Sale allows Ageas to continue to focus on non-life business
Ageas has completed the sale of its UK life arm Ageas Protect Ltd to AIG for £197m.
Ageas Protect was launched in the UK in July 2008 and has more than a 5% market share in the UK protection market.
The company has said the sale would leave Ageas to continue to focus on developing its core non-life activities in the UK.
Chief executive Andy Watson said: “The Ageas Protect team hass achieved an enormous amount since start up six years ago. The business is now an established presence in the UK protection market with a strong reputation for innovative products, cutting edge technology and great customer service.
“As we continue to focus on our non-life business where we have considerable scale and hold significant market positions, we wish the Protect business well for the future, confident that their employees are going to a good home.”