Chesnara PLC (CSN)

ORD 5P

Sell: 300.50p|Buy: 301.50p|Change: 10.00 (3.44%)

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PRESS: UK insurers circle Aegon's GBP3 billion UK arm - The Times

(Alliance News) - Aegon Ltd's planned strategic review of its UK business has prompted strong interest from some of Britain's biggest insurers, with a potential sale valued at up to GBP3 billion, The Times reported late Thursday.

Panmure Liberum told the newspaper that the Edinburgh-based arm - which includes workplace pensions and adviser platforms Aegon Platform and Aegon Retirement Choices - could fetch GBP1.5 billion to GBP3 billion depending on whether it is sold whole or broken up.

Potential bidders reportedly include Chesnara PLC, Phoenix Group Holdings PLC, Aviva PLC, Royal London, M&G PLC, Lloyds Banking Group PLC and "less likely" Legal & General PLC.

Ross McNally, equity sales trader at Panmure Liberum, said to the Times that "either somebody will take the whole thing in one go… or it could be broken down into separate parts."

The article follows Aegon's announcement on Wednesday that it will relocate its headquarters to the US and adopt the Transamerica name as part of a broad restructuring. The Dutch insurer said the review of the UK arm could lead to a "potential divestment".

Shares in Aegon were up 1.0% at EUR6.38 in Amsterdam on Friday afternoon.

In London, Chesnara rose 0.2% to 281.50 pence, Phoenix Group edged down 0.3% to 677.50p, Aviva was down 0.3% at 651.80p, M&G gained 0.5% to 274.60p, Lloyds Banking Group slipped 0.8% to 94.24p, and Legal & General was flat at 247.10p.

By Eva Castanedo, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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