AGN Aegon Nv

 
TIDMAGN 
 
AEGON to Sell Closed UK Life Insurance Business Guardian 
 
In line with its strategic objective to optimize its portfolio of businesses, 
AEGON has decided to sell its UK-based Guardian life and pension business for a 
total cash consideration of GBP 275 million to Cinven, a European private 
equity group. Guardian, which manages over 300,000 life insurance policies in 
the United Kingdom, has been closed to acquiring new business since 2001. 
 
AEGON Asset Management has entered into a long-term agreement with Cinven and 
will continue to manage the assets of Guardian which total GBP 7.4 billion. 
 
"Consistent with actions over the past three years to dispose of, or run-off, 
certain businesses deemed non-core, AEGON has concluded that managing the 
closed business of Guardian companies no longer fits with our strategic 
objectives," says Jan Nooitgedagt, AEGON's CFO. "We remain committed to the 
United Kingdom and to maximizing the opportunities of AEGON's chosen markets, 
Workplace Savings and At Retirement, which includes individual protection." 
 
The book value of the Guardian business amounted to GBP 271 million as per June 
30, 2011, while the embedded value amounted to GBP 322 million. Underlying 
earnings before tax totaled GBP 23 million in 2010. 
 
Guardian, based in Lytham, England, employs approximately 170 people, and for 
most, their employment arrangements will be transferred to the buyer upon 
completion of the sale of the business. 
 
The transaction is expected to close in the fourth quarter of 2011 and is 
subject to regulatory approval. 
 
 
 
 
Contact information 
 
Media relations: 
Greg Tucker 
+31(0)70 344 8956 
gcc-ir@aegon.com 
 
Investor relations: 
Willem van den Berg 
+31 (0)70 344 8305 
877 548 9668 - toll free USA only 
ir@aegon.com 
 
www.aegon.com 
 
About AEGON 
 
As an international life insurance, pension 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 26,500 people 
and have some 40 million customers across the globe. 
 
Key figures - EUR                Q2 2011 Full year 2010 
 
Underlying earnings          401 million    1.8 billion 
before tax 
 
New life sales               431 million    2.1 billion 
 
Gross deposits               6.7 billion     33 billion 
 
Revenue-generating           391 billion    413 billion 
investments (end of 
period) 
 
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 our 
company. These statements are not guarantees of future performance and involve 
risks, uncertainties and assumptions that are difficult to predict. We 
undertake 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 our fixed income 
    investment portfolios; and 
 
  * 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 we hold; 
 
  * The frequency and severity of insured loss events; 
 
  * Changes affecting mortality, morbidity, persistence and other factors that 
    may impact the profitability of our insurance products; 
 
  * 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; 
 
  * Increasing levels of competition in the United States, the Netherlands, the 
    United Kingdom and emerging markets; 
 
  * Changes in laws and regulations, particularly those affecting our 
    operations, the products we sell, and the attractiveness of certain 
    products to our consumers; 
 
  * Regulatory changes relating to the insurance industry in the jurisdictions 
    in which we operate; 
 
  * 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 our debt ratings issued by recognized rating 
    organizations and the adverse impact such action may have on our ability to 
    raise capital and on our liquidity and financial condition; 
 
  * Lowering of one or more of insurer financial strength ratings of our 
    insurance subsidiaries and the adverse impact such action may have on the 
    premium writings, policy retention, profitability of its insurance 
    subsidiaries and liquidity; 
 
  * The effect of the European Union's Solvency II requirements and other 
    regulations in other jurisdictions affecting the capital we are required to 
    maintain; 
 
  * Litigation or regulatory action that could require us to pay significant 
    damages or change the way we do business; 
 
  * Customer responsiveness to both new products and distribution channels; 
 
  * Competitive, legal, regulatory, or tax changes that affect the distribution 
    cost of or demand for our products; 
 
  * The impact of acquisitions and divestitures, restructurings, product 
    withdrawals and other unusual items, including our ability to integrate 
    acquisitions and to obtain the anticipated results and synergies from 
    acquisitions; 
 
  * Our 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 the company are 
described in the company's filings with Euronext Amsterdam and the US 
Securities and Exchange Commission, including the Annual Report on Form 20-F. 
These forward-looking statements speak only as of the date of this document. 
Except as required by any applicable law or regulation, the company 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 the company's expectations with regard thereto or any change in 
events, conditions or circumstances on which any such statement is based. 
 
AUGUST 16, 2011 
 
Press release 
 
 
 
END 
 

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