Insurer Aegon has sold its Central and Eastern European branch to Austrian industry peer Vienna Insurance Group (VIG), the insurer reports Sunday. This concerns insurance, pension and asset management in Hungary, Poland, Romania and Turkey. VIG pays 830 million euros for this.
“We are sharpening our strategic focus, focusing on those countries and activities with which Aegon can create the most value,” says Aegon’s CEO Lard Friese. According to the insurer, the sale of 830 million euros represents 2.6 times the book value of the parts as at June 30, 2020.
The transaction is subject to regulatory and competition regulatory approvals. The sale is expected to be completed in the second half of 2021. The proceeds are used to reduce debts, among other things.
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