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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 | |
---|---|---|---|---|---|---|---|---|
-0.08 | -1.28% | 6.17 | 6.27 | 6.16 | 6.23 | 2,176,539 | 01:00:00 |
THE HAGUE, The Netherlands, July 12, 2016 /PRNewswire/ --
During the second quarter of 2016, Aegon announced the divestment of its GBP 9 billion annuity portfolio in the United Kingdom through two transactions, to Rothesay Life and Legal & General. Aegon today confirms that the disposals are proceeding as planned, with the market and underwriting risks transferred to the counter parties. In line with our earlier communicated estimates this will lead to a total capital release of GBP 500 million once both transactions have been finalized through the Part VII transfers, which are expected to be completed in the first half of 2017. The Rothesay Life and the Legal & General transactions each contributed 15% to Aegon UK's Solvency II ratio based on year-end 2015 and March 31, 2016 capital positions, respectively. Whereas the absolute amount of the capital release is unchanged, the relative impact on the Solvency II ratio in the second quarter amounts to ~20% combined, mainly as a result of market-driven higher capital requirements.
In finalizing the transaction agreements and as part of its quarterly closing process, Aegon has adjusted the IFRS book loss on these transactions. In its second quarter 2016 results, Aegon will incur a post-tax book loss of GBP 481 million (EUR 618 million), up from the GBP 245 million (EUR 315 million) previously indicated. This loss is expected to be partly offset by the release of the expense reserves on the annuity portfolio of
GBP 70 million (EUR 82 million) post tax upon completion of the Part VII transfers. In addition, Aegon expects to realize gains on assets that are to be disposed of and were related to the annuity book with an unrealized gain position of GBP 50 million (EUR 59 million) post tax at May 31, 2016.
These are challenging times for the insurance industry, with record low interest rates and volatile financial markets. The divestment of the UK annuity book has significantly reduced the exposure to these market risks.
Aegon will publish its second quarter 2016 results on August 11, 2016 at 7.30am CET.
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's roots go back more than 170 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. Aegon's purpose is to help people achieve a lifetime of financial security. More information: aegon.com.
Media relations
Dick Schiethart
+31(0)70-344-8821
gcc@aegon.com
Investor relations
Willem van den Berg
+31(0)70-344-8405
ir@aegon.com
PRN NLD
Copyright 2016 PR Newswire
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