AEGON to Restructure Business in the Netherlands
29 Setembro 2011 - 3:30AM
UK Regulatory
TIDMAGN
AEGON to Restructure Business in the Netherlands
AEGON today announces plans to make its business in The Netherlands more agile
and better positioned to respond to changing conditions and opportunities in
the Dutch market. As a result of these plans, approximately 300 positions will
be made redundant.
The restructuring of AEGON's Dutch business is an acceleration of previously
announced strategic plans. "The world around us is changing rapidly," said
Marco Keim, a member of the Management Board and CEO of AEGON The Netherlands.
"To effectively respond to these developments, AEGON in the Netherlands must
simplify its operations and become a more efficient organization, better able
to capture the opportunities arising from changes in the market. Unfortunately,
this means that we will need to downsize our workforce."
The reorganization will inevitably entail forced redundancies. Employees
affected will be supported by AEGON according to agreements with the relevant
trade unions in the Netherlands.
The costs of the reorganization will total approximately EUR 60 million and are
expected to be accounted for before the end of this year. The reorganization
program and other initiatives will result in reducing the cost base for AEGON
The Netherlands by EUR 100 million, compared to the cost base for 2010. Most of
the cost savings are expected to be achieved in 2012.
As required by Dutch law, the restructuring plans have been submitted to the
Central Works' Council for its formal advice, which is expected before the end
of the year.
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)
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
Press release
SEPTEMBER 29, 2011
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.
END
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