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UK: Aviva-Friends Life in 5.6 billion pound merger

By  |  March 5, 2015

Insurers Aviva and Friends Life Group reported forecast-beating yearly profits on Thursday, lifting their shares to multi-year highs ahead of a 5.6 billion pound agreed merger due to complete next month.

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    Aviva is acquiring Friends Life as changes in the UK pensions market put pressure on life insurance companies, leading to a drop in their sales of income-bearing annuities.

    The deal is expected to bring 225 million pounds in annual savings, Aviva reiterated on Thursday, and material capital savings, without giving further detail.

     

    Full Content: The Guardian

     

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