Financial services company Aegon NV (AGN.L,AEG) said Thursday that it has agreed to sell its businesses in Czech Republic and Slovakia to NN Group for 155 million euros, in line with its strategic objective to optimize its portfolio and capital allocation across its businesses.
The sale, which is subject to customary regulatory approvals, is expected to close early 2019 and will have no material impact on Aegon's other operations in Central & Eastern Europe. The proceeds from the divestment will be upstreamed to the group.
As a result of the transaction, Aegon's group solvency ratio is estimated to improve by about 1%-point. Based on the book value as of December 31, 2017 and taking into account dividends paid in 2018, the book gain is expected to amount to about 80 million euros, and will be reported in other income.
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