AMSTERDAM--Dutch insurance company Aegon NV (AGN.AE) said Monday
it sells its stake in the joint venture with Unnim Banc.
MAIN FACTS:
- Aegon sells its 50% stake in its life, health and pension
joint venture with Unnim Banc to Unnim for a total consideration of
EUR353 million.
- The sale will result in a book gain of approximately EUR105
million before tax.
- The transaction will close during the second quarter of
2013.
- Aegon's share in underlying earnings before tax of the joint
venture totaled EUR20 million in 2012.
- The divestment of the stake by Aegon is a consequence of the
consolidation within the Spanish banking sector.
- Aegon maintains a long-term commitment to Spain and has
recently formed an exclusive strategic partnership with Banco
Santander to distribute life and general insurance products through
its network of 4,600 bank branches. The alliance provides access to
a potential client base of 12 million individuals across the
country.
- By Amsterdam Bureau, Dow Jones Newswires;
amsterdam@dowjones.com