NEW YORK (AP)
Dutch insurer Aegon said Monday it completed the acquisition of Merrill Lynch & Co.'s life insurance subsidiaries for $1.25 billion in cash, including excess surplus of about $425 million. Aegon acquired Merrill Lynch Life Insurance Co. and ML Life Insurance Co. of New York from Merrill Lynch. As part of the deal, the pair formed a partnership that will allow Merrill Lynch to offer Aegon insurance products through its financial adviser network. Aegon, through its Transamerica companies will continue to offer insurance and investment services, including Merrill Lynch annuity products. Aegon anticipates the acquisition will boost earnings slightly, while Merrill Lynch will record a net gain from the sale during the fourth quarter.
