THE HAGUE, 03-Jul-2017 — /EuropaWire/ — Aegon has successfully completed its transaction with Wilton Re to divest its two largest US run-off businesses, the payout annuity business and the Bank Owned / Corporate Owned Life Insurance business (BOLI/COLI).
The transaction is consistent with the company’s stated strategic objective to reduce the amount of capital allocated to its run-off businesses.
Under the terms of the agreement, Aegon’s Transamerica life subsidiaries will reinsure USD 14 billion of liabilities to affiliates of Wilton Re US Holding Inc. The transaction and related management actions are expected to result in a capital release of approximately USD 700 million (EUR 630 million) in 2017.
The capital released is expected to be upstreamed during the second half of 2017 to the holding, which will improve Transamerica’s return on capital by approximately 60 basis points, and is estimated to improve Aegon’s Group Solvency II ratio by approximately 6%-points.
SOURCE: Aegon
MEDIA CONTACT
Dick Schiethart
(Nationality: Dutch, Aegon, Group Corporate Communications)
External Communications Manager
Email: | gcc@aegon.com |
Tel: | + 31 70 344 8821 |
(IN BRIEF) Brightline has announced Siemens Mobility as the "preferred bidder" to manufacture ten "American…
(IN BRIEF) Heidelberg Materials has announced the acquisition of ACE Group, the largest supplier of…
(IN BRIEF) Schneider Electric, a leader in energy management and automation, has forged a three-year…
(IN BRIEF) Neste, a global leader in sustainable aviation fuel and renewable diesel production, has…
(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) has initiated a groundbreaking Digital…
(IN BRIEF) Rarebreed Dining, known for its steak-focused pubs including The Plough Inn, Cobham, and…