Insurance company ASR has taken over the business activities of competitor Aegon. ASR will pay a total of 4.9 billion euros for the shares of Aegon’s insurance, mortgage and banking activities, among others. Together, the two companies will form one large insurer in the field of pensions, life and non-life. That’s what Aegon and ASR have announced on Thursday.
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Aegon will receive 2.5 billion euros for the acquisition, and the company will also receive an equity interest of more than 29 percent in ASR. The Dutch asset management units will remain in the hands of Aegon, which will remain headquartered in The Hague. According to the FD After the takeover, ASR will become the second listed insurer in the Netherlands, after Nationale Nederlanden.
Insurer ASR is only active in the Netherlands. This does not apply to Aegon, which also serves the American market. The directors of both organizations say in a statement that they are satisfied with the agreement. “I am pleased that ASR and Aegon Nederland, two renowned Dutch companies, are joining forces to create a strong and sustainable, leading insurer,” said Jos Baeten, director of ASR.
Land Friese, chairman of the Executive Board of Aegon, states that the merger of the two companies “creates a leader in the Dutch insurance market”. He sees a “successful joint future in the Netherlands” for the company. “While Aegon can accelerate its ambition to create leading companies outside the Netherlands,” says Friese.