Aegon takes note of VIG’s announcement regarding Aegon’s business in Central and Eastern Europe

Aegon has taken note of an announcement issued today by Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG).

The announcement issued by VIG reads as follows:

“Vienna Insurance Group and Hungary reach an agreement on the outlines of a cooperation and the further procedure regarding the Hungarian insurance companies AEGON and UNION VIENNA INSURANCE GROUP AG.

Wiener Versicherung Gruppe (VIG) and the Hungarian government have reached an agreement on the principles of a cooperation and the further course of action, which provides for a participation of 45% by the Hungarian state in the Hungarian AEGON companies and UNION Vienna Insurance Group Biztosító Zrt.

The structure of the cooperation, which entails the controlling stake of and the operational management by VIG, is subject to further negotiations. The Hungarian government has nominated Corvinus Nemzetközi Befektetési Zrt., a 100% state-owned Hungarian holding company, as negotiating partner. VIG welcomes the future cooperation with Hungary. The signing of a Memorandum of Understanding is scheduled for Thursday, 23 December 2021.

As a next step, VIG and Hungary will negotiate the participation and governance structure, will obtain the necessary board resolutions, and will apply for the approvals that are necessary for the implementation of the transaction.”

On November 29, 2020, Aegon agreed to sell its insurance, pension, and asset management businesses in Hungary, Poland, Romania, and Turkey to VIG for EUR 830 million. Aegon will continue to work with VIG to close this transaction.