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Name | Symbol | Market | Type |
---|---|---|---|
Scor SA (PK) | USOTC:SCRYY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.07 | -2.62% | 2.60 | 2.54 | 2.81 | 2.66 | 2.57 | 2.66 | 771 | 22:00:00 |
By Adam Clark
Dutch insurance and asset management company Aegon NV (AGN.AE) said Tuesday that it has agreed to divest the last substantial block of its life-reinsurance business, held in U.S. subsidiary Transamerica Corp.
Aegon said it will reinsure $700 million in liabilities through Scor SE's (SCR.FR) global-life business, which took on the majority of Transamerica's reinsurance business in deals in 2011 and 2017. The deal is expected to result in a one-time $50 million boost to Transamerica's capital position, and a slightly positive effect on recurring capital generation.
Aegon said the deal will result in a pretax loss of $105 million, but won't affect its underlying earnings as this block of reinsurance is already held as a run-off business.
Write to Adam Clark at adam.clark@dowjones.com
(END) Dow Jones Newswires
August 07, 2018 12:28 ET (16:28 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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