Dutch insurance firm Aegon has announced plans to sell its stake in Spanish insurance joint venture with Liberbank.
Spanish lender Unicaja Banco will acquire Aegon’s 50% stake in the JV in a deal valued at €117m.
The divesture comes after Liberbank merged with Unicaja Banco in 2021.
The proceeds from the sale are “22 times 2021 operating result after tax of Aegon’s 50% stake in the joint venture,” the insurer said.
The insurance JV offers life risk, life savings and pensions products to retail customers in Spain through Liberbank’s banking network.
Aegon’s bancassurance partnership with Liberbank goes back to 2008 when the Hague-based insurer formed an insurance partnership with one of Liberbank’s predecessors, Caja Cantabria.
The insurer said it will leverage its partnership with Banco Santander and its channels to keep growing its business in Spain and Portugal.
The divesture of a 50% stake in JV with Liberbank is subject to receipt of regulatory clearance and is expected to complete in the second half of 2022.
In a separate development, Unicaja Banco announced plans to sell a controlling stake in the pension and reinsurance business to Santa Lucia.
The deal valued at €318m comes alongside its bancassurance agreement with Santa Lucia in areas such as savings, life risk, accident, and pension plans.
Under the terms of the agreement, the Spanish bank expects to receive an additional €40m, which is subject to the performance of certain business objectives over the next decade.