Dutch Aegon buys Poland's Ergo Hestia pension fund

Amsterdam- Dutch bancassurance company Aegon said Thursday it was buying Polish pension fund Ergo Hestia as part of its plans to expand in central and eastern Europe. Financial details regarding the transaction, which still needs approval from the financial authorities, were not disclosed.

According to the information from Aegon, Ergo Hestia holds 650 million euros (815 million euros) for 372,796 participants.

Following the purchase, Aegon will manage the pensions of some 1.2 million clients.

Last year Aegon bought the Polish assurance company Nationwide Poland.

Thursday's announcement came as Aegon announced third-quarter net profits of 679 million euros, 10 per cent more than a year earlier and well above analysts' expectations.
Source:rawstory.com