Aviva buys Friends Life for £5.6bn
Aviva, the UK’s largest insurance company, has agreed to buy Friends Life for £5.6bn. The deal will strengthen Aviva’s position in corporate pensions with assets of £39bn. Aviva Investors will take on approximately £70bn of Friends Life’s UK assets. Friends Life was formed in 2011 through the merger of Friends Provident and AXA.