SCRYY Scor SA (PK)

By Adam Clark

Dutch insurance and asset management company Aegon NV (AGN.AE) said Tuesday that it has agreed to divest the last substantial block of its life-reinsurance business, held in U.S. subsidiary Transamerica Corp.

Aegon said it will reinsure $700 million in liabilities through Scor SE's (SCR.FR) global-life business, which took on the majority of Transamerica's reinsurance business in deals in 2011 and 2017. The deal is expected to result in a one-time $50 million boost to Transamerica's capital position, and a slightly positive effect on recurring capital generation.

Aegon said the deal will result in a pretax loss of $105 million, but won't affect its underlying earnings as this block of reinsurance is already held as a run-off business.

Write to Adam Clark at adam.clark@dowjones.com

(END) Dow Jones Newswires

August 07, 2018 12:28 ET (16:28 GMT)

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