Aegon said Friday that it had agreed to sell its German subsidiary, Aegon Lebensversicherungs-AG, which operates under the name MoneyMaxx, to Deutscher Ring.
Processing Content
The sale is subject to German regulatory approval and is expected to be completed in the third quarter, the company said. The subsidiary generated gross premiums of $106 million last year and net income of $1.3 million.
Netherlands-based Aegon's businesses focus on life insurance and pensions and savings and investment products. The company also has limited banking activities.
Aegon's three major markets are the United States, Netherlands, and United Kingdom. In addition, the company operates in states including Canada, Hungary, Slovakia, Spain, and Taiwan.
