Aegon Sells Guardian Life Insurance Unit for $449 Million
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Aegon NV, the Dutch owner of Scottish Equitable, agreed to sell its U.K. Guardian life and pension unit to private equity firm Cinven Ltd. for 275 million pounds ($449 million) as it tries to cut costs in Britain.
The unit had a book value of 271 million pounds at the end of June, The Hague-based insurer said in a statement today. Aegon’s asset management unit will continue to manage Guardian’s 7.4 billion pounds in assets for Cinven. The business had been closed to new clients since 2001.