Aegon UK review attracts reported buyer interest from insurers and investors

Aegon has confirmed that it has initiated a strategic review of its UK business, including the possibility of divestment.

The Dutch insurer stated that the review would assess “all options” for Aegon UK as part of a broader shift towards the US market, following announcements made at its Capital Markets Day in December 2025.

The process is expected to conclude around the middle of 2026, with Aegon declining to comment further until then.

According to the Financial Times, Phoenix Group, Scottish Widows and Royal London are among several potential buyers that have shown interest in Aegon’s UK business.

Private equity firm CVC was also reported to have expressed preliminary interest, while Goldman Sachs was understood to be running the auction process.

Aegon’s UK operation provides pensions, savings and investment services to around 4 million customers and had approximately £220bn of assets under administration at the end of 2024. It employs around 2,500 people.

Potential divestment

In a statement responding to Insurance Times’ request for comment, Aegon reiterated that the strategic review formed part of its decision to prioritise growth in the US, where it plans to relocate its head office and rebrand as Transamerica by 2028.

“In this review all options will be evaluated, including a potential divestment,” the insurer said, adding that neither it nor Aegon UK would comment further while the review was ongoing.

Phoenix, CVC Royal London, and Goldman Sachs, all declined to comment. Scottish Widows are yet to respond.

The potential sale comes at a time of heightened M&A activity across the market. On January 22, Insurance Times reported that Beazley recently rejected a takeover bid from Zurich of 1,280 pence per share.

Notable deals in the pensions space include Aviva’s acquisition of AIG’s UK protection business in 2024.