David Kneeshaw, chief executive of IFGL, said: “Welcoming Friends Provident International to the IFGL Group’s already impressive stable fits with our stated long-term goal of high-quality acquisitions to complement our existing international business.
“Friends Provident International’s strong franchise and its branch structure make the business an ideal fit with IFGL and we see significant opportunities for the businesses to work together and grow.
“Our immediate aim, once we have received regulatory approval for the deal, will be to look at how best we can integrate Friends Provident International into the group.”
Patrick Connolly, head of communications at Chase de Vere, said there has been a great deal of consolidation in the life assurance industry and there will be more to follow.
He said: “In the past some life assurers have tried to be ‘all things to all men’ but this approach doesn’t work and they need to focus on core areas where they can be competitive and believe they can add value to consumers. This is exactly what Aviva is doing here.”
emma.hughes@ft.com
