Plus   Neg

Aegon To Sell Central And Eastern European Business To Vienna Insurance For EUR 830 Mln

Dutch life insurer Aegon NV (AGN.L,AEG) said Sunday that it agreed to sell its insurance, pension and asset management business in Hungary, Poland, Romania and Turkey to Vienna Insurance Group for 830 million euros.

As a result of the transaction, the Group Solvency II ratio is estimated to improve by about 8 percentage points, Aegon said.

The transaction is expected to close in the second half of 2021.

Aegon noted that the proceeds will be upstreamed to the Group and increase the company's financial flexibility to execute on its strategic priorities, including deleveraging.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The United Kingdom's Competition and Markets Authority (CMA) has launched an investigation into technology giant Apple Inc. (AAPL) following complaints that its terms and conditions for app developers are unfair and anti-competitive. iPhone maker Apple also operates the App Store, which is the only... Supermarket chain Kroger Co. on Thursday reported that it posted a loss for the fourth quarter compared to a profit last year, hurt by pension plan withdrawal liabilities. Adjusted earnings per share topped analysts' estimates, while quarterly revenues missed it. However, the company initiated adjusted earning guidance for the full-year 2021, well above analysts' estimates. Retail sales are projected to grow at a potentially record rate during 2021, but the ongoing COVID-19 pandemic remains the biggest challenge for the year, according to the National Retail Federation. "There is no doubt the economy is positioned for growth in 2021, but how much growth comes down to a single non-economic force - the coronavirus," NRF Chief Economist Jack Kleinhenz said.
Follow RTT