THE HAGUE (dpa-AFX) - Aegon NV (AGN.L, AEG) said that it agreed to sell Aegon Ireland plc to AGER Bermuda Holding Ltd., the holding company of the European operations of Athene Holding Ltd.
Aegon noted that the proceeds from the divestment of Aegon Ireland, a provider of unit linked guarantee and offshore bond products predominantly in the United Kingdom, will amount to 81% of the Own Funds at the time of closing. Solvency II Own Funds of Aegon Ireland were approximately GBP 200 million as of June 30, 2017. Aegon's group solvency ratio is estimated to improve by about 2%-points as a result of the transaction.
Based on the book value as of June 30, 2017, the book loss is expected to amount to approximately GBP 115 million, subject to certain closing and market conditions, and will be reported in Other charges. This divestment is expected to have an immaterial impact on underlying earnings before tax going forward.
The transaction is subject to normal regulatory approvals and is expected to close in the first quarter of 2018.
Copyright RTT News/dpa-AFX