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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