Aegon denies report of £1.5bn UK sale

Aegon UK has denied a report suggesting its Dutch parent is preparing to offload its British life and pensions business for £1.5bn.

The Mail on Sunday said the insurance group would provide an update on its plans to leave the British market at an investor meeting on Tuesday. However, an Aegon UK spokesperson says the rumours are "pure speculation". Aegon UK has two million customers, manages about £53.6bn of assets and employs 4,900 staff. The insurer's proposed move will allow it to focus on more high growth markets - such as central and eastern Europe, Asia and Latin America, the paper says. Aegon needed €3bn of Dutch Government funding during the financial crisis. In order to meet European Commission requ...