India, Nov. 29 -- Dutch life insurer Aegon NV (AGN.L,AEG) said Sunday that it agreed to sell its insurance, pension and asset management business in Hungary, Poland, Romania and Turkey to Vienna Insurance Group for 830 million euros.
As a result of the transaction, the Group Solvency II ratio is estimated to improve by about 8 percentage points, Aegon said.
The transaction is expected to close in the second half of 2021.
Aegon noted that the proceeds will be upstreamed to the Group and increase the company's financial flexibility to execute on its strategic priorities, including deleveraging.
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