Aegon is attracting interest from several potential bidders looking to acquire its UK insurance business, according to reports in the Financial Times.

The Financial Times reported that Phoenix Group, Royal London, and Scottish Widows were among those considering a bid for the business, alongside private equity groups including CVC.

In its Capital Markets Day 2025 announcement in December, Aegon revealed that it would consider selling the UK insurance and workplace arm of its business as it sought to expand its presence in the US market.

This included moving its head office and legal seat to the US and being renamed Transamerica Inc., with the aim of concluding the switch by 2028.

As part of its strategic review of Aegon UK, Aegon said it was evaluating all options, including divestment.

Aegon Asset Management’s UK business was not expected to be part of the divestment.

The Financial Times reported that people familiar with the matter indicated an initial bid deadline in the coming weeks, with investment bankers at Goldman Sachs running the auction process.

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