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Aegon NV (AEGN.AS)

AEGN.AS on Amsterdam Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Aegon accelerates execution of strategy and increases expense savings
Thursday, 8 Dec 2016 07:00am EST 

Aegon NV : Aegon accelerates execution of strategy and increases expense savings . Reaffirms 2018 group financial targets . Return on equity of 10 percent through organic growth, expense savings and capital return . 2.1 billion euros ($2.26 billion) capital return to shareholders in 2016-2018 . Expense reduction program significantly increased to 350 million euros . Aegon is on track to reach its financial targets for 2018 . Company now aims to reduce its annual operating expenses by 350 million euros by year-end 2018, up from its original target of 200 million euros . Restructuring charges associated with expense savings target are expected to amount to 20 million euros in Q4 of 2016 . Announces actions to accelerate restructuring in US . Original USD 150 million expense savings plan will be completed in 2017, one year ahead of schedule, and the expense savings target to be achieved by year-end 2018 has now been doubled to $300 million . Further net reduction of over 500 positions . First phase of location strategy implemented - closing 3 offices . Strategic decision to exit Affinity, Direct TV and Direct Mail channels .Invest in capabilities to create a differentiated digital offering.  Full Article

Aegon to repurchase 30,765,224 common shares
Monday, 3 Oct 2016 02:00am EDT 

Aegon NV :Will repurchase 30,765,224 common shares to neutralize dilutive effect of 2016 interim stock dividend.  Full Article

Aegon to sell 100% of its shares of Aegon Life Ukraine to TAS group
Thursday, 22 Sep 2016 10:18am EDT 

Aegon NV : Has entered into an agreement to sell 100% of its shares of Aegon Life Ukraine to TAS group, and will exit the Ukrainian market. .The parties have agreed not to disclose the terms and conditions of the transaction.  Full Article

L&G says Cofunds sale to boost Solvency II surplus by 125 mln stg
Thursday, 11 Aug 2016 02:15am EDT 

Legal & General Group Plc : Legal & General to sell Cofunds and IPS to Aegon. .Says sale of Cofunds will increase Solvency II surplus by 125 million pounds, and its economic capital surplus by 105 million pounds..  Full Article

BRIEF-Aegon acquires Cofunds from Legal & General for 140 mln stg
Thursday, 11 Aug 2016 01:51am EDT 

Aegon NV : Announces acquisition of Cofunds from Legal & General for GBP 140 million (164 million euros) . Transaction is expected to close by end of 2016, subject to customary regulatory approval, and integration of business is expected to be completed by 2018 . Expects to generate GBP 60 million of annualized cost synergies by moving Cofunds business onto state-of--art aegon technology . These cost savings are expected to lead to an estimated solvency II capital benefit of GBP 150 million before end of 2017, which significantly limits net investment for acquisition of Cofunds . Acquisition of Cofunds will contribute to achieving group's return on equity target .Aegon's UK subsidiaries expect to resume dividend payments to holding in 2017 in line with earlier guidance.  Full Article

Aegon Q2 underlying earnings before tax miss Reuters poll
Thursday, 11 Aug 2016 01:46am EDT 

Aegon NV : Q2 net loss of 385 million euros ($429.81 million) due to book loss on divestment of UK annuity book and fair value items . Q2 sales 2.77 billion euros versus 2.34 billion euros year ago . Q2 underlying earnings before tax 435 million euros versus 476 million euros in Reuters poll . Q2 net loss 385 million euros versus loss of 328 million euros in Reuters poll . Maintains solid capital ratio despite volatile markets in q2 2016 . Interim dividend increases 8 pct to 0.13 euro per share; intention to neutralize dilutive effect of stock dividend . Solvency II ratio increased to an estimated 158 pct, as capital generation and management actions, including uk annuity book divestment, offset adverse market impacts . The company’s geographic footprint in the U.S. is under evaluation .In U.S. Aegon is also exploring the sale of non-core legal entities that would bring greater simplification and enhance returns..  Full Article

Aegon acquires Cofunds
Thursday, 11 Aug 2016 01:31am EDT 

Aegon NV : Announces acquisition of Cofunds from Legal & General for GBP 140 million (164 million euros) . Transaction is expected to close by end of 2016, subject to customary regulatory approval, and integration of business is expected to be completed by 2018 . Expects to generate GBP 60 million of annualized cost synergies by moving Cofunds business onto state-of--art aegon technology . These cost savings are expected to lead to an estimated solvency II capital benefit of GBP 150 million before end of 2017, which significantly limits net investment for acquisition of Cofunds . Acquisition of Cofunds will contribute to achieving group's return on equity target .Aegon's UK subsidiaries expect to resume dividend payments to holding in 2017 in line with earlier guidance.  Full Article

Aegon gives update on divestment of its GBP 9 billion annuity portfolio in UK
Tuesday, 12 Jul 2016 02:00am EDT 

Aegon Nv : Aegon announced in Q2 divestment of its GBP 9 billion ($11.77 billion) annuity portfolio in United Kingdom through two transactions, to Rothesay Life and Legal & General . Confirms that disposals are proceeding as planned, with market and underwriting risks transferred to counter parties . In line with earlier communicated estimates this will lead to a total capital release of GBP 500 million once both transactions have been finalized . Whereas absolute amount of capital release is unchanged, relative impact on UK operations solvency II ratio in Q2 amounts to about 20 pct combined . In finalizing transaction agreements and as part of its quarterly closing process, Aegon has adjusted IFRS book loss on these transactions .In its Q2 2016 results, Aegon will incur a post-tax book loss of GBP 481 million (618 million euros), up from gbp 245 million (315 million euros) previously indicated.  Full Article

Aegon announces repurchase of shares to neutralize final stock dividend
Monday, 4 Jul 2016 02:00am EDT 

Aegon NV : Aegon announces repurchase of shares to neutralize final stock dividend .Shares will be held as treasury shares and will be used to pay future stock dividends.  Full Article

Aegon UK says message to pension savers: "don't panic"
Friday, 24 Jun 2016 03:52am EDT 

Aegon Nv : Aegon uk pensions director steven cameron says message to pension savers is "don't panic", take advice before withdrawing money . Aegon uk pensions director says uk government "may consider other changes to pensions in response to wider economic conditions...we will be monitoring closely any possible impact on our customers" Further company coverage: [AEGN.AS] ((carolyn.cohn@thomsonreuters.com;)).  Full Article

Insurance veteran Cowdery raising money for Bermuda fund: sources

NEW YORK/LONDON British insurance entrepreneur Clive Cowdery is raising money for a fourth investment vehicle, at the same time as his third, U.S.-focused fund is being wound down and its sole asset put up for sale, sources aware of the matter told Reuters.