Aegon has sold its central and Eastern European branch to the Austrian branch representative Vienna Insurance Group (VIG). It concerns insurance, pension and asset management in Hungary, Poland, Romania and Turkey. For it, EUR 830 million is paid.
“We focus our strategic focus on those countries and activities with which Aegon can create the most value,” says CEO Lard Friese of Aegon.
According to the insurer, the sale of EUR 830 million represents 2.6 times the book value of the parts as of 30 June 2020.
The transaction is subject to approval by supervisors and competition authorities. The sale is expected to be completed in the second half of 2021. The proceeds are used, inter alia, to reduce debts.