Aegon

Aegon N.V.

Type	Naamloze vennootschap
Traded as	Euronext: AGN, NYSE: AEG
Industry	Financial services
Founded	1983
Headquarters	The Hague, Netherlands
Area served	Worldwide
Key people	Alex Wynaendts (CEO), Rob Routs (Chairman of the supervisory board)
Products	Life insurance, asset management, pensions
Revenue	€49.18 billion (2010)[1]
Profit	€1.759 billion (2010)[1]
Total assets	€332.22 billion (end 2010)[1]
Total equity	€23.43 billion (end 2010)[1]
Employees	27,470 (end 2010)[1]
Website	www.aegon.com

Headquarters building and square in The Hague

Aegon N.V. (officially typeset AEGON) is one of the world’s largest life insurance and pension groups, and a strong provider of investment products. Aegon's head office is in The Hague, Netherlands. At the end of 2010, Aegon companies employed about 27,500 people worldwide, serving approximately 40 million customers.^[1]

History

Aegon was founded in 1983 from the merger of AGO Holding N.V. (itself created by the merger of three companies in 1968) and Ennia N.V. (itself formed by the merger of three companies in 1969). Its U.S. headquarters are in Cedar Rapids, Iowa.^[2] It acquired Scottish Equitable in 1994.^[3]

In 1998 it formed Stonebridge International Insurance Ltd to create and market a range of personal insurance products, providing accident, health and unemployment cover to its own customers and via business partners.

In 1999 it acquired the life assurance business of Guardian Royal Exchange.^[3] That year it also bought Transamerica Corporation.^[4]

On August 13, 2007, Aegon and Merrill Lynch announced a strategic business partnership in the areas of life insurance and investment products. As part of the relationship, Aegon acquired two of Merrill Lynch's life insurance companies for US$1.3 billion.^[5]

On April 23, 2008, Alex Wynaendts succeeded the retiring Donald J. Shepard as Chairman of the Executive Board and CEO of Aegon N.V. following the Group's Annual General Meeting of Shareholders: Donald Shepard announced his retirement in November 2007, after six years as Chairman.^[6]

On October 28, 2008, the Dutch government and De Nederlandsche Bank agreed to give Aegon a €3 billion capital injection to create a capital buffer in exchange for convertible bonds to ease the group through the financial crisis.^[7]

Operations

Aegon's businesses focus on life insurance and pensions, savings and asset management products. The group is also active in accident and supplemental health insurance and general insurance, and has limited banking activities. Aegon has major operations in the United States (where it is heavily represented through World Financial Group and Transamerica), the Netherlands and the United Kingdom. In addition, the group is present in a number of other countries including Canada, Brazil, Mexico, Hungary, Poland, Romania, Slovakia, Czech Republic, Turkey, Spain, China, Japan and India.

Sponsorship

In 2008, Aegon became the official sponsor of the Dutch football team AFC Ajax, in a deal which will last for seven years.^[8] Ajax's uniform now features the Aegon logo across the chest. Aegon becomes the third sponsor of Ajax (TDK sponsored Ajax in the 1980s, and ABN AMRO sponsored the team from 1990 till 2008). As of late 2008, Aegon also sponsor the Lawn Tennis Association. A sponsorship package was agreed with the LTA and Aegon's name will appear on all four pillars of British Tennis, including many professional tournaments, one of which is the AEGON Championships, an ATP grasscourt professional tennis tournament in June in London, taking over from Stella Artois, who had sponsored the event since 1979. Aegon also sponsor professional golfer Zach Johnson, who won the 2007 Masters Tournament.

Primary subsidiaries

Americas

• Aegon USA, LLC
• Transamerica Corporation
• Transamerica Life Insurance Company
• Transamerica Advisors Life Insurance Company
• Monumental Life Insurance Company
• Stonebridge Casualty Insurance Company
• Stonebridge International Insurance Ltd
• Stonebridge Life Insurance Company
• Stonebridge Casualty Insurance Company
• Transamerica Financial Life Insurance Company
• Western Reserve Life Assurance Co. of Ohio
• Transamerica Life Canada

The Netherlands

• Aegon Leven
• Aegon Schade
• Aegon Bank
• OPTAS Pensioenen

United Kingdom

• Scottish Equitable plc (trading as Aegon UK)
• Origen Financial Services
• Positive Solutions

New Markets

• Aegon España S.A.
• AEGON Magyarország Általános Biztositó Zrt. (Hungary)
• Aegon TU na Życie S.A. / Aegon Powszechne Towarzystwo Emerytalne S.A. (Poland)
• Aegon Asset Management Company (India)

New Markets - joint ventures

• Aegon-CNOOC Life Insurance Company (50% joint venture with CNOOC,), China
• Aegon Sony Life Insurance Cy (50% joint venture with Sony), Japan
• CAN Vida y Pensiones S.A. de Seguros (50% joint venture), Spain
• Caixa Terrassa (50% joint venture), Spain
• Mongeral (50% joint venture Brazilian Insurance Company)^[9]

References

1. ^ ^{a b c d e f} "Annual Results 2010". Aegon. http://www.aegon.com/Documents/aegon-com/Sitewide/Quarterly-results/2010-Q4/EN/2010-Q4-Financial-supplement.pdf. Retrieved 24 February 2011. 
2. ^ Moody's analysis
3. ^ ^{a b} Aegon plans further deals after GRE buy Independent, 13 August 1999
4. ^ Transamerica Corporation: History
5. ^ Aegon buys Merrill Lynch insurance companies for $1.3bn Marketwatch, 13 August 2007
6. ^ Alex Wynaendts to succeed Donald Shepard as Chairman of Aegon PR Newswire, 8 November 2008
7. ^ Government reinforces AEGON’s capital position by EUR 3 billion De Nederlandische Bank, 28 October 2008
8. ^ AEGON new head sponsor AFC Ajax Ajax, 17 October 2007
9. ^ ≥ http://www.aegonins.com Statutory Company listing

External links

• Official website

Companies portal