UK insurance giant Aviva has agreed the terms of its six billion euro takeover of rival insurer Friends Life. <br /><br /> The move will create the UK’s largest insurance, savings and asset management firm.<br /><br /> The deal offers a 15 percent premium to Friends Life closing price on the London Stock Exchange on November 20.<br /><br /> Aviva said it expected the combined insurer powerhouse to generate 600million euros in excess cash a year and deliver around 250 million euros in annual cost savings by the end of 2017.<br /><br /> Friends Life, like other UK annuity providers, has faced an uncertain future since the UK governments radical overhaul of the pensions market.
