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MarketScreener Homepage  >  Equities  >  Wiener Boerse  >  Vienna Insurance Group AG    VIG   AT0000908504

VIENNA INSURANCE GROUP AG

(VIG)
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Vienna Insurance : buys Aegon's Central and Eastern European business

11/29/2020 | 05:18am EST

* Deal worth 830 million euros

* Expands Vienna's market leadership in central and eastern Europe

* Raises cash for Aegon to cope with pandemic crisis

Nov 30 (Reuters) - Vienna Insurance Group will buy Dutch insurer Aegon's Central and Eastern European business for 830 million euros ($993 million), cementing Vienna's regional lead and raising cash for Aegon to cope with the coronavirus crisis.

The deal includes insurance companies, pension funds, asset management and service companies in Hungary, Poland, Romania and Turkey with a premium volume of around 600 million euros, a managed pension fund volume of around 5 billion euros and a customer base of 4.5 million, VIG said on Monday.

In 2019, the assets generated a net profit of around 50 million euros with around 1,650 employees, it added.

Aegon announced the deal, which is set to close in the second half of 2021, on Sunday.

"The acquisition of the Central and Eastern European business of Aegon is an important step for our group to sustainably strengthen our leading position in CEE and to take advantage of new opportunities," VIG Chief Executive Elisabeth Stadler said in a statement.

"The portfolios of the companies included in the scope of the transaction perfectly complement our existing units and strengthen our diversification in these countries. In Hungary, we are making the leap to the top."

Aegon Chief Executive Lard Friese said: "This transaction will simplify Aegon's footprint and strengthen our balance sheet."

In October, Reuters reported that the Dutch insurer had put its Eastern European business up for sale and was working with JPMorgan on the process.

Aegon suffered a 30% drop in underlying pretax earnings in the first half of 2020 due to higher mortality and lower interest rates in the United States, where it owns the Transamerica brand and where it does two-thirds of its business.

($1 = 0.8360 euros) (Reporting by Radhika Anilkumar in Bengaluru and Michael Shields in Zurich; Editing by Kirsten Donovan)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AEGON N.V. -2.54% 3.573 Real-time Quote.13.32%
VIENNA INSURANCE GROUP AG 0.92% 21.95 Delayed Quote.4.57%
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Financials
Sales 2020 9 369 M 11 358 M 11 358 M
Net income 2020 275 M 333 M 333 M
Net Debt 2020 52,0 M 63,0 M 63,0 M
P/E ratio 2020 10,00x
Yield 2020 4,83%
Capitalization 2 784 M 3 362 M 3 375 M
EV / Sales 2020 0,30x
EV / Sales 2021 0,29x
Nbr of Employees 25 000
Free-Float 28,0%
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Mean consensus OUTPERFORM
Number of Analysts 4
Average target price 23,43 €
Last Close Price 21,75 €
Spread / Highest target 14,9%
Spread / Average Target 7,70%
Spread / Lowest Target -2,53%
EPS Revisions
Managers and Directors
NameTitle
Elisabeth Stadler Chairman-Managing Board & Chief Executive Officer
Günter Geyer Chairman-Supervisory Board
Liane Hirner Chief Financial Officer
Heinz Öhle Member-Supervisory Board
Martina Dobringer Member-Supervisory Board
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