Aegon: sells Central and Eastern European business
(CercleFinance.com) - Dutch life insurer Aegon said that it is selling its Central and Eastern European unit for 830 million euros in a deal that will simplify its operations and strengthen its balance sheet.
The company said it will sell its insurance, pension and asset management businesses in Hungary, Poland, Romania and Turkey to Vienna Insurance Group (VIG), which already operates in over 20 countries, including Bulgaria, Croatia, and the Czech Republic.
"We are sharpening our strategic focus and are concentrating on those countries and business lines where Aegon can create most value," CEO Lard Friese said.
The proceeds, which represent a multiple of 2.6 times the book value, will increase Aegon's financial flexibility to execute on its strategic priorities, including deleveraging, the group said.
Aegon shares are up over 2% on Monday morning on Euronext Amsterdam.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The company said it will sell its insurance, pension and asset management businesses in Hungary, Poland, Romania and Turkey to Vienna Insurance Group (VIG), which already operates in over 20 countries, including Bulgaria, Croatia, and the Czech Republic.
"We are sharpening our strategic focus and are concentrating on those countries and business lines where Aegon can create most value," CEO Lard Friese said.
The proceeds, which represent a multiple of 2.6 times the book value, will increase Aegon's financial flexibility to execute on its strategic priorities, including deleveraging, the group said.
Aegon shares are up over 2% on Monday morning on Euronext Amsterdam.
Copyright (c) 2020 CercleFinance.com. All rights reserved.