Dutch insurer Aegon has agreed to sell its 50% stake in a variable annuity joint ventures in Japan for total cash proceeds of approximately €130m (£114m, $145m) to its partner Sony Life.
Aegon Sony Life Insurance is a life insurance company that was founded in December 2009 as a joint venture between Aegon and Sony Life.
This deal is likely to be completed by the end of 2019.
Aegon will continue to support the operations with “certain hedging, consulting and administrative activities during a transition period”.
The firm said it will “remain focused and committed to the fast-growing customer segments in Asia”.
“With the evolving market conditions, we mutually agreed that the future of the variable annuity business in Japan is best served as a wholly-owned part of our longstanding partner Sony Life”, said Alex Wynaendts, chief executive of Aegon. “I am confident that this change is in the best interest of all stakeholders.
“This divestment allows Aegon to fully focus on its most promising businesses in Asia serving the fastest growing customer segments and offering the most significant opportunities.”
