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.