Dutch insurer Aegon is selling its 50% shareholding in the Spanish insurance joint venture with Liberbank for gross proceeds amounting to €177 million (around £151 million).
The stake will be acquired by Unicaja Banco, whose merger with Liberbank was finalised last year. Aegon’s divestment is expected to close in the second half of 2022, with Aegon Spain intending to upstream the net proceeds to the group.
Dating back to 2008, the joint venture was with Liberbank predecessor firm Caja Cantabria. According to Aegon, the transaction figure represents 22 times the 2021 operating result after tax of the divested stake.
“Aegon will continue to grow its business in Spain and Portugal through its key life and non-life joint ventures with Banco Santander as well as through its own channels, which have generated significant profitable growth over the last years,” stated the insurer.
The joint venture with Liberbank offered life risk, life savings, and pensions products to Spanish retail customers via Liberbank’s banking channels.