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.
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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