The majority shareholder in Aegon, the Dutch insurance group, looks set to sell down part of its stake in the firm, which could release as much as €4.8bn ($4.7bn) or 25% of the firm's market capitalisation, according to analysts.

Association Aegon, the majority shareholder, owns 37% of Aegon shares and 53% of the voting rights. The association is a vehicle that dates back to before the merger of Ago and Ennia to form Aegon in 1978. It prevents a hostile takeover of the Aegon group without hindering Aegon's access to the capital markets.