Standard Life Buys Aegon UK

The deal comes as major insurers and asset managers compete aggressively for a larger share of the UK's pension market.

Aegon will retain a 15.3% stake in the combined group as it continues to pivot its focus toward the US market.

Standard Life CEO Andy Briggs stated that the move would establish the company as the UK's top retirement income business.

The transaction is subject to regulatory approval and is expected to close later this year.