Aviva has acquired national IFA Succession Wealth for £385m as it targets growth in the UK financial advice market.
It said the deal would accelerate its ability to offer high-quality financial advice to 6 million of its workplace and individual pension and savings customers.
The insurer's full-year results revealed: "Succession Wealth will be acquired for a consideration of £385m and its 2022 EBITDA is expected to be £24m."
Aviva said it expected "double-digit" returns on its investment over the medium term through accelerated growth.
It added the deal would "significantly" enhance Aviva's presence in the fast-growing UK wealth market as more people seek advice for their retirement options.
The transaction is subject to regulatory approval and is expected to complete in 2022.
Succession Wealth has about 200 planners advising on £9.5bn of assets, delivering advice to 19,000 clients throughout the UK.
Aviva said it had a proven track record of consolidating advice firms and delivering improved client outcomes and better support for planners through its 60 acquisitions to date.
Succession Wealth CEO James Stevenson will continue to run the business that will continue to operate as a separately regulated, IFA firm and will continue to use the Succession Wealth brand.
Aviva UK and Ireland Life CEO Doug Brown said: "We are excited to partner with the management team at Succession Wealth. They have built a great business over the years, and I am confident that Aviva's scale, resources, capabilities and shared vision will enable Succession Wealth to further expand its leading client and planner proposition in the UK's attractive wealth market.
"This acquisition will broaden our advice offering and will help our existing customers currently without an adviser to better secure their financial future."
Stevenson added: "We are delighted to become part of Aviva and to offer our independent financial planning capability to Aviva customers who don't have an adviser.
"The demand for financial advice across the entire wealth spectrum has never been greater, and the opportunity to combine Succession Wealth's holistic financial planning expertise, with the capabilities and customer reach of Aviva is hugely exciting.
"The Succession Wealth brand and our core independent advice proposition is fundamental in providing ongoing stability and reassurance to our existing clients and our people as we embark on this new journey as part of Aviva."
Group chief executive Amanda Blanc said: "2021 was a year of significant strategic progress, right across Aviva. We successfully completed the sale of eight non-core businesses, generating excellent value for our shareholders. Our financial position is strengthened and Aviva is now a much simpler, leaner business, focused on our core markets in the UK, Ireland and Canada.
"Today we are announcing a total capital return to shareholders of £4.75bn, including the existing £1bn share buyback, delivering on our promise to shareholders by returning more than £4bn.
"We are confident in the future and are setting out plans for further investment to enhance our capabilities and accelerate growth, starting with the acquisition of Succession Wealth.
"The acquisition of Succession Wealth boosts Aviva's presence in the fast-growing UK wealth market; supports our strategy to grow sustainably, and expands Aviva's ability to offer high-quality financial advice to millions of our customers."
Aviva also said it had the means to look "opportunistically at further 'bolt-on' acquisitions that would complement our target growth areas".
