December 28, 2017 / 9:12 AM / 6 months ago

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

(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).

FILE PHOTO - The logo of reinsurance company Scor is seen at its Paris headquarters, in Paris, France, February 24, 2016. REUTERS/Charles Platiau

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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