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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Allergan plc | NYSE:AGN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 193.02 | 0 | 01:00:00 |
The Hague, December 15, 2021 - Aegon today announces that it has reinsured an additional part of its longevity exposure in the Netherlands with Reinsurance Group of America, Incorporated (RGA). This transaction improves the risk profile of the Dutch Life business and releases capital at attractive terms. As a result of actions taken over the past year, Aegon expects to increase the regular remittances from this business.
The reinsurance agreement provides protection against the longevity risk associated with EUR 7 billion of pension liabilities. The risk transfer is effective per December 31, 2021 and will continue until the reinsured block of business has run off in full. The transaction includes deferred pensioners as well as in-payment policies of pensioners and dependents, leading to a very long run-off period. This reinsurance protects Aegon against the potential adverse financial impact of longevity risk over the full life of the policies at an attractive cost of capital. The transaction follows a similar longevity reinsurance structure executed by Aegon in December 2019. Together, these agreements mitigate approximately 40% of the longevity risk exposure of the Dutch life business. These reinsurance agreements have no impact on the services and guarantees that Aegon provides to its policyholders.
“This longevity reinsurance agreement is another bilateral action taken to maximize the value of our Dutch Life business,” says Lard Friese, CEO of Aegon N.V. “In line with our strategy, this builds on actions we have previously taken to improve the risk profile of this business and is another step to generate stable, regular, and reliable cash flows from the Dutch Life business.”
The benefit to the Dutch Life business Solvency II ratio is expected to be around 15%-points. This corresponds to an approximate 5%-point increase in the Group’s Solvency II ratio. Operating capital generation of the Dutch Life business will initially be reduced by EUR 40 million per year and the IFRS operating result will decrease by less than EUR 15 million per year. The impact on operating capital generation and the operating result will decrease over time in line with the maturity of the reinsured portfolio.
Aegon expects to increase the regular quarterly remittances of the Dutch Life business from EUR 25 million to EUR 50 million per quarter as of the first quarter of 2022. This follows management actions taken over the past year to strengthen the capital position, improve the risk profile, and increase capital generation.
About Aegon
Aegon’s roots go back more than 175 years – to the first half of the nineteenth century. Since then, Aegon has grown into an international company, with businesses in the Americas, Europe, and Asia. Today, Aegon is one of the world’s leading financial services organizations, providing life insurance, pensions, and asset management. Aegon’s purpose is to help people achieve a lifetime of financial security. More information on aegon.com.
Contacts | |
Media relations | Investor relations |
Dick Schiethart | Jan Willem Weidema |
+31(0) 70 344 8821 | +31(0) 70 344 8028 |
dick.schiethart@aegon.com | janwillem.weidema@aegon.com |
Forward-looking statementsThe 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, could, 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:
Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets 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, Aegon 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 Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
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