Gábor Kepecs, chief executive of Aegon CEE

Aegon strengthens Romanian position with Eureko's life and pension business

Aegon is to take over Eureko's life insurance and pension business in Romania, further strengthening Aegon's position in the Central and Eastern European region.

Eureko is fully owned by Achmea.

Aegon has been active in Romania since 2007 and also has operations in Hungary, Poland, the Czech Republic, Slovakia and Turkey. Moreover, Aegon recently announced its entrance into Ukraine with the acquisition of the fifth largest life insurance company in the country.

The transaction is expected to close in the second half of 2013, pending regulatory approval. Eureko's Romanian life insurance portfolio and pension fund business will be integrated into the operations of Aegon Romania.

Following the transaction, Aegon Romania will become the country's third largest pension provider, with approximately 650,000 pension fund members, and its life insurance portfolio will become one of the ten largest in the country.      

Gábor Kepecs (pictured), chief executive of Aegon CEE and a member of Aegon's management board, says: "Given the increasing demand for life insurance and pension-related products and services in Romania and throughout the Central and Eastern European region, we are determined to extend Aegon's recognized expertise to serve the developing need. The addition of Eureko's Romanian life insurance portfolio and pension fund business will significantly strengthen our position and ability to provide reliable long-term financial solutions for a growing customer base."

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