Aegon announces that it will take over Axa’s life insurance portfolio in Romania, further strengthening Aegon’s position in the country. Following the transaction, Aegon Romania will service over 880,000 customers with pensions and life insurance.
The transaction is expected to close in the second half of 2016, pending regulatory approval. Axa's Romanian life insurance portfolio will be integrated into the operations of Aegon Romania.
"The addition of Axa's Romanian life insurance business will significantly strengthen both our position in the market, and our ability to provide reliable and attractive long-term financial solutions for a growing customer base", said Gábor Kepecs, member of Aegon's Management Board and CEO of Aegon CEE.
"Given the increasing demand for life insurance-related products and services in Romania and throughout Central and Eastern Europe, we are pleased to be able to leverage Aegon's expertise and help many new customers achieve a lifetime of financial security."
Aegon has operations in Central & Eastern Europe in the Czech Republic, Hungary, Poland, Romania, Slovakia, Turkey and Ukraine.