Aegon is selling Aegon UK to Standard Life for GBP 2.0 billion and the transaction marks the completion of the strategic review of Aegon UK, further supporting Aegon in its ambition to become a leading US life insurance and retirement group, according to the company’s press release.

The proceeds are valued at GBP 2.0 billion and consist of a shareholding of 15.3% (181.1 million shares) in Standard Life plc (Standard Life) and a cash amount of GBP 0.75 billion.

Aegon’s group financial ambitions for 2026 and 2027, as communicated at its Capital Markets Day 2025, will be updated to reflect the transaction announced, with target growth rates unchanged but starting from an adjusted base level. Aegon’s asset management activities in the UK will remain part of Aegon’s global asset manager and will be an important asset management partner for the new combined business.

“The transaction represents an important step in our ambition to become a leading US life insurance and retirement group. The terms reflect our commitment to creating value for shareholders, and through our shareholding we will benefit from further value creation in the combined business. Standard Life is the right owner for Aegon UK and a good home for our employees: we share the same values and a strong commitment to customers, and together the businesses will create the UK’s largest retirement savings and income provider. Aegon’s asset management business in the UK will remain an important asset management partner to the new combined business”, said Lard Friese, Aegon CEO.

“With financial wellbeing at the heart of everything it does, Aegon UK’s values and culture are aligned with our own. Together, we will not only be stronger, we will be better - helping our customers achieve better outcomes and greater financial security in later life. I look forward to welcoming everyone in Aegon UK to Standard Life in due course and working together to capture the huge potential in front of us”, commented Andy Briggs, Standard Life CEO.

The transaction is expected to close around the end of 2026, subject to customary conditions, including regulatory approvals. Following the completion of the transaction, Aegon will enter into a lock-up period with respect to the shares received as part of the transaction. This period will last until the earliest of 18 months following the transaction completion date or the completion of the redomiciliation of Aegon Ltd to the United States.