Money Buzz! Europa

Tag: Aegon

  • Vienna Insurance Group to pay EUR 830 million for CEE business of Aegon

    Vienna Insurance Group to pay EUR 830 million for CEE business of Aegon

    Vienna Insurance Group agreed with Aegon on 29 November 2020 to acquire Aegon’s insurance business in Hungary, Poland, Romania and Turkey.

    The purchase price amounts to EUR 830 million. The transaction is subject to the necessary regulatory and competition approvals.

    Closing of the transaction is expected to take place in the second half of 2021.

    VIG will take over Aegon’s non-life and life insurance companies as well as pension funds, asset management and service companies in these countries.

    With the acquisition of these companies, VIG is further expanding its leading market position in Central and Eastern Europe and moves up to the first rank in Hungary’s insurance market.

    In addition, VIG is extending its scope of activity in the pension fund business in this region and will also be active in the life business in Turkey for the first time.

    The premium volume of the insurance companies in the four countries amounted to the equivalent of approx. EUR 600 million in 2019, with a net profit of approx. EUR 50 million.

  • Aegon had a net income of EUR 1,270 million in first quarter

    Aegon had a net income of EUR 1,270 million in first quarter

    Aegon had a net income of EUR 1,270 million and reflects fair value gains of EUR 1,372 million, driven by a reduction in the valuation of the liabilities in the Netherlands, reflecting wider credit spreads.

    Gross deposits were EUR 52 billion; net outflows of EUR 1 billion caused by Variable Annuities and Mutual Funds in the Americas, partly offset by third-party inflows at Asset Management.

    New life sales were EUR 206 million; sales in the US were under competitive pressure and impacted by the phasing out of certain whole life products, while sales in China benefitted from the e-commerce sales model.

    Accident & health insurance new premium production was EUR 76 million and property & casualty new premium production was EUR 36 million.

    Holding excess cash increased to EUR 1.4 billion, driven by a EUR 100 million remittance from the Netherlands and EUR 153 million proceeds from the sale of Aegon’s stake in joint ventures in Japan