Dutch life insurance specialist Aegon has entered into an agreement to sell its German subsidiary, Aegon Lebensversicherungs-AG, which operates under the name MoneyMaxx, to Deutscher Ring.
The sale is subject to German regulatory approval and is expected to be completed in the third quarter of 2005, the company said in a statement.
Hamburg headquartered Deutscher Ring will acquire 100% of Aegon Lebensversicherungs-AG, which generated gross premiums of E82 million and net income of E1 million in 2004. The purchase enables a smooth expansion for Deutscher as MoneyMaxx’s core businesses of pensions and life insurance match that if the German insurer.
In explaining the strategic divestment, Aegon said that the MoneyMaxx’s life insurance activities and its customers will be better served by incorporating them into the existing life insurance activities of Deutscher Ring.
The Dutch insurer added that it will continue to explore new opportunities in Germany with a special focus on the corporate pension market.