Mon, 21 Jun 2010 | DIVISION SALE
The UK life insurance and pensions arm of Dutch insurance group, Aegon, is the subject of disposal plans, with a £1.5 billion price tag being mooted, insiders say.
It has been reported that the in-house advisors for the firm are understood to be 'tidying up' the British operations of the company in anticipation of an investment bank being appointed to market them later this year. There is expected to be an official update on the status at an analysts' meeting this Tuesday.
Aegon UK employs more than 4,900 people in the UK. It was founded in 1994 when the Dutch group bought Scottish Equitable, and has headquarters in Edinburgh. Its main specialities are corporate and individual pensions, and holds a 10 per cent market share and around two million policy holders.
Insurance companies see the UK market as having little remaining potential for growth, however. Aegon is the latest to make clear its desire to exit in favour of focusing on the swiftly-expanding Asian markets. Just last week, industry giant Axa announced it was considering selling its UK life and pensions business to Resolution for £2.75 billion.
The revenues of the UK life and pensions business increased 5 per cent in the first quarter of this year to £235 million.
A spokesperson for Aegon stated that the company was not intending to sell its UK operations, although there will shortly be a declaration of intentions made by the chief executive in a meeting of shareholders and analysts.
Update 22 June, 2010: Chief executive Alex Wynaendts, admitted that the company had explored a sale of its UK operations but had decided to pare down activities and focus on two main areas: work group savings business and pension savings. It plans a withdrawal from the annuities market.
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