Aegon to takeover Merrill Lynch life insurance

Aegon is to take over part of the insurance operations of the US merchant bank Merrill Lynch, reports ANP news agency on Tuesday morning.

The Dutch insurer is to pay $1.3bn (€1bn) in cash for the acquisition of two Merrill Lynch life insurance firms. The deal will be financed through existing capital and does not affect plans for the company’s €1bn share buy-back programme announced last week.
Aegon expects the acquisition to have a slight positive effect on profits, says ANP.
The takeover is due to be completed before the end of the year.

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