AEGON to leave CEE markets, rumors say

29 October 2020 —
Dutch insurer AEGON has put its CEE units - including Poland, Romania, Hungary and Turkey -, up for sale, Reuters wrote citing sources close to insurer.

AEGON is trying "to raise cash to better cope with the fallout of the coronavirus crisis and revamp earnings in its core markets", as the press agency mentioned quoting two sources familiar with the matter.

"The business could be valued at about EUR 650 million and is being sold as part of an auction process. (...) Dutch insurer NN Group and Belgium's KBC are both studying possible bids for the assets while German rival ALLIANZ has also expressed interes".

AEGON previously sold its life operations in the Czech Republic and Slovakia to NN Group for EUR 155 million in 2018 (click here to read more), while in 2019 ACHMEA announced is to acquire AEGON's P&C portfolio in Slovakia (more details here).