Aegon sells Ukraine life business, exits market

Added 23rd September 2016

Aegon has agreed to sell its Ukrainian life business to local insurance firm TAS Group, a move that will see the Dutch insurer exit the market after less than four years.

Aegon sells Ukraine life business, exits market

TAS Group will merge Aegon Life Ukraine with its existing life insurer under the brand TAS Life.

The combined businesses will reportedly form the number two player in the Ukrainian life, savings, and pensions market.

Gábor Kepecs, chief executive of central and eastern Europe for Aegon, said: “We are confident that TAS Group are best placed to take care of the long-term interests of our clients in Ukraine.”

Detail of the transaction, which is still subject to regulatory approval, were not disclosed.

Aegon only entered the Ukrainian market in December 2012 with the acquisition of Fidem Life, the fifth largest insurance company in the country at the time.

The acquisition was part of Aegon’s strategy to develop its central and eastern European market, which now consists of operations in the Czech Republic, Hungary, Poland, Romania, Slovakia, and Turkey.

  

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Kirsten Hastings

Senior Reporter

Kirsten is a senior reporter for International Adviser, covering global news stories about the financial services industry. She joined Last Word Media in October 2015 after two years working as a reporter covering the staffing and recruitment industry. Kirsten has a Masters in Financial Journalism from the University of Stirling. 

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