Aegon NV (AEG) said Monday it has completed the sale of its Taiwanese life insurance business to Zhongwei Co.

The agreement for the transaction was announced in April.

Dutch insurer Aegon's decision to sell its Taiwanese life business is part of its strategic priorities "to optimize capital allocation and returns," the company said.

The sale reduced earnings by EUR385 million in the second quarter of 2009.

-By Bart Koster, Dow Jones Newswires; +31 20 571 5201; bart.koster@dowjones.com