Economy

Aegon accelerates cleaning with sale of Eastern European branch | Financial

The branch was active in insurance, pension and asset management in Poland, Hungary, Romania and Turkey. According to Bloomberg news agency, insurer NN Group was also in the race for the part.

“Aegon is sharpening its strategic focus and wants to concentrate on the countries where the most value can be created,” said top man Frisian in a press release on Sunday. “The transaction should simplify the company and strengthen the balance sheet. I would like to thank our employees in Hungary, Poland, Romania and Turkey for their significant contribution to Aegon over the years. ”

When the figures were announced in May, it was already indicated that Aegon would review its presence in various markets. The insurer is currently present in twenty countries. Shareholders have been complaining about the stock market price for some time.

Aegon intends to use the proceeds from the sale to increase “financial flexibility” and to implement “strategic priorities”, including debt reduction. On December 10, the company will further explain its strategy and financial targets on an investor day.

The sale with VIG is subject to regulatory and competition approval and is expected to be finalized in the second half of 2021.

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