January 11, 2018 / 10:36 PM / 7 months ago

BRIEF-Aegon Announces Significant Step To Capture Greater Operational Efficiencies

Jan 11 (Reuters) - Aegon Nv:

* AEGON ANNOUNCES SIGNIFICANT STEP TO CAPTURE GREATER OPERATIONAL EFFICIENCIES

* US SUBSIDIARY TRANSAMERICA ENTERED INTO AGREEMENT WITH TATA CONSULTANCY SERVICES TO ADMINISTER CO’S US INSURANCE AND ANNUITY BUSINESS LINES​

* AGREEMENT IS EXPECTED TO LEAD TO ANNUAL RUN-RATE EXPENSE SAVINGS FOR AEGON OF APPROXIMATELY $70 MILLION INITIALLY, GROWING TO $100 MILLION OVER TIME​

* ‍TOTAL TRANSITION AND CONVERSION CHARGES ARE ESTIMATED TO AMOUNT TO APPROXIMATELY USD 280 MILLION

* ‍AGREEMENT, A MULTI-YEAR PARTNERSHIP WITH MORE THAN $2 BLN OF REVENUES TO TCS, IS EXPECTED TO BE COMPLETED BY Q2 2018​​ Source text for Eikon: Further company coverage:

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