St Andrew’s Insurance Group has entered into an agreement to acquire Aegon Insights Australia Pty Ltd, a provider of insurance administration services, from the global Aegon Group.
The transaction, which includes a substantial reinsurance portfolio, is part of St Andrew’s ongoing strategy to grow its presence and capabilities in the Australian insurance sector.
Completion of the deal is contingent on approval from the Australian Prudential Regulation Authority (APRA), with the process expected to conclude before the end of 2025.
Aegon Insights Australia currently manages administration for approximately 22,000 life insurance policies on behalf of several leading insurers.
St Andrew’s plans to incorporate these operations into its group structure, aiming to deliver consistent administration services and further develop its offerings for the local market.
St Andrew’s Insurance Group, founded in 1998, has a history of providing insurance cover to more than 600,000 Australians. The company has previously operated under the ownership of major banks such as Bankwest/CBA and Bank of Queensland.
The acquisition follows several recent initiatives by St Andrew’s to expand its business. In 2021, St Andrew’s was acquired by a consortium of Australian private shareholders, including Farmcove Investment Holdings, the family office of former Macquarie Group executive Matt Lancaster.
In 2023, the acquisition of Hallmark Insurance from Latitude Financial Services added to the group’s scale and capital base.
The following year, the Federal Court of Australia approved the transfer of St Andrew’s insurance portfolios to Hallmark Insurance, an internal reorganisation that formed part of the group’s integration strategy.
Additionally, APRA registered St Andrew’s Australia Services Pty Ltd as a non-operating holding company in 2024, in accordance with the Life Insurance Act 1995 and the Insurance Act 1973. This registration allows St Andrew’s to oversee both a life insurer and a general insurer within the regulatory framework.
More recently, it partnered with Neilson Financial Services to introduce new life insurance products in Australia. These moves are part of a broader effort to address underinsurance in the country and to enhance the group’s product suite.
St Andrew’s CEO, Matthew Way, said the latest transaction demonstrates the company’s methodical strategy for expansion and its focus on identifying businesses that fit well with its current operations.
“Aegon’s Australian operations will be managed in an orderly and profitable manner, leveraging our strong capital position and operational capabilities. Aegon is a high-quality business that aligns with our values and can further strengthen St Andrew’s. This is another important milestone as we deliver our growth strategy. We look forward to merging the Aegon and St Andrew’s businesses once we have regulatory approval,” he said.
