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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