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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Aegon Ltd | NYSE:AEG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.07 | 1.12% | 6.33 | 6.34 | 6.26 | 6.30 | 2,710,997 | 01:00:00 |
THE HAGUE, The Netherlands, September 25, 2015 /PRNewswire/ --
Deal strengthens Transamerica's retirement platform and adds USD 71 billion in assets under administration
Aegon, through an affiliate of its Transamerica unit, has reached an agreement with Mercer HR Services, LLC to acquire Mercer's US defined contribution administration book of business. Upon completion of the acquisition, the defined contribution business will transition to Transamerica Retirement Solutions, which will become a top ten defined contribution record-keeper based on plan participants and assets. Mercer is widely recognized for its best-in-class solutions in the large corporate benefits administration market. As such, the transaction complements Transamerica's current retirement services offering, which has experienced success and growth in the large and mega markets with a primary focus in the not-for-profit segment.
"This agreement with Mercer further strengthens Transamerica's leading position in the US retirement sector, with the know-how and broad capability to serve every retirement plan market segment," said Mark Mullin, a member of Aegon's Management Board and President & CEO of Transamerica. "This latest strategic development supports our aim to further grow and diversify our customer base, while continuing to expand our offering of fee-based retirement solutions."
As a result of the acquisition, the number of retirement plan participants serviced by Transamerica will increase by 917,000 to approximately 5 million. Assets under administration (AUA) will increase by USD 71 billion to approximately USD 216 billion*.
In addition, Transamerica will become the preferred defined contribution record-keeping provider for Mercer's total benefit outsourcing and total retirement outsourcing clients going forward. The added scale in participants and AUA, coupled with new business opportunities and additional expertise in the large and mega corporate market segment, collectively demonstrate the strategic fit of this acquisition for Transamerica.
Additionally, this transaction provides Transamerica the opportunity to further serve the growing market for seamless Individual Retirement Account roll-over products and retirement counselling services.
The transaction is expected to close in the fourth quarter of 2015, subject to regulatory approval, and is not expected to have a material positive effect on Aegon's earnings in 2016.
* as of August 31, 2015
About Aegon
Aegon's roots go back more than 150 years - to the first half of the nineteenth century. Since then, Aegon has grown into an international company, with businesses in more than 20 countries 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, with some 28,000 employees. Aegon's purpose is to help people take responsibility for their financial future. Per June 30, 2015, Aegon managed EUR 645 billion in revenue generating investments. http://www.aegon.com
About Transamerica
Transamerica is a member of the Aegon group of companies. With a history that dates back over 100 years, the Transamerica companies are recognized as leading providers of life insurance, savings and retirement and investment solutions, serving millions of customers throughout the United States. Transamerica works to Transform Tomorrow® for those who entrust its dedicated professionals with their financial needs, helping them take the necessary steps to achieve their long-term goals and aspirations. Transamerica's 10,000 employees serve nearly every customer segment, providing a broad range of quality life insurance and savings products, individual and group pension plans, as well as asset management services. Transamerica's corporate headquarters are based in Baltimore, Maryland. http://www.transamerica.com
DISCLAIMERS
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:
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.
Aegon Media Relations
Debora de Laaf
+31(0)70-344-8730
gcc@aegon.com
Aegon Investor Relations
Willem van den Berg
+31(0)70-344-8405
ir@aegon.com
Transamerica Media Relations
Gregory W. Tucker
+1443-475-3017
Media.Relations@transamerica.com
PRN NLD
Copyright 2015 PR Newswire
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