Aegon confirms 'no material impact' from £60m Stonebridge sale

Dutch insurance group Aegon has completed the divestment of Stonebridge, a UK-based provider of accident insurance products, to London-based Global Premium Holdings group, part of Embignell group.

Aegon also confirmed that the transaction will not have a material impact on its capital position and results.

Stonebridge has been closed for new business since 2014. It is a direct to consumer insurer specialising in accidental death and hospitalisation products that provides policies to around 200,000 customers across the UK, Germany, France, Spain, Italy, the Nordics and Ireland.

Aegon sold Stonebridge for a consideration of approximately £60 million, consisting of the purchase price and dividends related to the transaction, excluding a contingent consideration of up to £10 million.

The divestment, first announced in October 2020, is aimed at simplifying Aegon's business profile. It is in line with the insurer's strategy to actively manage its portfolio of businesses, allocating capital to those businesses with a greater potential for an attractive return on capital, and where Aegon sees itself as well positioned for growth.

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