Aegon to sell Guardian U.K. life-and-pension lines

TEL AVIV (MarketWatch) -- Aegon NV, the financial-services firm based in the Hague, agreed to sell its Guardian unit, a U.K.-based life-insurance and pension business, to the London private-equity firm Cinven. The deal price is 275 million pounds ($450.2 million), Aegon said in a Tuesday statement. The book value of the business at June 30 was 271 million pounds, Aegon said. The move is in line with Aegon's efforts to divest businesses outside its core strategy, the company said. Guardian manages some 300,000 life-insurance policies in the U.K. The firm has been closed to new business since 2001. Under the deal, Aegon will continue to manage Guardian's 7.4 billion pounds of assets, the company said.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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