Aegon outlined today in its third quarter results statement that, following the announced merger between Banca Cívica and CaixaBank, it had already reached an agreement to end the life, health and pension partnership with Banca Cívica and to sell its 50% interest in the joint venture to CaixaBank for a total consideration of €190m.
The transaction was closed on October 11, 2012 and will result in a book gain of €35m before tax which will be accounted for in the fourth quarter of 2012. Aegon’s share in underlying earnings before tax of the joint venture totaled €13m for the first nine months of 2012.
Aegon group chief executive Alex Wynaendts highlighted third quarter new life sales level at €405m, with strong sales in the US offset by the Netherlands, UK and Spain.
“Our franchise remains healthy, as evidenced by the particularly high level of At-Retirement and pension sales. At the same time, we are making essential investments to reshape our businesses in both our established and developing markets to respond effectively to the changing conditions and new realities. Although there are signs of gradually improving market conditions, there remains considerable uncertainty in the general economic environment.”
