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(Bloomberg) — Lloyds Banking Group Plc and Phoenix Group Holdings Plc are among bidders for the UK arm of Dutch insurer Aegon Ltd., people familiar with the matter said.
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They’re among parties that submitted initial offers this month, the people said, asking not to be identified because the information is private. Aegon UK has also attracted early interest from Great-West Lifeco Inc.’s Canada Life unit and Royal London, according to the people.
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Aegon UK offers pensions and investment services to more than 3.5 million customers, according to its website. Its platform oversaw £124 billion ($169 billion) in assets at the end of the third quarter, according to a company presentation.
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Lloyds owns pensions provider Scottish Widows, while Phoenix owns rival Standard Life. Deliberations are ongoing and there’s no certainty who will proceed to the next stage of bidding, the people said.
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Other suitors could also emerge for the business, according to the people. Representatives for Lloyds, Phoenix, Great-West Lifeco, Royal London and Aegon declined to comment.
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Amsterdam-listed Aegon said in December it will move its headquarters to the US over the next two years. As part of the move, the company said it will rename itself Transamerica Inc. and is evaluating all options for Aegon UK, including a sale.
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Chief Executive Officer Lard Friese said Aegon is working with advisers and the review should be completed in the first half of this year, confirming a previous Bloomberg News report.
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—With assistance from Sarah Jacob.
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English (US)