The transaction follows the announcement last year that the commercial line of Aegon the Netherlands was no longer strategically core to the company's non-life business, and that it will continue to invest in income protection and retail non-life insurance.
Aegon will undertake a careful transition of the 60,000 customers to Allianz. During this transition, customers continue to be able to seek advice from their current advisor. The total premium volume of the commercial line non-life portfolio is approximately EUR 90 million.
Aegon will undertake a careful transition of 60,000 customers to Allianz.
"I am delighted that we have reached this agreement with Allianz," said Marco Keim, CEO of Aegon the Netherlands.
"Aegon is now fully focused on Income and Living. We believe this is a good outcome for our customers and employees, as Allianz is a solid party that offers continuity. We therefore take this step with full confidence."
Job guarantees Seventy Aegon employees of the commercial line of Aegon's non-life business will be employed by Allianz in Rotterdam. Their function and benefits will remain unchanged and Allianz has provided a job guarantee for one year.
The transaction is subject to approval by the Dutch Central Bank (De Nederlandsche Bank ) and the Dutch Authority for Consumers and Markets (Autoriteit Consument & Markt ).
