UKRAINE: AEGON sells its unit and exits the market

29 September 2016 — Vlad BOLDIJAR
Dutch insurer AEGON announced that it will exit the Ukrainian market after less than four years, by selling 100% of AEGON Life Ukraine to local insurance firm TAS Group. The parties have agreed not to disclose the terms and conditions of the transaction.

Subject to customary closing conditions, including regulatory approvals, TAS Group will merge the business of Aegon Life Ukraine with its existing life insurer under the brand TAS Life.

"The combined operations will form the number two player in the Ukrainian market in life, savings and pensions", as AEGON announced in a press release.

AEGON entered the Ukrainian market in December 2012 with the acquisition of 100% of FIDEM Life from local private equity company Horizon Capital, the fifth largest insurance company in the country at the time.

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