AEGON to Restructure Business in the Netherlands


 
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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