Aegon UK is in exclusive talks with third-party specialists Serco regarding outsourcing the administration of its protection business.
The deal is set to last for ten years.
The part of the business that will be outsourced provides customer services and administration support to Aegon's individual protection business as well as some small closed books of life and pensions. It is based in Lytham St Annes.
In a statement, Aegon UK said the move would allow it to focus on proposition developments and widen its distribution reach to help tackle the growing protection gap.
The partnership will start in fourth-quarter 2012, will have no direct impact on adviser customers or their clients as activities and customer interaction will remain unchanged.
Aegon UK will retain the proposition development, pricing, sales and actuarial functions.
Chief executive of Aegon UK Adrian Grace said: "This area of the business based in both Lytham and Edinburgh employs around 390 people, and for around 330 of those employees, their employment arrangements will be outsourced, via TUPE, to Serco. We do not anticipate any redundancies as part of this arrangement."
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