Aegon NV is selling U.K.-based direct-to-consumer insurer Stonebridge to Global Premium Holdings, part of Embignell Ltd., for total proceeds of roughly £60 million.

The net proceeds consist of the purchase price and dividends related to the transaction and excludes a contingent consideration of up to £10 million. The proceeds are equal to 1x Stonebridge's Solvency II own funds at 2019-end.

The sale, which will further simplify Aegon's business profile, is not expected to have an impact on the Dutch insurer's core business in the U.K. or on the company's capital position and results.

The deal is subject to normal regulatory approvals and is expected to complete before the end of 2020.

Stonebridge specializes in accidental death and hospitalization products, providing policies to around 200,000 customers across the U.K., Germany, France, Spain, Italy, the Nordics and Ireland. Stonebridge has been closed for new business since 2014.

London-based Global Premium provides a range of accident and sickness insurance policies.