It is expected that, if the Guernsey Court sanctions the Scheme on 10 April 2015, the transaction will complete on 13 April 2015.
Mark Wilson, Group Chief Executive Officer, said:
"We welcome shareholders’ endorsement of the financial and strategic logic of this acquisition. This is the right deal at the right time for Aviva.
"The enlarged UK Life business, to be led by Andy Briggs, will be an industry leader, well positioned to serve customers in the vibrant UK life and pensions sector."
Andy Briggs, Group Chief Executive, Friends Life, said:
“We are delighted that our shareholders have today voted in favour of the recommended all-share acquisition by Aviva. The Friends Life Board believes that the combination of the two businesses offers attractive growth opportunities for the shareholders of the enlarged Group, as the increased scale will help drive better profitability, and improved service as our customers will benefit from access to a broader range of products.”
The merger will also see David Barral, the current CEO of Aviva UK & Ireland Life, leave the Group at the end of May. According to a statement, Aviva aimed to 'identify potential options to retain him within the Group', but Barral announced that he had decided to 'move on with the next stage of his career'.
Aviva announced in December that Andy Briggs, the current CEO of Friends Life, will become CEO of the enlarged Aviva UK&I Life business.
Mark Wilson, Group Chief Executive Officer, said:
“I would like to thank David for his distinguished service to the Group. David has had a successful career with Aviva spanning 16 years. Over the last three years, David has been a member of the Group Executive and has been a great partner during Aviva’s turnaround. We all wish him well as he pursues the next chapter.”
The addition of Friends Life will extend Aviva's customer base from 11 million to 16 million and is expected to generate about £225m of annual cost savings by the end of 2017.
