APG Groep agreed to sell its insurance subsidiary Loyalis to Dutch insurer ASR Nederland in a €450 million ($510.4 million) deal.
The two firms announced the acquisition in separate news releases Tuesday. APG said the intended sale fits in its strategy "to focus primarily on the realization of pension value for participants of pension funds operated by APG."
Loyalis' brand will continue to exist and its office will remain in Heerlen, Netherlands.
"With (ASR), Loyalis is offered the opportunity to strengthen its future in the insurance market," said Gerard van Olphen, CEO of APG Group in APG's news release. "APG can now focus more on its primary tasks in the area of pension administration and asset management of the pension funds that are connected to us. APG remains connected to Loyalis through a cooperation agreement" with ASR, he added.
The deal is subject to approval and is expected to close in the first half of next year.
A spokesman for APG said Loyalis was started in 1996 as ABP-verzekeringen, becoming Loyalis in 2002.