(AGN) Aegon
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| 27-01-12 | PRN |
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AEGON enters into EUR 2 billion syndicated credit facility AEGON completed a EUR 2 billion syndicated credit facility agreement with a syndicate of international banks led by Bank of America Merrill Lynch and Citigroup Global Markets. The revolving standby facility has a term of five years with two one-year extension options. AEGON maintains back-up credit facilities with international banks to support outstanding amounts under AEGON's commercial paper programs and to serve as additional liquidity sources. The facility also allows AEGON to issue letters of credit for an amount up to EUR 1 billion. The new facility replaces AEGON's current USD 3 billion syndicated letter of credit and revolving credit facilities, which would have expired in September 2012. 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 26,000 people and have some 40 million customers across the globe. Key figures - EUR Third quarter Full year 2010 2011 Underlying earnings 361 million 1.8 billion before tax New life sales 405 million 2.1 billion Gross deposits 10.5 billion 33 billion Revenue-generating 404 billion 413 billion investments (end of period) Forward-looking statements The statements contained in this press release 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; * 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 * 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 press release. 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. JANUARY 27, 2012 Press release END More |
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| 25-01-12 | PRN |
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AEGON announces offering of USD 500 million of 8.00% non-cumulative subordinated notes due 2042 AEGON announces the pricing of an offering of USD 500 million of 8.00% non-cumulative subordinated notes due 2042 in an underwritten public offering in the United States registered with the U.S. Securities Exchange Commission (SEC). As part of the offering, AEGON has granted the underwriters a 30-day option to purchase up to an additional USD 75 million of notes to cover over-allotments. If this option is exercised in full, the gross proceeds of the offering will be USD 575 million. The notes will bear interest at a fixed rate of 8% and will not be cumulative and are priced at 100% of their principal amount. The coupon may be cancelled under certain circumstances. The notes will be issued in denominations of USD 25. Application will be made to list the notes on the New York Stock Exchange (NYSE). The offering is expected to be settled on January 31, 2012 and the notes are expected to be admitted for trading on the NYSE within 30 days thereafter. The proceeds from the issuance of the notes will be used for general corporate purposes. The joint book-runners for the offering of the notes are BofA Merrill Lynch, Citigroup, Morgan Stanley and Wells Fargo Securities. A prospectus may be obtained from BofA Merrill Lynch at 4 World Financial Center, New York, NY 10080, Attention: Prospectus Department or e-mail: dg.prospectus_requests@baml.com. A prospectus may also be obtained for free by visiting the SEC website at www.sec.gov. 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 26,000 people and have some 40 million customers across the globe. 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 Website: www.aegon.com Forward-looking statements The statements contained in this press release 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; * 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; * 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 press release. 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. JANUARY 25, 2012 Press release END More |
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| 06-12-11 | PRN |
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AEGON to reaffirm targets at annual investor conference in New York Opening AEGON's annual Analyst and Investor Conference in New York later today, CEO Alex Wynaendts will reaffirm the company's financial targets, first announced last February, and detail the steps AEGON is taking to secure a leading position in each of its chosen markets. Mr. Wynaendts will detail the actions management is taking to mitigate the impact of lower capital market returns and AEGON's decision to lower long-term interest rate assumptions. The main focus of the two-day conference will be to demonstrate the progress of AEGON's three strategic business units in the United States; Life & Protection, Individual Savings & Retirement and Employer Solutions & Pensions. AEGON Americas CEO Mark Mullin will provide an overview of the company's progress in delivering sustainable growth and serving the increasing customer demand for retirement security in AEGON's largest market, the US. Over the past couple of years, AEGON's operations in the US - which operate under the Transamerica brand - have been streamlined to focus on the opportunities within its core business of providing life insurance, pensions and investment products. On Wednesday, Mr. Wynaendts, Mr. Mullin and the senior management from AEGON's US business units will host a series of small group meetings, providing analysts and investors the opportunity to address specific issues relative to the company's markets and operations. Mr. Wynaendts stated: "We welcome this opportunity to reaffirm our commitment to delivering on our 2015 financial targets based on our current assumptions, despite the strong headwinds of the current economic