Aegon, a multinational life insurance, pensions, and asset management company, has announced the sale of its businesses in Central and Eastern Europe. The deal includes the sale of Aegon’s insurance, pension, and asset management businesses in Hungary, Poland, Romania, and Turkey.
Aegon has agreed to sell these businesses to VIG, Vienna Insurance Group, for a total consideration of €830 million. The transaction is expected to be completed in the second half of 2021, subject to regulatory approvals.
This decision is in line with Aegon’s strategy to focus on its core businesses in the United States and the Netherlands. As part of this strategy, Aegon has been divesting its businesses in other regions, including Asia and Central and Eastern Europe.
The sale of its businesses in Central and Eastern Europe is expected to have a positive impact on Aegon’s financial position and capital generation. Aegon will continue to provide support to its customers and employees during the transition period.
The sale of Aegon’s businesses in Central and Eastern Europe is a significant development in the insurance and asset management industry in the region. It will be interesting to see how VIG integrates these businesses into its existing operations and what impact this will have on the market.