Aegon today announced that it has entered into an agreement to sell its German subsidiary, Aegon Lebensversicherungs-AG, which operates under the name MoneyMaxx, to Deutscher Ring.
The sale is subject to German regulatory approval and is expected to be completed in the third quarter of 2005.
In 2004, Aegon Lebensversicherungs-AG generated gross premiums of EUR 82 million and net income of EUR 1.0 million.
Aegon contends that the MoneyMaxx unit linked life insurance activities and its customers are better served by incorporating them into the existing life insurance activities of Deutscher Ring. Aegon will continue to explore new opportunities in Germany with a special focus on the corporate pension market.