environment. We are taking decisive steps to offset the negative impacts of the market turmoil and as such, remain confident in our ability to deliver the growth and attractive returns which our targets represent." The conference presentations will be available on AEGON's corporate website at 4:00 pm EST / 10:00 pm CET at www.aegon.com. The formal presentations will be webcast live also on the website beginning at 4:30 pm EST / 10:30 pm CET. Page 1 of 2 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 26,000 people and have some 40 million customers across the globe. Key figures - EUR Third quarter Full year 2010 2011 Underlying earnings 361 million 1.8 billion before tax New life sales 405 million 2.1 billion Gross deposits 10.5 billion 33 billion Revenue-generating 404 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; * 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 * 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. DECEMBER 6, 2011 Press release END More |
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| 24-11-11 | PRN |
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AEGON completes sale of Guardian in the UK AEGON completed the sale of 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. The decision to divest Guardian is consistent with AEGON's strategic objective to optimize its portfolio of businesses. The agreement was first announced in August 2011. Page 1 of 2 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 26,000 people and have some 40 million customers across the globe. Key figures - EUR Third quarter Full year 2010 2011 Underlying earnings 361 million 1.8 billion before tax New life sales 405 million 2.1 billion Gross deposits 10.5 billion 33 billion Revenue-generating 404 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; * 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 * 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. NOVEMBER 24, 2011 Press release END More |
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Aegon AM attempts reputation rebuild with rebrand
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| 03-04-11 | ||||
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New Aegon chief drops brand plan
Aegon's £25m tie-up with the Lawn Tennis Association has raised the company's UK profile. Photograph: PA Published Date: 03 April 2011 By Terry Murden Business Editor ADRIAN GRACE, the newly installed chief executive at life and pensions group Aegon UK, has abandoned plans to create a big UK brand as he embarks on rebuilding the company following months of upheaval. After years of struggling to establish the Dutch company's identity in Britain, following its acquisition of Scottish Equitable in 1994, Grace said he would prefer to build the company behind other brands. He said he had worked at big companies where they had been able to grow without a major brand or where brand building had cost millions with only limited impact. "We have the tennis (a £25 million tie-up with the Lawn Tennis Association] which helps us, but to build a UK brand will cost £30m to £35m a year," he said. That was the sort of money poured into building an insurance brand when he was at Barclays. "It had some impact but it was not dramatic," he said. He would prefer to build Aegon "behind other brands" in the way that one of his other former employers, GE Capital, operated. "It is not our intention to build a big UK brand," he said. "I see us sitting behind other people's brands." Grace, 47, who took over from long-serving Otto Thoresen on Friday, is expected to brief staff tomorrow at the Edinburgh headquarters where he will acknowledge the pain caused by the restructuring. Aegon is shedding 600 jobs in Scotland to take £80m out of costs and Grace will admit that the cost-cutting programme is not yet over. But he will outline how he intends to rebuild the company around a twin approach to selling products, one using the traditional distribution model and another using a platform channel launched last week. The technology enables advisers and clients to view a portfolio of products and policies simultaneously. He will unveil his new top team, including a chief operating officer to take on his former role and two staff who are being promoted to key roles. Speaking as he prepared for his first day, he said: "It has been a tough time, cost cutting, names in the papers, low morale. "We are not through the cost cutting so there will be more to come, but my hope is that we are through it by the beginning of next year. We are now looking at a growth strategy." However, he said that would not mean "chasing market share for its own sake", and he ruled out acquisitions. He described the new platform proposition, in partnership with Novia Financial, as a "huge step forward", and rejected criticism from those who claim Aegon is a latecomer to the idea, with 25 companies already providing a platform. Grace said Aegon has learned from others' mistakes and will offer a different approach based on cost control, differentiation, good technology and entrepreneurial thinking. "No one has made any money on a platform business. We have watched the market and being a late mover has given us some advantages. A lot of people have made mistakes and spent a lot of money on technology that doesn't work," he said. Most platforms are based on what he called "wealth accumulation" whereas Aegon will approach the savings and retirement market. http://business.scotsman.com/business/New-Aegon-chief-drops-brand.6744797.jp |
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Brilliant news
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