Aegon has entered into talks with third-party service provider Serco about a 10-year agreement to outsource protection business administration.
The part to be outsourced provides customer service and administration support to Aegon's individual protection business; and to some small closed books of life and pensions.
Adrian Grace, chief executive of Aegon UK, said: "This area of the business based in both Lytham and Edinburgh employs around 390 people, and for around 330 of those employees, their employment arrangements will be outsourced, via TUPE, to Serco. We do not anticipate any redundancies as part of this arrangement."
The partnership is due to start in Q4 of next year. Aegon will be retaining the proposition development, pricing, sales and actuarial functions.
According to Aegon, the move will enable it to focus on proposition developments and widening its distribution.
It has said it will be "business as usual" for advisers and customers.
