Aegon sells 50% stake in Spanish insurance joint venture

Dutch insurance group  Aegon has decided to sell its 50% stake in the Spanish insurance joint venture with Liberbank to Unicaja Banco for gross proceeds of €177 million.

The sale follows the change of control in Liberbank after its merger with Unicaja Banco in 2021.

The gross proceeds of the transaction represent 22 times 2021 operating result after tax of Aegon’s 50% stake in the joint venture.  Aegon Spain intends to upstream the net proceeds to the Group.

Aegon’s insurance joint venture with Liberbank dates back to 2008 when  Aegon established a joint venture in Spain with Caja Cantabria, which was one of Liberbank’s predecessors. It offers life risk, life savings and pensions products to Spanish retail customers through Liberbank’s banking channels.

Aegon will continue to grow its business in Spain and Portugal through its key life and non-life joint ventures with Banco Santander as well as through its own channels, which it claims have generated "significant profitable growth" over the last years.

The sale of the 50% stake in the joint venture with Liberbank is expected to close in the second half of 2022, subject to regulatory approval.

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