Advisers raise competition concerns as Aegon exits individual protection market

"It feels like a step back again"

Jaskeet Briah
clock • 3 min read

The protection industry has been reacting to the news Royal London has agreed to acquire Aegon UK’s individual protection business, with a number of advisers disappointed that yet another provider is closing its doors.

The deal, which is subject to court approval, will see the life insurance, critical illness and income protection policies for more than 400,000 customers transfer to Royal London. Alan Lakey, director at CIExpert, described the news as a "sad result" and said he hopes this is not the start of a trend. "With Canada Life exiting late last year, we might be on for an Australia-type reduction where only a few insurers remain," he said. "It is incredibly disappointing to hear that another insurer will be closing their doors," Alan Knowles, managing director of Cura Financial Services, ...

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