Aegon has sold two-thirds of its UK annuity portfolio to Rothesay Life in order to focus on further developing its platform.
The provider said the sale was in line with its strategy to free up capital from "non-core businesses". The deal will see Aegon reinsure £6bn of liabilities to Rothesay Life it added it was also exploring options to divest the remainder of its UK annuity portfolio. Aegon chief executive Alex Wynaendts said: "This is an important step in the process to fully divest our UK annuity portfolio, and will enable us to focus on our fast-growing platform in the UK. "We are confident that this transaction is also in the best interests of our annuity customers, as Rothesay Life is an establis...
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