AEGON (AEG) to Sell Taiwanese Life Insurance Business to Zhongwei for EUR65M
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AEGON (NYSE: AEG) has agreed to sell its Taiwanese life insurance business based on a valuation of approximately EUR 65 million, as per the end of 2008, to Zhongwei Company*.
The sale will result in a total negative earnings impact of approximately EUR 400 million in the second quarter of 2009, resulting in a charge of approximately EUR 300 million to shareholders' equity. AEGON expects the sale of its life insurance activities in Taiwan to positively impact future earnings. In 2008, AEGON Taiwan recorded a net loss of EUR 103 million. At the end of 2008, AEGON Taiwan's embedded value was approximately EUR 70 million.
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