The parties agreed not to disclose the terms and conditions of the transaction.
Subject to customary closing conditions, including regulatory approvals, TAS Group will merge the business of Aegon Life Ukraine with its existing life insurer under the brand TAS Life. The combined operations will form the number 2 player in the Ukrainian market in Life, Savings and Pensions. Customer contracts will be continued going forward under the same conditions.
CEO Aegon CEE Gábor Kepecs commented: “We feel that going forward the long term interests of our customers are best taken care of by TAS Group. We would like to thank our staff members for their dedication and outstanding performance over the past years.”, the company web site reads.
Upon the completion of the transaction TAS Life will become the second largest market player on the Ukrainian life insurance market. All the existing contracts with customers will be valid on the same terms.
The insurance company Aegon Life Ukraine operates since 2003 (it was SK Fidem Life at the beginning). As of end- 2015, the company's assets amounted to UAH 394.6 mln, while insurance reserves stood UAH 299.4mln. Aegon Life Ukraine is a part of insurance group Aegon headquartered in the Hague.
