Two days ago we reported Aegon’s £266 million (SGD$470 million) broker in the Netherlands being sold to Aon
– now it’s Aegon Ireland’s turn.
AGER Bermuda Holding Ltd. (AGER) is acquiring Aegon Ireland for about £163 million (SGD$288 million) – approximately 81% of Aegon Ireland’s Solvency II own funds (£200 million; SGD$354 million).
The Dublin-based insurer – with assets of approximately £4.7 billion (SGD$8.32 billion) as of June 30, 2017 – provides wealth management and retirement planning products to more than 25,000 customers in the UK and Germany.
“We see significant opportunities with Aegon Ireland. This acquisition gives us a strong platform to accumulate Irish annuities, to create a reinsurance hub in Europe, and to provide services to all AGER group companies including our existing German operations,” said AGER executive vice president Deepak Rajan when the deal was announced.
Aegon, for its part, said there are no immediate changes to its product lines because of the announcement. “Existing policyholders aren’t affected and will continue to enjoy the benefits that our products offer,” it said.
According to the Financial Times, the latest sale – which is expected to close in the first quarter of 2018 – is part of an ongoing streamlining within the Dutch firm. Prior to the deals announced this week, Aegon recently divested US run-off businesses to Wilton Re, as well as £9 billion of UK annuities.
Bermuda-based AGER is the holding company of Athene Holding Ltd.’s (Athene) European group companies. Athene’s subsidiaries are Athene USA, Athene Life Re, and Athene Germany.