American International Group has completed its acquisition of Ageas Protect Limited, a U.K.-based provider of life, health and personal income protection coverage, from Ageas Protect’s parent company, Belgium-based Ageas Group.

Terms of the deal were not disclosed, but AIG’s 10-K filing with the SEC cites a payout of $293 million, which is significantly less than the $305 million figure used in the original August 2014 announcement.

Just six years after its launch in 2008, Ageas Protect has grown to 350,000 insureds and a 4.8 percent share of the U.K.’s new protection business through a combination of technological innovation and a differentiated customer experience.  The company reported net inflows of $85.6 million and net income of $1.6 million for the first half of 2014.

While Ageas Group is losing a business unit that generated about 5 percent of its profits, it is reaping significant capital gains, which are offset by only about $44 million in subordinated debt.  Perhaps more importantly, the sale allows Ageas Group to improve its return on equity by focusing on higher margin non-life and retail business.

AIG, for its part, is gaining a larger presence in the U.K. market, where it has operated for more than 50 years and already offers personal accident, health and travel insurance products.  It will also gain deeper penetration of the U.K.’s Independent Financial Advisor channel, where Ageas Protect has amassed a 8.4 percent market share.

AIG has performed well as of late, with  its stock reaching a 52-week high at the end of the year.

“We are excited by this opportunity to strengthen AIG’s presence in the UK life protection market and look forward to working with the management, employees and distributors who have done such a great job in growing Ageas Protect into a leading market presence in such a short time,” said Kevin Hogan, AIG Chief Executive Officer of Consumer Insurance. “The acquisition of Ageas Protect helps drive the continued expansion of AIG’s Consumer portfolio of insurance solutions designed to meet consumer needs for financial and retirement security.”

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