Bringing you live news and features since 2013
Bringing you news, views and analysis since 2013

8304

AEGON to sell closed UK life insurance business Guardian to Cinven

RELATED TOPICS​

AEGON is to sell its UK-based Guardian life and pension business for a total cash consideration of GBP275 million to Cinven, a European private equity group.

Guardian, which manages over 300,000 life insurance policies in the United Kingdom, has been closed to acquiring new business since 2001.

AEGON Asset Management has entered into a long-term agreement with Cinven and will continue to manage the assets of Guardian which total GBP 7.4 billion.

"Consistent with actions over the past three years to dispose of, or run-off, certain businesses deemed non-core, AEGON has concluded that managing the closed business of Guardian companies no longer fits with our strategic objectives," says Jan Nooitgedagt, AEGON’s CFO. "We remain committed to the United Kingdom and to maximising the opportunities of AEGON’s chosen markets, Workplace Savings and At Retirement, which includes individual protection."

The book value of the Guardian business amounted to GBP 271 million as per June 30, 2011, while the embedded value amounted to GBP 322 million. Underlying earnings before tax totalled GBP 23 million in 2010.

Guardian, based in Lytham, England, employs approximately 170 people, and for most, their employment arrangements will be transferred to the buyer upon completion of the sale of the business.

The transaction, which is subject to regulatory approval, is expected to close in the fourth quarter of 2011.

Latest News

EFAMA has commented on today’s vote by the European Parliament in favour of a new..
Morgan Stanley Investment Management (MSIM) has announced the launch of the MS INVF Systematic Liquid..
Confidence in the continuing strength of bitcoin and Ethereum is driving wider interest in altcoins..

Related Articles

Juan Nozal, Mapfre Asset Management
Juan Nozal, Fixed Income Portfolio Manager at MAPFRE Asset Management, talks about the outlook for fixed income assets over 2024, in what he predicts will be an outstanding year for this asset class...
Juan Nozal, Fixed Income Portfolio Manager at MAPFRE Asset Management, talks about the outlook for fixed income assets over 2024,..
n response to the increased attention to climate change risk, institutional investors, asset managers, and asset owners in the US are committed to implementing a variety of measures to address climate change and reach their net-zero goals, according to Cerulli Associates...
n response to the increased attention to climate change risk, institutional investors, asset managers, and asset owners in the US..
Lord Hollick, House of Lords
A House of Lords committee has raised “significant concerns” over the role of UK regulators, their ability to operate with genuine independence from government and how they are held to account...
A House of Lords committee has raised “significant concerns” over the role of UK regulators, their ability to operate with..
Rob Edwards, Morningstar
The complexities of assessing performance from responsible investment strategies have been laid bare after Morningstar’s ESG indices delivered a mixed bag in 2023...
The complexities of assessing performance from responsible investment strategies have been laid bare after Morningstar’s ESG indices delivered a mixed..
Subscribe to the Institutional Asset Manager newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by