Aviva Strengthens Retail Insurance Business with Acquisition of Barclays Home Insurance Portfolio

Aviva Strengthens Retail Insurance Business with Acquisition of Barclays Home Insurance Portfolio

(IN BRIEF) Aviva, the leading home insurer in the UK, has entered into an agreement with Barclays UK to acquire its home insurance portfolio, which consists of 350,000 customers. The acquisition will support Aviva’s growth in the retail insurance business and maintain its prominent position in the home insurance market. Barclays home insurance customers will be seamlessly transitioned to Aviva’s services, and the acquisition is set to be completed in August.

(PRESS RELEASE) LONDON, 25-Jul-2023 — /EuropaWire/ — This acquisition will support the insurer’s ambitions to further grow its retail insurance business, enable customers to continue to benefit from excellent service, and maintain Aviva’s leading position in the home insurance market.

Aviva has been a strategic partner of Barclays for 18 years where it has administered, underwritten, and provided servicing and claims management for Barclays home insurance customers.

Commenting on the announcement, Owen Morris, MD Personal Lines, Aviva UK General Insurance, said:

“This is a fantastic opportunity to acquire an established home insurance book and reflects the strong relationship we’ve had with Barclays for 18 years. Importantly, this acquisition will also allow Barclays customers to continue to benefit from Aviva’s leading underwriting and home insurance claims expertise. It is an important strategic step in growing our direct personal lines portfolio and achieving our One Aviva ambitions.”

The acquisition will complete in August and Barclays UK home insurance customers have been contacted about the changes throughout June and July. Customers do not need to take any action.  From 31st August, policies will change to Aviva and customers will be able to manage their policies digitally via MyAviva, online or using the app.

Aviva underwrites and provides cover for Barclays Travel insurance customers and this is unaffected by the acquisition of the home insurance portfolio.

Aviva offers home, motor and travel insurance products and services across a number of channels, allowing customers to buy how and when they want.  This includes buying directly from Aviva, via price comparison websites or brokers and through partnerships with leading banks and building societies.

In May 2023, Aviva also announced it had signed a five-year distribution agreement with Nationwide Building Society to be the sole provider of travel insurance for its FlexPlus account members from May 2024.

Notes to editors:

• We are one of the UK’s leading Insurance, Wealth & Retirement businesses and we operate in the UK, Ireland and Canada. We also have international investments in India, China and Singapore.
• We help our 18.7 million customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
• We have been taking care of people for more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2022, we paid £23.2 billion in claims and benefits to our customers.
• Aviva is a market leader in sustainability. In 2021, we announced our plan to become Net Zero by 2040, the first major insurance company in the world to do so. This plan means Net Zero carbon emissions from our investments by 2040; setting out a clear pathway to get there with a cut of 25% in the carbon intensity of our investments by 2025 and of 60% by 2030; and Net Zero carbon emissions from our own operations and supply chain by 2030. Find out more about our climate goals at www.aviva.com/climate-goals and our sustainability ambition and action at www.aviva.com/sustainability
• While we are working towards our sustainability ambitions, we acknowledge that we have relationships with businesses and existing assets that may be associated with significant emissions. More information can be found at www.aviva.com/sustainability/climate/
• Aviva is a Living Wage and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at https://www.aviva.com/about-us/our-people/
• As at 31 December 2022, total Group assets under management at Aviva Group were £352 billion and our estimated Solvency II shareholder capital surplus as at 31 March 2023 was £7.7 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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Media Contact:

Liz Kennett
General Insurance — Products and regulation
Phone: +44 (0) 7800 692 675
Email: liz.kennett@aviva.com

SOURCE: AVIVA