Aegon mentioned that the sale follows the change of control in Liberbank after its merger with Unicaja Banco in 2021. The gross proceeds of the transaction amount to EUR 177 million, representing 22 times 2021 operating result after tax of Aegon's 50% stake in the joint venture. Aegon Spain intends to upstream the net proceeds to the Group.
Aegon's insurance joint venture with Liberbank dates back to 2008 when Aegon established a joint venture in Spain with Caja Cantabria, which was one of Liberbank's predecessors. It offers life risk, life savings and pensions product to Spanish retail customers through Liberbank's banking channels.