THE HAGUE, Netherlands—Dutch insurer AEGON N.V. has completed its acquisition of Warsaw, Poland-based pension company Powszechne Towarzystwo Emerytalne Skarbiec Emerytura S.A. from BRE Bank S.A.

Having recently received regulatory approval for the acquisition, AEGON—based in The Hague, Netherlands—paid €117 million ($163.2 million) to Warsaw, Poland-based BRE Bank for its stake in the pension provider.

The acquisition is part of AEGON's broader strategy to strengthen its businesses in Central and Eastern Europe. The acquisition of PTE Skarbiec makes AEGON Poland's sixth-largest pension fund company, the company said in a statement.

In recent years, AEGON has expanded its pension business in the region and has more than 2 million pension fund members in six Central and Eastern European countries—Hungary, Poland, the Czech Republic, Slovakia, Romania and Turkey.