Standard Life to acquire Aegon UK for $2.7bn amid redomicile plans

Bermuda-based, Netherlands-headquartered Aegon has agreed to sell Aegon UK to Standard Life for £2 billion ($2.7 billion), as part of its broader strategy to scale its US life insurance and retirement operations and ahead of its planned redomiciliation from Bermuda by 2028.

This follows the announcement made in late 2025 to redomicile to the US. 

The proceeds consist of a 15.3% (181.1 million shares) shareholding in Standard Life. 

Aegon said the cash received from the transaction, minus the value of the remittances that were expected to be received from Aegon UK between the signing and the closing of the transaction, is expected to be used for a combination of deleveraging and share buybacks, once the transaction is completed.

Aegon’s asset management activities in the UK will remain part of Aegon’s global asset manager. The relationship agreement with Standard Life entitles Aegon to appoint one non-executive director to the Board of Standard Life.

On a pro-forma 2025 basis, and prior to any deleveraging or share buyback initiatives, the transaction is expected to result in a 5 ppt reduction in the group solvency ratio. At the same time, it is expected to have a positive impact of €1.1 billion on group shareholders’ equity and a negative impact of €100 million on group valuation equity. The positive impact on the Group’s net result is expected to be €600 million.

Lard Friese (pictured), Aegon CEO, commented: “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.”

Andy Briggs, Standard Life CEO, said: “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.”

The transaction is expected to close around the end of 2026, subject to customary conditions, including regulatory approvals. 

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