Aegon share price jumps as it flogs Irish business

Caitlin Morrison
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Aegon International Eastbourne - Day 5
Aegon sponsors a number of tennis tournaments (Source: Getty)

Shares in insurer Aegon jumped in morning trading today, by more than eight per cent, after it announced the sale of its Irish business.

The Dublin-based operation was sold to AGER Bermuda Holding, the owner of Athene, in a deal expected to close by the first quarter of next year.

Aegon Ireland has more than 25,000 customers in the United Kingdom and Germany and had assets of approximately £4.7bn as of 30 June 2017.

The Dutch insurer reported a €270m (£244m) loss earlier this year after offloading $14bn (£10.8bn) of US liabilities in a deal with Willis Re.

"We see significant opportunities with Aegon Ireland," said AGER boss Deepak Rajan.

"This acquisition gives us a strong platform to accumulate Irish annuities, to create a reinsurance hub in Europe, and to provide services to all AGER group companies including our existing German operations. A presence in Ireland has been part of our strategy from the beginning and Aegon Ireland is a perfect fit for our growth plans."

Fenchurch Advisory Partners advised on the deal along with Ernst & Young, which served as actuarial and tax advisor, Linklaters LLP as international legal counsel, and Maples and Calder providing Irish legal and tax counsel to AGER.

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