Aegon: sells remaining stake in US life reinsurance unit

(CercleFinance.com) - Dutch insurer Aegon has agreed to divest the last substantial block of its life reinsurance business to France's Scor, the company said on Wednesday.


Under the terms of the agreement, Aegon's Transamerica life subsidiaries will reinsure approximately 700 million dollars of liabilities through Scor Global Life.

It is expected that the transaction will result in a one-off benefit of approximately 50 million dollars on Transamerica's capital position will have a slightly positive effect on recurrent capital generation, Aegon said.

However, the transaction is expected to result in a pre-tax loss of approximately 105 million dollars (90 million euros) in the second half of the year, it added.

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