Goldman Sachs insurer eyes Aegon annuity book

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Pension insurer Rothesay Life is in advanced talks to buy an £8bn annuity book from Aegon.

Sky News reports the insurer – owned by Goldman Sachs – has entered exclusive talks to purchase the annuity assets from Dutch-owned Aegon.

In September 2015 an internal memo responding to speculation the whole firm was for sale reaffirmed the provider’s commitment to the UK but revealed it was reviewing its annuity portfolio.

The memo said: “We have built a market leading platform which continues to be the fastest growing platform both by percentage and in terms of asset growth.

“We have clear differentiation in our proposition “to and through” retirement and this is supported by innovative products such as Secure Retirement Income which is the only guaranteed product available on platform today.

“We will continue to grow our platform both organically and through acquisition.”

Last week, Money Marketing revealed Aegon has reached a verbal agreement with Legal & General to buy its platform Cofunds. Around 30 sales staff working on its legacy business are also expected to leave as part of a restructuring of resources towards its platform division.

Rothesay Life declined to comment.