Aegon to sell US subsidiary

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The Dutch insurer Aegon has agreed to sell its American subsidiary for 1.4 million 963,000 euros. Aegon says it will use most of the money raised to pay back the remaining debt it owes to the Dutch government - which supported the business during the 2008 financial crisis.

Aegon is selling Transamerica Reinsurance - its American subsidiary - to the French multinational company Scor Group. Transamerica Reinsurance is the third-largest life assurance company in the United States, and the sale has strengthened Scor's American position in the insurance industry.

Aegon still owes 750,000 euros to the Dutch state - the Dutch government loaned three billion euros to Aegon as part of the 2008 bail-out package.

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