Aegon agreed to sell its insurance, pension and money management businesses in Hungary, Poland, Romania and Turkey to insurance company Vienna Insurance Group for €830 million ($993 million), a spokesman confirmed.
The transaction is set to complete in the second half of 2021, subject to regulatory approvals. It will simplify Aegon's footprint and strengthen the firm's balance sheet, Lard Friese, CEO of Aegon, said in a news release Sunday.
"We are sharpening our strategic focus and are concentrating on those countries and business lines where Aegon can create most value," Mr. Friese said in the release. "We believe that our businesses will benefit greatly from the vast experience of VIG, a leading insurance group in the region."
The net earnings of Aegon's businesses amounted to €54 million in 2019.
The asset size of the businesses that are being sold to VIG could not immediately be learned.