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Metlife set to buy Alico

Metlife is set to acquire AIG subsidiary Alico for over £10bn.

The deal will comprise £4.4bn in cash and about £5.7bn in Metlife equity securities. Metlife has been circling Alico for months. Money Marketing understands previous deals have fallen through due to price.

Fixed-term annuity provider Living Time’s products are underwritten by Alico.

Hargreaves Lansdown head of pensions research Tom McPhail says: “Living Time have been held back by their association to AIG. A lot of IFAs will look at this as a resolution of an issue that has stopped them writing business with them.”

Metlife says the combination of the businesses will create a “global life insurance and emp-loyee benefits powerhouse”.

Upon completion of the transaction, Metlife, the biggest life insurer in the US and Mex-ico, will become a leading competitor in Japan and boost its position in Europe.

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