AEGON to Sell Guardian Financial Services to Cinven for $448 million

Not quite a week after transferring $1.8 billion in reinsurance assets to SCOR, AEGON continues their business divestitures today by selling the UK-based Guardian Financial Services, a life and pension business, to Cinven, a European equity group, for over $448 million.

Guardian, which maintains over 300,000 life insurance policies, has been closed to acquiring new business since 2001.

"Consistent with actions over the past three years to dispose of, or run-off, certain businesses deemed non-core, AEGON has concluded that managing the closed business of Guardian companies no longer fits with our strategic objectives," said Jan Nooitgedagt, AEGON CFO.

The long-term agreement struck with Cinven will still allow AEGON to manage the more-than-$12 billion assets of Guardian.

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