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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 | |
---|---|---|---|---|---|---|---|---|
-0.04 | -0.62% | 6.46 | 6.47 | 6.405 | 6.41 | 1,880,527 | 21:00:02 |
Aegon today announces that it has signed an agreement to expand its successful partnership with Banco Santander in Spain. The expansion covers term life and selected lines of non-life insurance following Banco Santander’s acquisition of the Banco Popular franchise in 2017.
“I am delighted to announce an expansion of the existing relationship with Banco Santander, which will give us access to an additional client base of four million customers in Spain”, said Alex Wynaendts, CEO of Aegon. “From the very start of the partnership, Santander and Aegon have created a successful collaboration in Spain, generating healthy returns and remittances to the group”.
The joint venture with Banco Santander in Spain has been commercially successful, with an average yearly growth in gross written premiums of 12% over the period 2014-2017. The new agreement with Banco Santander is expected to lead to substantial growth going forward. Products provided by the joint venture include term life, household, accident and health insurance.
Aegon agreed to an upfront consideration of EUR 215 million and an additional amount of up to EUR 75 million to be paid after 5 years, depending on the performance of the partnership. The consideration will be funded from holding excess cash. The final terms (including closing and date of payment) of the transaction are subject to due diligence, regulatory approval, several other conditions and to the process of terminating the existing alliances of Banco Popular.
About Aegon
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 on aegon.com/about.
For the Editor
Updates
Disclaimer
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, 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:
- The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios;
- 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 Aegon holds; and
- The effects of declining creditworthiness of certain public sector securities and the resulting decline in the value of government exposure that Aegon holds;
This press release contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (596/2014).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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180702006064/en/
AegonMedia relationsDick Schiethart+31 (0) 70 344 8821gcc@aegon.comorInvestor relationsJan Willem Weidema+31 (0) 70 344 8028ir@aegon.com
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