(Bloomberg) --

Aegon NV agreed to sell its insurance, pension and asset-management business in Hungary, Poland, Romania and Turkey for 830 million euros ($990 million) to Vienna Insurance Group AG.

The price is equivalent to 2.6 times book value as of June 30 and will result in an increase in IFRS equity of 505 million euros, according to statement from Aegon.

As a result of the transaction, Aegon’s Group Solvency II ratio is estimated to improve by about 8 percentage points. The deal is subject to regulatory and antitrust approvals and is expected to close in the second half of 2021.

Aegon Chief Executive Officer Lard Friese, who took on the role this year, is battling a share price that has fallen almost 25% in 2020. The former CEO of NN Group has said Aegon could pull out of some markets as he seeks to turn around the company’s performance.

Bloomberg earlier reported that the sale of Aegon’s central and eastern European business had also attracted interest from KBC Group NV and NN Group NV, citing people with knowledge of the matter.

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