The £45m ($64.8m, €59.6m) acquisition is subject to regulatory approval and an underwritten placing by Curtis Banks, both of which are expected in the first half of 2016.
L&G acquired Suffolk Life in 2008 for a total consideration of £62m.
Suffolk Life specialises in self-invested personal pensions, and administers around 26,500 plans, including 3,600 commercial properties. Assets under administration were £8.7bn as of 30 November 2015.
Mark Gregory, group chief finance officer, said of Suffolk Life: “It is a great business, but it is not core to our focused strategy going forward. Teaming up with Curtis Banks will help it to realise its strong potential, by creating one of the UK’s largest Sipp providers.”
Chris Banks, executive chairman of Curtis Banks Group, said the deal shortens its journey toward becoming the UK’s leading full sipp provider.
“Suffolk Life is one of the oldest and most respected brands in the Sipp industry, with an excellent reputation for service and professionalism. We are delighted that Legal & General has chosen us to take ownership of this business and believe this reflects our strong standing and market reputation.”
