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Name | Symbol | Market | Type |
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Transam.fin 7.1 | LSE:79NI | London | Bond |
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RNS Number:3049O Aegon N.V. 24 July 2000 AEGON changes status and accounting non-insurance businesses Transamerica On March 1, 2000 AEGON N.V. (NYSE:AEG) announced its intention to make opportunistic divestments of the businesses comprising Transamerica Finance Corporation (TFC) which was acquired in connection with the purchase of Transamerica Corporation in July 1999. TFC's operating results continue to be very good and an agreement was recently signed for the sale of the tank segment of the business to a private firm for approximately USD 260 million, which will result in a small book gain. Sales of several additional segments are currently under discussion. However, general weakness within the commercial finance market has precluded other credible bids from being made. Therefore, AEGON will continue to develop these businesses as operating units of the Group. Since their acquisition, AEGON has been accounting for the non-insurance businesses of Transamerica as equity participations. AEGON is now required under Dutch Accounting Principles to effect the following accounting changes: 1) Effective June 30, 2000 the non-insurance businesses, including Real Estate Services, will be carried in the balance sheet as unconsolidated holdings at their net asset value of EUR 1.7 billion (USD 1.6 billion) based on Dutch accounting Principles. The difference between net asset value and the prior carrying value is EUR 2.0 billion (USD 1.9 billion), which will be charged as goodwill directly to equity. 2) Effective July 1, 2000 the net income of the non-insurance businesses will be included in consolidated earnings. Previously, only dividends declared were included in consolidated earnings. Due to the inclusion of the full earnings contribution of the profitable non-insurance operations from July 1 and the higher average exchange rate realized to date for the US dollar to the euro compared to last year, AEGON anticipates an upgrade to its earnings forecast for the full year with the presentation of the six months results on August 10. Furthermore, approximately USD 1.8 billion of the original USD 3.1 billion acquisition debt related to the non-insurance businesses will be paid off by AEGON N.V. prior to the end of this year. This will be funded with the proceeds from the sale of bank Labouchere as well as with dividends of excess capital from insurance operations. AEGON's Executive Board Chairman, Kees Storm, said, "The Transamerica finance and real estate businesses are well managed and have good performance. The net asset value accounting change which is now being required, is not a reflection of the economic value of these businesses. Further development of these businesses will result in the best long term value for our shareholders and provide a firm basis for the management and employees of these businesses to continue to successfully build on their client relationships". The Hague, Netherlands, San Francisco, and Baltimore, July 24, 2000 AEGON N.V. is one of the world's largest listed insurance organizations. Its largest business units operate in the United States of America, the Netherlands, the UK, Hungary, Spain, Mexico and Canada. The AEGON Group focuses on insurance as its core business, with a strong emphasis on marketing life insurance, pensions, investment products and related financial services. AEGON. N.V. shares are listed on the Amsterdam, Frankfurt, London, New York (NYSE: symbol AEG), Tokyo and Zurich Stock Exchanges. Options on AEGON shares are traded on the Amsterdam Exchanges, the Philadelphia Stock Exchange and the Chicago Board options Exchange.
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