(ANP / Bram Petraeus)
The sale was announced at the end of October. ASR paid 2.5 billion euros for this and gave Aegon a 30% stake. That interest was worth €2.4 billion at the time of the deal. The two insurers have already announced that the acquisition should be completed in the second half of this year.
The sale includes all of Aegon Netherlands’ insurance businesses, including all insurance, pension, mortgage, distribution and service businesses, and banking businesses. According to ASR, the merger of the assets will be carried out in stages and should be completed by 2026 at the latest.
The merger creates one of the largest insurers in the Netherlands. ASR CEO Jos Baeten previously said he expects cost benefits of 185 million euros annually through the merger.
After the sale of its Dutch insurance business, Aegon wants to focus more on the American market. The financial services provider is also active in Spain, Portugal, Brazil, the United Kingdom and China. Due to the sale of almost all of its Dutch assets, Aegon is also moving its so-called registered office to Bermuda, making the Bermuda regulator primarily responsible for controlling the group.