Aegon Wants to Pull Out From 4 Countries

Aegon Wants to Pull Out From 4 Countries Dutch insurance giant Aegon, wants to pull out from 4 countries including Turkey. Aegon has sold its units in Turkey, Hungary, Poland and Romania to Vienna Insurance Group for 830 million euros. Aegon, one of the best-known financial institutions for life insurance, pension and fund management areas of the world, has sold its units for 830 million euros to the Vienna Insurance Group which also owns Ray Insurance. This amount is said to be 2.6 times higher than the book value of business units in 4 countries on June 30, 2020, Aegon's businesses in Central and Eastern Europe had a total net basic earnings of € 54 million for 2019, which is 15 times of the basic profit.   Sold to Vienna Insurance Group Thus, the owner of Ray Sigorta in Turkey VIG, included Aegon’s units in Turkey, Hungary, Poland and Romania to its portfolio of insurance, pension and asset management business. Aegon CEO Lard Friese said the sale will strengthen their balance sheets, “We are sharpening our strategic focus and we are focusing on the countries and lines of business where AEGON can create maximum value. For years due to the significant contribution they make to AEGON, thanks to our employees in Hungary, Poland, Romania and Turkey, we believe our businesses will benefit greatly from the vast experience of VIG, the leading insurance group in the region.”   Aegon Was Active in Turkey for 12 Years Aegon oparated in Turkey since September of 2008, on life insurance and pension sector by buying the entire market place in Ankara Emeklilik, ruled funds in 2.5-3 billion TL in Turkey. According to information shared in Turkish Insurance Association's website, the company's total premiums in the first 9 months of 2020 was recorded as 701 million TL.