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BRIEF-Aegon completes sale of majority of US run-off businesses
June 29, 2017 / 6:11 AM / 5 months ago

BRIEF-Aegon completes sale of majority of US run-off businesses

June 29 (Reuters) - AEGON NV:

* AEGON COMPLETES SALE OF MAJORITY OF US RUN-OFF BUSINESSES

* UNDER TERMS OF AGREEMENT, AEGON‘S TRANSAMERICA LIFE SUBSIDIARIES WILL REINSURE USD 14 BILLION OF LIABILITIES TO AFFILIATES OF WILTON RE US HOLDING INC

* COMPLETED ITS TRANSACTION WITH WILTON RE TO DIVEST ITS 2 LARGEST US RUN-OFF BUSINESSES, PAYOUT ANNUITY BUSINESS AND BANK OWNED / CORPORATE OWNED LIFE INSURANCE BUSINESS (BOLI/COLI)

* TRANSACTION AND RELATED MANAGEMENT ACTIONS ARE EXPECTED TO RESULT IN A CAPITAL RELEASE OF APPROXIMATELY USD 700 MILLION (EUR 630 MILLION) IN 2017

* CAPITAL RELEASED IS EXPECTED TO BE UPSTREAMED DURING SECOND HALF OF 2017 TO HOLDING

* EXPECTED TO IMPROVE TRANSAMERICA‘S RETURN ON CAPITAL BY APPROXIMATELY 60 BASIS POINTS, AND IS ESTIMATED TO IMPROVE AEGON‘S GROUP SOLVENCY II RATIO BY APPROXIMATELY 6%-POINTS Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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