By Ian Walker

 
ASR Nederland is selling online bank Knab to BAWAG Group for 510 million euros ($551.8 million).
 
The Dutch insurer said Thursday that it has also agreed to transfer the management of the servicing of mortgages on Knab's balance sheet after closing, for an extra EUR80 million.
 
ASR said that the sale will boost its solvency II ratio by about 13 percentage points. It will use the money raised as part of its capital management plan.
 
"a.s.r. will continue to focus on a successful integration of the former Aegon Nederland businesses and creating a leading insurer and the best financial services provider in the Netherlands," Chief Executive Jos Baeten said.
 
The sale is expected to close in the second half of this year.
 
Write to Ian Walker at [email protected]