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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 | 1.14% | 6.20 | 6.26 | 6.16 | 6.24 | 2,328,756 | 01:00:00 |
THE HAGUE, The Netherlands, July 10, 2015 /PRNewswire/ --
Aegon's subsidiary Aegon USA, LLC has reached an agreement with Greenspoint Capital and The Newport Group to sell Clark Consulting, its Bank-Owned Life Insurance (BOLI) distribution and servicing unit in the US, for USD 177.5 million (EUR 160 million).
Aegon aims to enhance its risk-return profile and to improve capital efficiency. This transaction demonstrates the company's ongoing efforts to further reduce the capital deployed to its run-off businesses and increase the return on capital invested.
Clark Consulting is a distinct entity within the BOLI/COLI insurance business that is currently in run-off. The BOLI/COLI insurance block with a balance of USD 8.5 billion is not part of this transaction and will continue to be serviced by Aegon's US subsidiaries.
The parties anticipate that the transaction will close in the third quarter of 2015, subject to regulatory approvals.
Note to the editor
About Clark Consulting
For over four decades Clark Consulting has built strong relationships with clients and insurance company partners in the financial services industry and has created tailored Bank-Owned Life Insurance (BOLI) programs for major financial institutions for more than 25 years. Clark Consulting's mission is to offer Insurance Solutions To Optimize Capital and to continue serving the ever-changing life insurance needs of financial institutions.
About Greenspoint Capital and The Newport Group
Greenspoint Capital, LLC, is a newly-formed entity directly and indirectly owned by investment funds managed by Stone Point Capital, LLC, and an affiliate of A2 Capital Holdings, LLC. Stone Point Capital is a financial services-focused private equity firm based in Greenwich, Conn. The firm has raised and managed six private equity funds - the Trident Funds - with aggregate committed capital of approximately USD 13 billion. Investment funds managed by Stone Point Capital own a controlling interest in The Newport Group (Newport). Newport is one of the leading independent retirement service companies in the United States. Newport works closely with advisors to provide employers with a complete array of retirement solutions, corporate insurance services, and consulting services. Together with its affiliate, Verisight, Inc., the firm has approximately 1,000 associates across the nation, more than 9,500 plans with over 975,000 plan participants, and services more than USD 120 billion of corporate client assets.
Note: Aegon USA, LLC is domiciled in the United States and an indirect, wholly owned subsidiary of Aegon N.V., headquartered in The Hague, the Netherlands.
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 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. Aegon's purpose is to help people take responsibility for their financial future. 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
SOURCE Aegon N.V.
Copyright 2015 PR Newswire
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