Dutch insurer Aegon said Tuesday it has agreed to buy the Romanian life insurance and pension operations from Dutch peer Achmea, without disclosing financial details.

The transaction is expected to close in the second half of 2013, pending regulatory approval, Aegon said in a statement.

Following the transaction, the statement said 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.

Gbor Kepecs, CEO of Aegon CEE, said: "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."

Source: bne