Aegon has agreed to sell its businesses in the Czech Republic and Slovakia as part of its strategic objective to focus on key markets.
The sold businesses predominately provide unit-linked products, in addition to offering term life products and a wide range of riders.
The Slovakia business also provides pension services.
The buyer is Dutch financial services company NN Group, which has operations across Europe and in Japan.
It has existing operations in both the Czech Republic and Slovakia.
The deal will net Aegon €155m (£138.7m, $176.3m) and is expected to close in early 2019.
Alex Wynaendts, chief executive of Aegon, said: “This divestment is a further step in rationalising our geographical footprint and focusing our resources on our key markets.
“The transaction guarantees continued customer service, offers new opportunities for employees and is in the bests interest of our shareholders.”
International Adviser contacted Aegon to ask if it would continue to have any presence in either country after the sale.
A spokesperson confirmed that it will have a non-life business in Slovakia and a partnership with Czech fintech firm Chytry Honza.