Dutch insurer Aegon has finalised the sale of its Japanese joint ventures (JVs): Aegon Sony Life Insurance and SA Reinsurance.
It owned 50% stakes in both businesses.
The acquirer is Sony Life Insurance, which is a wholly-owned subsidiary of Sony Financial.
In May 2019, the Dutch firm said it was looking to sell it shares, with cash proceeds of approximately €130m.
But when the deal was finalised, cash proceeds amounted to around €152m (£128.5m, $167.3m), Aegon said.
The life insurance JV will then rebrand from Aegon Sony Life to Sony Life With Insurance from 1 April 2020, subject to regulatory approval.
Current policyholders will not be affected.
Shift in focus
In 2019, Aegon said that, despite the sale, it will “remain focused and committed to the fast-growing customer segments in Asia”.
“With the evolving market conditions, we mutually agreed that the future of the variable annuity business in Japan is best served as a wholly-owned part of our longstanding partner Sony Life,” said Alex Wynaendts, chief executive of Aegon.
“I am confident that this change is in the best interest of all stakeholders.”
