Aegon has agreed to sell its insurance, pension and asset management business in Hungary, Poland, Romania and Turkey for €830m (£744.9m, $995.6m) to Vienna Insurance Group (VIG).
The sale figure represents 2.6 times the book value of the businesses on 30 June 2020.
The proceeds will be used by the group to increase Aegon’s financial flexibility to execute on its strategic priorities, including deleveraging.
The transaction is expected to close in the second half of 2021 after regulatory approval.
Strategy
Lard Friese, chief executive of Aegon, said: “This transaction will simplify Aegon’s footprint and strengthen our balance sheet.
“We are sharpening our strategic focus and are concentrating on those countries and business lines where Aegon can create most value.
“We believe that our businesses will benefit greatly from the vast experience of VIG, a leading insurance group in the region.”
