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Stock Market & Financial Investment News

News Breaks
February 4, 2013
05:04 EDTAEGAegon ends joint venture with Unimm, sells stake for EUR 353M
Aegon (AEG) has reached an agreement to exit its life, health and pension joint venture with Unnim Banc and sell its 50% stake to Unnim for a total consideration of EUR 353M. The sale is expected to result in a book gain of approximately EUR 105M before tax, and to generate an average annual return of 12% on investment. It is anticipated that the transaction will close during Q2. Aegon's share in underlying earnings before tax of the joint venture totaled EUR 20M in 2012. This anticipated divestment by Aegon is a consequence of the consolidation underway within the Spanish banking sector. Aegon maintains a long-term commitment to Spain and has recently reinforced its market position with an exclusive strategic partnership with Banco Santander to distribute life and general insurance products through its extensive network of 4,600 bank branches. The long-term alliance provides access to a potential client base of 12M individuals across the country.
News For AEG From The Last 14 Days
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October 16, 2014
05:32 EDTAEGAEGON agrees to sell Canadian operations for C$600M
Aegon has reached an agreement with Wilton Re to sell its Canadian operations for C$600M. The net underlying earnings of Aegon's Canadian operations were C$26M over the trailing four quarters ending June, while its shareholders' equity excluding revaluation reserves on an IFRS basis amounted to C$1.8B at the end of June. As a result, the sale price represents a multiple of 23 times net underlying earnings. The transaction is expected to result in a book loss of approximately C$1.2B. The parties anticipate that the transaction will close in 1Q15, subject to regulatory approval.
October 6, 2014
07:51 EDTAEGBofA/Merrill European banks analysts hold an analyst/industry conference call
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