December 28, 2017 / 9:02 AM / a year ago

Aegon to sell stake in U.S. unit to French reinsurer Scor

(Reuters) - Dutch insurer Aegon NV (AEGN.AS) on Thursday said it would sell part of the remaining stake it holds in U.S. life insurance unit to France-based property and life reinsurer Scor SE (SCOR.PA).

The deal covers about half of the life reinsurance business that Transamerica retained after an earlier stake sale to Scor in 2011.

Transamerica life subsidiaries would reinsure approximately $750 million of liabilities to Scor under the terms of the deal, the Netherlands-based insurer added.

The transaction is expected to result in a pre-tax loss of about $125 million and will be reported in other charges in the fourth quarter 2017 results, Aegon said.

Reporting by Mekhla Raina in Bengaluru; Editing by Vyas Mohan

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