Aegon sells Hungarian arm to VIG, announces share buyback

David Gray

Aegon has completed the sale of its Hungarian arm to Vienna Insurance Group (VIG)

Sarah Morland, Reuters News

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Aegon has completed the sale of its Hungarian arm to Vienna Insurance Group (VIG) for 620 million euros ($682 million), the Dutch insurer said in a statement on Wednesday.

Aegon announced in 2020 that it would sell its insurance, pension, and asset management businesses in Central and Eastern Europe to VIG for 830 million euros and plans to complete the sales of its Polish, Romanian and Turkish businesses this year.

The group also announced a debt tender offer and a share buyback worth 300 million euros set to run from April to December.

($1 = 0.9089 euros)

(Reporting by Sarah Morland; editing by Jason Neely)

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