AEGON merges pension businesses

Deals

AEGON Hungary pension fund declared that the company has entered into an agreement to merge with UNIQA and public service pension fund.

The merged fund will operate under the AEGON brand name and will provide AEGON pension funds in Central & Eastern Europe with 1.5 million members, an increase of 140,000 or 10%. AEGON proposes to raise the number of pension fund members to a total of 2.3 million in Central & Eastern Europe by 2010. Also, the merger will significantly double AEGON's share of the voluntary pension fund market and raise its share of the mandatory pension fund market to just over 20%. AEGON Hungary's pension fund, at the end of the merger, will have a total of 810,000 members and approximately €2 boillion in assets under management. In conjunction, AEGON announced the purchase of UNIQA Asset Management Company and Heller-Saldo 2000 Pension Fund Management Company, which provide asset management and administration services respectively to UNIQA and Public Service Pension Fund. These entities will be integrated in AEGON's own operations. (press release)

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