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Aegon has reached an agreement with Wilton Re to sell its Canadian operations for CAD600 million.

“We continually review the performance of our businesses to ensure that they support our ambition to become a leader in our chosen markets,” said Alex Wynaendts, the chief executive officer of Aegon. “We have concluded that our Canadian life insurance business does not support that goal. The decision to divest these activities will lead to an improvement in the group’s return on equity of 40 basis points. At the same time, we believe this is a good outcome for our customers and employees, as the company will continue to offer competitive choices for the middle market in Canada.”

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