"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.”
