The Hague April 4, 2023
Aegon UK to divest its individual protection book
Aegon
announces today the sale of its UK individual protection book to Royal London. The transaction supports Aegons strategy to focus on the core Retail and Workplace platform activities in the United Kingdom, as part of the ambition to create
leading businesses in its chosen markets.
Under the terms of the agreement, Aegon UK will initially reinsure the portfolio to Royal London, followed
by a Part VII transfer of the legal ownership of the individual protection book in 2024. The transfer is subject to court approval.
Aegon UKs
individual protection business is a portfolio of life, critical illness, and income protection policies for 400,000 high-net worth individual customers, that was sold via independent financial advisers. The
portfolio will close to new business on April 4, 2023.
Royal London is the UKs largest mutual life, pensions, and investment company, offering
protection, long-term savings and asset management products and services.
Financial terms of the agreement are undisclosed. The transaction is not
expected to have a material financial impact on the capital position and operating capital generation of Aegon UK and its main insurance legal entity, Scottish Equitable Plc.
About Aegon
Aegon is an integrated, diversified,
international financial services group. The company offers investment, protection, and retirement solutions, with a strategic focus on three core markets (the United States, the United Kingdom, and the Netherlands), three growth markets
(Spain & Portugal, Brazil, and China), and one global asset manager. Aegons purpose of Helping people live their best lives runs through all its activities. As a leading global investor and employer, the company seeks to have a
positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, and listed on Euronext Amsterdam and the New York
Stock Exchange. More information can be found at aegon.com.
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Contacts |
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Media relations |
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Investor relations |
Dick Schiethart |
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Jan Willem Weidema |
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+31(0) 6 2288 9925 |
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+31(0) 70 344 8028 |
dick.schiethart@aegon.com |
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janwillem.weidema@aegon.com |