Netherlands based insurer Aegon has agreed to acquire Eureko’s life insurance and pension business in Romania, further strengthening its operations in the Central and eastern European region.

Financial terms of the agreement have not been disclosed, however the transaction is likely to complete during the second half of 2013, subject to receipt of regulatory approval.

Aegon CEE CEO & Aegon management board member Gábor Kepecs said, "The addition of Eureko’s Romanian life insurance portfolio and pension fund business will significantly strengthen our position and ability to provide reliable long-term financial solutions for a growing customer base."

Following the closing of the acquisition, the acquired Romanian life insurance portfolio and pension fund business will be merged with Aegon Romania.

The integrated entity will have nearly 650,000 pension fund members, while its life insurance portfolio will become one of the ten largest in the country.

Trading in Romania since 2007, the Dutch insurer also operates in Hungary, Poland, the Czech Republic, Slovakia and Turkey and recently entered into Ukraine with the acquisition of a life insurance company in the country.

Operating as a life insurance, pensions and asset management company, Aegon serves nearly 47 million customers in more than twenty markets in the Americas, Europe and Asia.