Aegon has announced plans to sell its 50% stake in the Spanish insurance joint venture with Liberbank to Unicaja Banco, following a change of control in Liberbank after its merger with Unicaja Banco in 2021.
The gross proceeds of the transaction amount to €177 million, representing 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 says it 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 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.
For its part, Unicaja expects a gain of €318 million from the sale of its controlling stake in the pension and reinsurance business after the extension of an alliance with insurer Santa Lucia.
