Taipei  - Dutch insurer Aegon NV is to sell its Taiwanese life insurance unit to local investors to boost its cash flow, local media reported Thursday.

Aegon said in a statement that it had agreed to transfer its local business to Taipei-based consortium Zhongwei Co for 84.5 million dollars, the Taipei Times reported.

The deal is expected to be completed by the end of third quarter, pending regulatory approval, the company said.

"Our decision to divest our Taiwanese life business is a result of Aegon's strategic priorities to optimize capital allocation and returns announced last June," Aegon CEO Alex Wynaendts said in the statement.

Zhongwei is a holding company established by Tom Peng, chairman of Meifu Property Development Group, and Lin Por-fong, president of Taiwan Glass Industry Corp, the report said. (dpa)