The Financial Times reported that Standard Life has reached an agreement to acquire the UK operations of Dutch insurance company Aegon for £2 billion, as companies accelerate their competition for the UK retirement asset market. Aegon will become a shareholder and asset management partner of Standard Life.

Aegon stated in December last year that it was considering selling its UK insurance business as part of its strategy to shift towards the US life insurance market, and the company also announced plans to relocate its headquarters to the United States. The Financial Times previously reported that Scottish Widows, Royal London, and private equity firm CVC have also expressed interest in acquiring Aegon's UK operations.

The transaction will be financed through cash, debt, and a portfolio of Standard Life (formerly known as Phoenix Group) shares.

According to information on Aegon's website, as of 2023, its UK operations have over 4 million customers and managed assets exceeding £124 billion last year, providing pension and investment services