the next stage of our development and we are really excited about the opportunities AIG will create for us.”
The company today reported a pre-tax profit of £1m for the first six months of 2014 after making a £1.3m loss in the same period last year.
The provider also reported gross written premiums inflow of £52.5m in H1, up 20 per cent from £43.7m in 2013.
Ageas Protect will join AIG’s global consumer business, which currently offers personal accident, health and travel insurance to consumers.