Aegon may buy GRE life business
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.AEGON, the Dutch insurance giant, is in exclusive talks to buy the UK and Irish life business of Guardian Royal Exchange, whose future has been under review since GRE was taken over by AXA of France for pounds 3.5bn earlier this year.
AXA, which hopes to be in a position to confirm the sale when its UK arm, Sun Life & Provincial Holdings, announces half-year results on Thursday, is believed to be seeking about pounds 700m for the business.
However, sources close to the talks stressed yesterday that discussions were still going on and there was no guarantee there would be a deal. The argument appears to centre on price, with Aegon pushing for something closer to pounds 600m.
Aegon owns Scottish Equitable, the Scottish life and pensions business, and wishes to expand its UK life operations. The group recently completed the $9.7bn takeover of US group Transamerica, and has looked at a counterbid for Scottish Widows, which in June agreed to be taken over by Lloyds TSB.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments