AEGON defines path for capturing growth in core markets
19 Junho 2012 - 3:00AM
UK Regulatory
TIDMAGN
AEGON defines path for capturing growth in core markets
AEGON CEO Alex Wynaendts will detail later today the company's approach for
capturing growth in its core businesses and markets in the coming years.
Speaking at the opening of AEGON's two-day Analyst & Investor Conference in
London, Mr. Wynaendts will present plans to strengthen AEGON's position in the
At-Retirement market in North America, the Netherlands and the United Kingdom,
while seeking to leverage its strong capabilities in providing protection and
asset accumulation products and services in its developing markets throughout
Central & Eastern Europe, Asia and Latin America.
In recent years, AEGON has implemented a broad restructuring program to sharpen
its focus on its core lines of business, reduce significantly its overall cost base,
and create greater efficiencies across the organization.
This has resulted in a shift from spread-based to fee-generating business and a
substantially improved risk-return profile, the divestment of non-core
businesses and an improved capital base ratio.
Continued demographic and economic uncertainties have increased the
opportunities for AEGON in pursuing its core mission of assisting customers
achieve their long-term financial security. To capture these opportunities,
AEGON will accelerate the development of new business models by investing in
innovative technology driven distribution channels, with the aim of connecting
better and more frequently with customers, improving service levels and
increasing retention rates. AEGON will also extend its investments in
technology to support intermediaries as they adapt to the changing environment
for distribution, as is underway in the United Kingdom and the Netherlands.
"Getting much closer to the people who depend on us requires developing new
direct relationships by accelerating our investment in technology and better
leveraging local initiatives across our businesses," said Mr. Wynaendts. "The
opportunities for our business are substantial and the actions we have taken in
recent years have strengthened AEGON's position, consistent with our targets
and aim to be a leader in all our chosen markets in the coming years."
The conference presentations will be available on AEGON's corporate website at
4.30 pm GMT / 5.30 pm CET at www.aegon.com. The presentation will be webcast
live also on the website beginning at 5 pm GMT / 6 pm CET.
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 over 25,000 people and have nearly
47 million customers across the globe.
Key figures - EUR Q1 2012 Full year
2011
Underlying earnings 425 1.5 billion
before tax million
New life sales 445 1.8 billion
million
Gross deposits 11.0 32 billion
billion
Revenue-generating 437 424 billion
investments billion
(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, ir@aegon.com
www.aegon.com
Cautionary note regarding non-GAAP measures
This document includes a non-GAAP financial measure: underlying earnings before
tax. The reconciliation of underlying earnings before tax to the most
comparable IFRS measure is provided in Note 3 "Segment information" of AEGON's
Condensed consolidated interim financial statements.
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; 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 AEGON holds;
- 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 the company'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 the
company sells, and the attractiveness of certain products to its consumers;
* Changes in the policies of central banks and/or governments,;
* 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;
* Lowering of one or more of AEGON's debt ratings issued by recognized rating
organizations and the adverse impact such action may have on the company'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 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 AEGON is required
to maintain;
* Litigation or regulatory action that could require AEGON to pay significant
damages or change the way the company 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 the company'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 the company are
described in the company's 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, 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.
Press release
June 19, 2012
END
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