News: Aviva to take over Friends Life

It has just been announced that Aviva, the UK insurance company, is to take over Friends Life. This is to include all companies in the Friends Life Group, including Friends Provident International which operates out of the Isle of Man, but has been predicted by industry insiders for a while.

Whilst the deal needs to approved by shareholders and regulatory authorities before the acquisition can go ahead, no opposition is expected and the transaction should go through in the first half of 2015.

Friends Life

Friends Provident IntAviva 2

The deal is believed to be worth around £5.6 billion and will lead to the creation of the UK’s largest savings, insurance and asset management company. Friends Provident has suffered following the overhaul of the UK pension annuity market and Aviva has sold a number of its unprofitable businesses over the last couple of years. Markets have reacted fairly positively.

As far as business in the UAE is concerned there is likely to be little difference going forward as Aviva pulled out of this market a few years ago and Friends Provident International will re-brand in due course. The combined value and influence of the new merged company should benefit shareholders, investors and policyholders. There is no cause for concern and for now it is business as usual.

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About FinancialUAE

A qualified and experienced Independent Financial Adviser based in Dubai, UAE. Professional and ethical. Freelance writer on personal financial issues & the On Your Side column in The National. Founder of Facebook group British Expats Dubai. Senior Partner at Holborn Assets LLC, Dubai, UAE.
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