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

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

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