Conclusion of the deal is set to augment Aegon’s cash capital at the holding. Credit: Vardan Papikyan on Unsplash.

AEGON has concluded a previously announced deal to merge its Dutch pension, life and non-life insurance, banking and mortgage origination portfolios with its smaller rival a.s.r.

First announced in October 2022, the deal has also allowed Aegon to commence its asset management alliance with a.s.r.

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As part of the deal, Aegon has received a 29.99% stake in a.s.r and €2.2bn in cash proceeds.  

Furthermore, two points of the deal have been slightly modified from the original relationship agreement.

These involve the succession of the CEO if a.s.r.’s current CEO resigns before completing his term and material decisions on capital management that can change the risk profile.

They need to receive unanimous approval from a.s.r.’s supervisory board.

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Other terms of the relationship agreement, such as affirmative votes on significant changes to a.s.r.’s dividend policy, some dilutive transactions as well as certain mergers and acquisitions (M&A) deals, continue to remain in place.

The conclusion of the deal is expected to bolster Aegon’s cash capital at the holding.

The company also aims to start a €1.5bn share buyback programme over the next 12 months.

Aegon CEO Lard Friese said: “The completion of this transaction marks a major milestone in Aegon’s history and in our long-term ambition to create leaders in investments, protection, and retirement solutions.

“The combination creates the number two insurance company in the Netherlands, with significant scale across different segments, benefiting all our stakeholders.

“I want to take this opportunity to thank all of the Aegon employees who will now move to a.s.r. for their significant contribution over the years.”