Aegon and Banco Santander Form Long-term Strategic Partnership in Spain

Thu Dec 20, 2012 2:00am EST

* Reuters is not responsible for the content in this press release.

For best results when printing this announcement, please click on the link
below:

http://pdf.reuters.com/pdfnews/pdfnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20121220:nPn2190401


THE HAGUE, the Netherlands,  December 20, 2012  /PRNewswire/ --

Aegon has entered into an exclusive 25-year strategic partnership with Banco
Santander,  Spain's  largest financial group, to distribute both protection and
general insurance products through the group's extensive network of over 4,600
bank branches (including Banesto, Banif and Openbank), focused on a potential
client base of twelve million customers.

Under the terms of the agreement, Aegon will acquire a 51% stake in both a life
insurance company as well as in a non-life insurance company for a consideration
of  EUR 220 million. Depending on the performance of the partnership, Aegon may
pay an additional amount after five years. Furthermore, Aegon Spain will provide
the back-office services to the joint venture companies.

The transaction is expected to close in the first half of 2013 subject to
regulatory approval and will be financed from existing resources.

Aegon has been active in  Spain  for over thirty years and has established a
reputation as a preferred provider of protection products through its network of
bancassurance joint ventures with regional savings banks, or cajas. With this
newest agreement, Aegon will consolidate its leadership position in this market
in  Spain.

"We are delighted with the opportunity to partner with Santander" said Aegon CEO
 Alex Wynaendts. "Aegon has a firm commitment to  Spain  and a clear track
record of providing quality products and services through the bank channel. With
Santander we look forward to reaching and serving an even greater number of
potential customers seeking long-term financial security in these uncertain
times."

DISCLAIMER

Forward-looking statements

The statements contained in this document that are not historical facts are
forward-looking statements as defined in the US Private Securities Litigation
Reform Act of 1995. The following are words that identify such forward-looking
statements: aim, believe, estimate, target, intend, may, expect, anticipate,
predict, project, counting on, plan, continue, want, forecast, goal, should,
would, is confident, will, and similar expressions as they relate to Aegon.
These statements are not guarantees of future performance and involve risks,
uncertainties and assumptions that are difficult to predict. Aegon undertakes no
obligation to publicly update or revise any forward-looking statements. Readers
are cautioned not to place undue reliance on these forward-looking statements,
which merely reflect company expectations at the time of writing. Actual results
may differ materially from expectations conveyed in forward-looking statements
due to changes caused by various risks and uncertainties. Such risks and
uncertainties include but are not limited to the following:

* Changes in general economic conditions, particularly in  the United States, 
the Netherlands  and the  United Kingdom;
* Changes in the performance of financial markets, including emerging markets,
such as with regard to:
* The frequency and severity of defaults by issuers in Aegon's fixed income
investment portfolios;
* The effects of corporate bankruptcies and/or accounting restatements on the
financial markets and the resulting decline in the value of equity and debt
securities Aegon holds; and
* The effects of declining creditworthiness of certain private sector securities
and the resulting decline in the value of sovereign exposure that Aegon holds;
* Changes in the performance of Aegon's investment portfolio and decline in
ratings of Aegon's counterparties;
* Consequences of a potential (partial) break-up of the euro;
* The frequency and severity of insured loss events;
* Changes affecting mortality, morbidity, persistence and other factors that may
impact the profitability of Aegon's insurance products;
* Reinsurers to whom Aegon has ceded significant underwriting risks may fail to
meet their obligations;
* Changes affecting interest rate levels and continuing low or rapidly changing
interest rate levels;
* Changes affecting currency exchange rates, in particular the EUR/USD and
EUR/GBP exchange rates;
* Changes in the availability of, and costs associated with, liquidity sources
such as bank and capital markets funding, as well as conditions in the credit
markets in general such as changes in borrower and counterparty
creditworthiness;
* Increasing levels of competition in  the United States,  the Netherlands, the 
United Kingdom  and emerging markets;
* Changes in laws and regulations, particularly those affecting Aegon's
operations, ability to hire and retain key personnel, the products Aegon sells,
and the attractiveness of certain products to its consumers;
* Regulatory changes relating to the insurance industry in the jurisdictions in
which Aegon operates;
* Changes in customer behavior and public opinion in general related to, among
other things, the type of products also Aegon sells, including legal, regulatory
or commercial necessity to meet changing customer expectations;
* Acts of God, acts of terrorism, acts of war and pandemics;
* Changes in the policies of central banks and/or governments;
* Lowering of one or more of Aegon's debt ratings issued by recognized rating
organizations and the adverse impact such action may have on Aegon's ability to
raise capital and on its liquidity and financial condition;
* Lowering of one or more of insurer financial strength ratings of Aegon's
insurance subsidiaries and the adverse impact such action may have on the
premium writings, policy retention, profitability and liquidity of its insurance
subsidiaries;
* The effect of the European Union's Solvency II requirements and other
regulations in other jurisdictions affecting the capital Aegon is required to
maintain;
* Litigation or regulatory action that could require Aegon to pay significant
damages or change the way Aegon does business;
* As Aegon's operations support complex transactions and are highly dependent on
the proper functioning of information technology, a computer system failure or
security breach may disrupt Aegon's business, damage its reputation and
adversely affect its results of operations, financial condition and cash flows;
* Customer responsiveness to both new products and distribution channels;
* Competitive, legal, regulatory, or tax changes that affect profitability, the
distribution cost of or demand for Aegon's products;
* Changes in accounting regulations and policies may affect Aegon's reported
results and shareholder's equity;
* The impact of acquisitions and divestitures, restructurings, product
withdrawals and other unusual items, including Aegon's ability to integrate
acquisitions and to obtain the anticipated results and synergies from
acquisitions;
* Catastrophic events, either manmade or by nature, could result in material
losses and significantly interrupt Aegon's business; and
* Aegon's failure to achieve anticipated levels of earnings or operational
efficiencies as well as other cost saving initiatives.

Further details of potential risks and uncertainties affecting Aegon are
described in its filings with NYSE Euronext Amsterdam and the US Securities and
Exchange Commission, including the Annual Report. These forward-looking
statements speak only as of the date of this document. Except as required by any
applicable law or regulation, Aegon expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in Aegon's expectations with
regard thereto or any change in events, conditions or circumstances on which any
such statement is based.

 

ABOUT AEGON

As an international life insurance, pensions and asset management company based
in  The Hague, Aegon has businesses in over twenty markets in the Americas, 
Europe  and  Asia. Aegon companies employ approximately 25,000 people and have
nearly 47 million customers across the globe. Further information:  aegon.com.

 

Media relations
Greg Tucker
+31(0)70-344-8956
gcc@aegon.com

Investor relations
Willem van den Berg
+31(0)70-344-8305
ir@aegon.com

 

PRNNLD


SOURCE  AEGON N.V.
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.