Aegon to sell Aegon UK to Standard Life for $2.7 billion

Transamerica owner Aegon announced an agreement to sell its UK insurance arm to Standard Life for $2.7 billion.

The transaction marks the completion of the strategic review of Aegon UK, further supporting Aegon in its ambition to become a leading US life insurance and retirement group.

Standard Life said the deal would create a pensions and savings group with 16 million customers and £480 billion of assets under administration.

“The transaction represents an important step in our ambition to become a leading US life insurance and retirement group. The terms reflect our commitment to creating value for shareholders, and through our shareholding we will benefit from further value creation in the combined business. Standard Life is the right owner for Aegon UK and a good home for our employees: we share the same values and a strong commitment to customers, and together the businesses will create the UK’s largest retirement savings and income provider. Aegon’s asset management business in the UK will remain an important asset management partner to the new combined business.” – Lard Friese, Aegon CEO.

“With financial wellbeing at the heart of everything it does, Aegon UK’s values and culture are aligned with our own. Together, we will not only be stronger, we will be better – helping our customers achieve better outcomes and greater financial security in later life. I look forward to welcoming everyone in Aegon UK to Standard Life in due course and working together to capture the huge potential in front of us.” – Andy Briggs, Standard Life CEO.