Belgium-based Ageas Insurance International has agreed to sell its life insurance business in Ukraine to Horizon Capital, a US-based investment company.

The transaction is subject to regulatory approval, and is expected to complete in the last quarter of 2010.


Ageas Continental Europe CEO Steven Braekeveldt said that the sale of its Ukrainian branch is in line with objective to streamline its portfolio against the strategic criteria it had determined in September 2009.


Ageas’ activities in Ukraine was launched in early 2007, following the acquistion of Etalon Life, and since then developed a nationwide network.