logo
Plus   Neg
Share
Email
Comment

Aegon's Transamerica Subsidiaries To Reinsure $750 Mln Of Liabilities To SCOR

Aegon (AGN.L,AEG) announced it has agreed to divest a block of life reinsurance business to SCOR and to dissolve a related captive insurance company. Aegon's Transamerica life subsidiaries will reinsure approximately $750 million of liabilities to SCOR. Aegon said the transaction is consistent with the company's stated strategic objective to reduce the amount of capital allocated to its run-off businesses.

It is expected that the transaction has a one-time benefit of approximately $75 million on Transamerica's capital position and a slightly positive effect on recurring capital generation. The company said future underlying earnings are not affected by the transaction as earnings of this block of reinsurance business are part of run-off businesses, which are not included in underlying earnings before tax. The transaction is expected to result in a pre-tax IFRS loss of approximately $125 million and will be reported in other charges in the fourth quarter 2017 results.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Angry protesters are planning more than 50 demonstrations on Friday at several Tim Hortons locations across Canada after some franchise owners in Ontario slashed workers' benefits as well as paid breaks in response to the Ontario government's minimum wage hike. The protests are being organized by advocacy group Leadnow and the Fight for $15 & Fairness Campaign. Athletic footwear giant Nike, Inc. on Thursday announced a new marketing head, in its efforts to boost market share. The company promoted Dirk-Jan "DJ" van Hameren as its VP, Chief Marketing Officer, effective immediately. Van Hameren will succeed Greg Hoffman, who has been appointed VP, Global Brand Creative & Marketing Innovation Amazon.com Inc. (AMZN) said Thursday that it has chosen the 20 metropolitan areas to move to the next phase of the selection process for the company's second headquarters. The company plans to invest over $5 billion and grow the second headquarters to accommodate as many as 50,000 high-paying jobs.
comments powered by Disqus
Follow RTT