Aegon completes sale of businesses in Central and Eastern Europe

CEO thanks employees in four countries

Aegon completes sale of businesses in Central and Eastern Europe

Mergers & Acquisitions

By Terry Gangcuangco

Netherlands-headquartered financial services group Aegon has now fully sold its insurance, pension, and asset management businesses in Central and Eastern Europe (CEE) to Vienna Insurance Group (VIG).

Worth €830 million, the CEE sale spans operations in Hungary, Poland, Romania, and Turkey. The Hungarian component of the deal with VIG was the first to be completed, in 2022. On Thursday, Aegon announced the closing of the €125 million swoop for its businesses in Poland and Romania.

In Aegon’s update, chief executive Lard Friese said: “We are very pleased that we have now finalised the full divestment of our Central and Eastern European businesses. As part of Aegon’s transformation and sharpened focus, the closing allows us to fully concentrate on the countries and business lines where we can add most value, while our former businesses will start their new chapter as part of VIG.

“I would like to sincerely thank our employees in Hungary, Poland, Romania, and Turkey for their important contributions to Aegon over the years, and I wish them all the best in their future endeavours.”

Two months ago, in a separate development, Aegon revealed that it was offloading the company’s UK individual protection book, which consists of life, critical illness, and income protection policies for 400,000 high net worth individual customers. Royal London agreed to purchase the portfolio for an undisclosed sum. 

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