Royal London to acquire Aegon's individual protection book

Royal London has today announced it will acquire Aegon UK's individual protection business.

Related topics:  acquisition,  Royal London,  aegon,  Protection
Amy Loddington
4th April 2023
deal agreement business hand handshake acquire approve buy mortgage
"The advised nature of Aegon’s individual protection customer base makes it a perfect strategic fit"

The acquisition - for an indisclosed sum - is subject to court approval.

The move will bringing over 400,000 life insurance, critical illness and income protection policies customers under Royal London - they are expected to transfer over in 2024, and will be reinsured to Royal London in the interim.

Royal London and Aegon have stressed that there is no immediate change for customers or their advisers and that accounts will be processed as usual.

Barry O’Dwyer, group chief executive at Royal London, commented:

“We are delighted to be welcoming over 400,000 new protection customers and their advisers. Combined with over 900,000 existing customers who already trust Royal London to protect their families against life shocks, this transaction strengthens our position in the UK protection market. Our reputation for outstanding customer service means that customers and advisers will be reassured that they are in safe hands.

“The advised nature of Aegon’s individual protection customer base makes it a perfect strategic fit. We are strong champions of the adviser community and of impartial advice, and we look forward to supporting advisers through this transaction, making sure there is no disruption to their businesses or to their clients.”


More like this
Latest from Financial Reporter
Latest from Property Reporter
to our newsletter

Join a community of over 30,000 intermediaries and keep up-to-date with industry news and upcoming events via our newsletter.