Aegon completes £275m Guardian sale

Aegon has completed the £275m sale of its UK-based Guardian life and pension business to European private equity group Cinven.

Guardian, which manages over 300,000 life insurance policies in the UK, has been closed to new business since 2001.

Aegon Asset Management will continue to manage Guardian’s assets, which are worth £7.4bn.

Aegon UK chief financial officer Clare Bousfield says: “Completing the sale of Guardian marks an important step forward as we move into the next chapter of Aegon UK’s development, and focus our business on the opportunities presented by RDR and pensions reform.”