Aegon has sold its funeral insurance business in the Netherlands to a Dutch investment firm Egeria, for an amount of EUR212m, in line with its strategy to ensure greater focus to its portfolio of products in the Netherlands.
As per the agreement, Aegon NabestaandenZorg’s 19 employees affected by the sale will retain their jobs, as well as maintain similar employment conditions.
The company said that it will continue its operations under the name Axent and its sale of its funeral insurance business will not affect its current policyholders. In 2009, Aegon’s funeral insurance business generated approximately EUR70m in gross written premiums. The sale is expected to have a positive effect on Aegon’s excess capital position.
Marco Keim, member of Aegon’s management board for Netherlands market, said: We continue to look at our businesses to ensure that they are a good fit with our strategy. Our objective is to have an effective range of products so that we can meet our customers’ needs in the best way possible.
“Above all, we want to focus on what our customers want in the key areas life and non-life insurance, pensions, savings and investments. Furthermore, we are pleased that the employees of Aegon NabestaandenZorg will be in good hands.