Ageas has completed the sale of its 100% shareholding in its UK Life Protection business, Ageas Protect Limited, to AIG for £197 million.

The transaction, which was first announced on 6 August 2014, has been approved by the regulator.

Andy Watson, CEO of Ageas UK said: “The Ageas Protect team have achieved an enormous amount since start up six years ago. The business is now an established presence in the UK protection market with a strong reputation for innovative products, cutting edge technology and great customer service.

“As we continue to focus on our non-life business where we have considerable scale and hold significant market positions, we wish the Protect business well for the future, confident that their employees are going to a good home.”