⁍ Dutch insurer Aegon has put its Eastern European business up for sale.

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⁍ The unit is primarily focused on Hungary but is also active in Poland, Romania and Turkey.

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⁍ The business could be valued at about 650 million euros ($767.85 million

– Dutch insurer Aegon has put its Eastern European business up for sale as it seeks to raise cash to better cope with the fallout of the coronavirus crisis and revamp earnings in its core markets, two sources familiar with the matter tell Reuters. Aegon is working with JPMorgan on the process and has held preliminary discussions with industry players to sell the unit, which is primarily focused on Hungary but is also active in Poland, Romania, and Turkey. The business could be valued at about $767 million. Dutch insurer NN Group and Belgium’s KBC are both studying possible bids for the assets while German rival Allianz has also expressed interest, the sources say. Aegon provides both life and general insurance in Hungary, where it first built a footprint in 1992 with the acquisition of former state-owned insurer ⁇ llami Biztos ⁇ t ⁇ and subsequently used the unit as a springboard for further acquisitions across Central and Eastern Europe.