279 54 Business combinations Acquisitions 2013 2012 2011 Divestments / Disposals 2013 On February 8, 2013, Aegon closed the acquisition of 100% of Fidem Life, a life insurance company in Ukraine. Fidem Life is rebranded  ‘Aegon Ukraine’ and is integrated into the governance and management structure of Aegon CEE. There were no acquisitions during 2012.  There were no acquisitions during 2011. On June 12, 2013, Aegon UK announced the sale of national independent financial advisor (IFA) Positive Solutions to Intrinsic Financial  Services. The loss on the sale amounted to EUR 22 million. The sale is completed in the third quarter of 2013. On December 30, 2013, Aegon Czech Republic has completed the sale of its local pension business. The consideration amounted to  EUR 6 million and resulted in a book loss of EUR 7 million. There were no divestments/disposals during 2012. On November 24, 2011, Aegon completed the sale of its UK-based Guardian life and pension business for a total cash consideration of  GBP 275 million to Cinven, a European private equity group. The sale of the Guardian life and pension business in the United Kingdom  resulted in a loss of EUR 7 million, mainly originated from the disentaglement costs associated with the sale. 2012 2011 Underlying earnings before tax for Guardian life and pension totaled GBP 23 million in 2010. Gross written premiums for 2010 was GBP  129 million and net income for 2010 was GBP 26 million.  The business residing in Transamerica International Reinsurance, Bermuda (TIRe) has been retroceded to SCOR. TIRe will continue to  provide reserve credit security for redundant reserves to Aegon USA’s ceding companies. Aegon will maintain approximately half of  the collateral requirements needed for reinsurance reserve financing. This obligation provides reserve credit security and will run off  over approximately 15 years. Refer to note 28 and 29 for details on the reinsurance treatment of this divestment. On August 9, 2011, Aegon completed the divestment of its life reinsurance business, Transamerica Reinsurance (TARe), to SCOR.  The divestment resulted in a total after-tax consideration of USD 1.4 billion, consisting of cash proceeds of USD 0.9 billion and  a capital release of USD 0.5 billion. Aegon has retained certain blocks of business consisting primarily of variable annuity guarantee  products with a book value of USD 0.4 billion. The divestment of TARe consists of a series of reinsurance agreements between various  statutory insurance entities and SCOR for the US domestic business. In addition, SCOR has acquired Transamerica International  Reinsurance Ireland (TIRI), a company that includes reinsurance contracts that are assumed by Aegon US domestic companies which  have been retroceded to TIRI, and has taken over the operational assets and systems of TARe. 