Has Aegon Ireland now been sold?

For intermediaries and Aegon Ireland policies only

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The sale of Aegon Ireland plc by Aegon Group to Athora Life Re Limited (a wholly owned subsidiary of Athora Holding Ltd (Athora)) is now complete.

Athora, through its subsidiaries, is a specialist in the European life consolidation market. The purchase of Aegon Ireland is their second major acquisition after the former Delta Lloyd Lebensversicherung AG of Germany was bought in 2015, and now serves approximately 300,000 policyholders.

For more information on Athora, please read their recent press release along with a one page overview.

Have a look at the following questions and answers you may have about the sale. 

About Athora

Athora Holding Ltd is the top-level holding company for several European operating and administrative services companies - including Aegon Ireland. They're a specialist in the European insurance market.

Athora intend to build Aegon Ireland into a European reinsurance hub whilst providing services to all Athora Group companies from Dublin.

There’s no change.  Aegon Ireland will continue to provide the guarantees on what are Aegon Ireland’s unit-linked guarantee products.

There’s no change to the regulator for these products. Aegon Ireland will remain an Irish regulated insurance company. Our primary regulator is the Central Bank of Ireland (CBI).  This won’t change under Athora’s ownership.

Athora Holdings Limited is the top-level shareholder of Aegon Ireland.

There are no immediate changes to your client’s policy. We’ll write to you to let you know of any upcoming changes. 

Aegon Ireland will provide the guarantees on the policy.

Aegon Ireland contact details remain the same.

We’re working through our new shareholder’s operating model in relation to our business. We’ll issue further updates as they become available over the coming weeks and months.

We’ll rebrand to Athora in the coming months. We’ll contact you directly to let you know the dates and any impacts for you or your client.

There are no immediate changes to your client’s policy. We’ll write to you to let you know of any upcoming changes.

Aegon Ireland contact details remain the same.

We’re working with our new shareholder to understand their operating model and any impacts to our business. We’ll issue further updates as they become available.

Aegon Ireland contact details remain the same:

Phone: 08456 000 173 (from the UK) - 00 353 1 673 8840 (from outside the UK)

Fax: 00 353 1 673 8940

There’s no change to the regulation on the products. Aegon Ireland will remain an Irish regulated insurance company. Our primary regulator is the Central Bank of Ireland (CBI).  This won’t change under Athora’s ownership.

Aegon Ireland will continue to service the guarantee policies.

There are no immediate changes to your client’s policy. We’ll write to you to let you know of any upcoming changes.

Aegon Ireland contact details remain the same.

We’re working with our new shareholder to understand their operating model and any impact to our business. We’ll issue further updates as they become available over the coming weeks and months.

Phone: 08456 000 173 (from the UK) - 00 353 1 673 8840 (from outside the UK)

Fax: 00 353 1 673 8940

Transfer of offshore bond business

Athora have confirmed that it has agreed to sell Aegon Ireland’s non-guarantee business to Utmost Ireland DAC (Utmost) a wholly-owned, Dublin-based subsidiary of Life Company Consolidation Group (LCCG), part of Utmost Wealth Solutions. This transaction is through a portfolio transfer which is subject to court approval. Utmost is an Irish registered company which is authorised by the Central Bank of Ireland and regulated by the Financial Conduct Authority in the UK. For more information visit www.utmostwealth.com(Opens new window)

We expect that the transaction will complete towards the end of 2018. This transaction is through a portfolio transfer which is subject to court approval.  When the transaction receives this approval, Utmost will become the new owner of Aegon Ireland’s non-guarantee business.

Utmost Ireland DAC (Utmost) is an Irish registered company which is authorised by the Central Bank of Ireland and regulated by the Financial Conduct Authority in the UK. They are based in Dublin and are a wholly-owned subsidiary of Life Company Consolidation Group (LLCG).

For more information, visit www.utmostwealth.com(Opens new window)

Utmost is part of Life Company Consolidation Group and a leading industry specialist in life assurance and capital redemption bonds for high net worth UK residents. The company is based in the international financial services centres of the Isle of Man and Dublin. They manage more than £12bn assets for over 36,000 clients (as at June 30, 2017). 

In 2017 they completed a transfer of the AXA Life Europe investment bond business. More recently, they announced the purchase of Generali Pan Europe’s wealth protection, investment planning and employee benefits businesses. 

For more information, please visit www.utmostwealth.com(Opens new window)

Aegon Ireland’s non-guarantee products are included in the transfer to Utmost Ireland DAC. These include the Wealth Planning Account, Private Client Portfolio, Investment Portfolio, Money Market Portfolio, Estate Planning Portfolio, Flexible Investment Plan and Wealth Management Portfolio. 

Please note that there are no changes to the Aegon Ireland guarantee policies. Aegon Ireland will continue to provide the guarantee on your client’s policy and will remain an Irish regulated insurance company. Athora Holding Limited will become the new shareholder for Aegon Ireland plc.

None of the guarantee products including 5 for Life, Aegon Secure Capital, Aegon Secure Income, Aegon Secure Lifetime Income and Aegon Secure Trustee Investment will transfer.  

Aegon Ireland will continue to provide the guarantee on these policies and will remain an Irish regulated insurance company.

As part of the court process we’ll be writing to you later in the year to provide further information on the proposed transfer.  When the transaction receives court approval, Utmost will become the new owner of Aegon Ireland’s non-guarantee business. In the meantime, we’ll write to you over the coming months to give you further information on the transfer. 

When Utmost become the new owner, they’ll contact you with further updates. In the meantime, your policy will continue to be serviced by Aegon Ireland.

In the run up to the transfer of the Aegon Ireland non-guarantee business to Utmost, your client’s policy will continue to be serviced as usual by Aegon Ireland.

The offshore bond market is not a core focus for Athora’s future business plans. Therefore, the decision was made to sell it to Utmost Ireland DAC.

There are no immediate changes to the underlying investments for our non-guarantee (and guarantee) products. We’ll write to you and your clients over the coming months to give you further information on the transfer. When Utmost become the new owner of the Aegon Ireland non-guarantee business, they’ll contact you with further updates in relation to you and your client’s policy.

There are no immediate changes. We’ll write to you over the coming months to give you further information on the transfer. When Utmost become the new owner of the Aegon Ireland non-guarantee business, they’ll contact you and your client with further updates in relation to the policy. 

Our goal is to ensure a smooth transition to Utmost once the sale receives approval. In the short term:

  • you’ll not need to make any changes or take any action in relation to your client’s policy as a result of this announcement;
  • our contact details will remain unchanged;
  • you’ll have access to our online services, and
  • we’ll continue to service you and existing customers.

Our contact details will remain unchanged. 

Phone: 08456 000 173 (from the UK) - 00 353 1 673 8840 (from outside the UK)

Fax: 00 353 1 673 8940

Additional investments to Wealth Management Portfolio

As part of the announcement on 9 April 2018 we’ll no longer accept additional investments into our WMP after 27 April 2018. This applies to all WMP bonds, including WMP on the Aegon Retirement Choices (ARC) platform.

  1. We’ll continue to provide WMP additional investment illustrations until 27 April 2018.
  2. Additional investment applications received by us with a valid illustration will continue to be processed until 11 May 2018.
  3. For the additional investment to be accepted, we’ll need to receive cleared funds and all necessary information by this date, including that required to complete our anti-money laundering checks.

If we don’t receive all requirements by 11 May 2018 then we won’t be able to process the additional investment and we’ll return all documents to you.