(IN BRIEF) Aegon UK has sold its individual protection book to Royal London as part of its strategy to focus on core Retail and Workplace platform activities in the UK. The portfolio of life, critical illness, and income protection policies for 400,000 high-net worth individual customers, sold via independent financial advisers, will be reinsured by Aegon UK initially before legal ownership is transferred to Royal London in 2024 subject to court approval. The portfolio will close to new business on April 4, 2023. Financial terms of the agreement were not disclosed, and 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.
(PRESS RELEASE) THE HAGUE, 5-Apr-2023 — /EuropaWire/ — Aegon announces the sale of its UK individual protection book to Royal London. The transaction supports Aegon’s 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 the individual protection book in 2024. The transfer is subject to court approval.
Aegon UK’s 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 UK’s 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.
Media Contact:
Carolienvan der Giessen
Head of External Communications
Strategy, transformation, CEO
+31 6 11 95 33 67
carolien.vandergiessen
SOURCE: Aegon
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