Financial services giant Aegon has reportedly scrapped its plan to divest its Transamerica business in Asia amid valuation concerns, according to Bloomberg.
The Transamerica business, which offers a range of insurance and savings products to high-net-worth clients in Hong Kong and Singapore, reportedly attracted interest from other insurers and investment funds.
The Bloomberg report said a sale has been put on hold after bids did not match Aegon’s expectations.
The Netherlands-based Aegon had reportedly been working with a financial adviser to find a buyer for the Transamerica business in Asia. It was seeking to raise at least $700m (£612m, €699m) from any sale.
The media report said that while the divestment is on hold for now, Aegon could still revive a sale of the assets in the future.
International Adviser contacted Aegon for a comment but the financial services giant declined to comment on market speculation.
Aegon acquired US-headquartered Transamerica in 1999.
