Aegon completed the sale of its UK-based Guardian life and pension business for a total cash consideration of GBP 275 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.
The decision to divest Guardian is consistent with Aegon’s strategic objective to optimize its portfolio of businesses. The agreement was first announced in August 2011.