Aegon sells reinsurance division to pay off state loan

Insurance group Aegon on Tuesday announced the sale of its reinsurance company Transamerica Reinsurance to French group Sor, the world’s largest reinsurance company.

The sale earns Aegon $1.4bn after tax.
‘This will allow us to pay off the remaining €2.25bn state loan before the end of June 2011,’ the company said in a statement.
Transamerica Reinsurance booked profits of $102m in 2010.

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