Royal London is set to acquire Aegon UK’s individual protection business.
Over 400,000 life insurance, critical illness, and income protection policies are expected to transfer to Royal London in 2024 after a court-approved Part VII transfer.
Aegon UK will continue to reinsure the portfolio to Royal London during the interim period; there will be no immediate changes for customers or advisers, and both companies will provide updates as the acquisition progresses.
Royal London group chief executive Barry O’Dwyer says: “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.”
