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     318  0 Kommentare Aegon Reports Third Quarter 2015 Results

    THE HAGUE, The Netherlands, November 12, 2015 /PRNewswire/ --

     

    • Underlying earnings impacted by changes to actuarial assumptions 
    • Underlying earnings amount to EUR 436 million, impacted by actuarial assumption changes
    • Other charges of EUR 950 million driven by book loss on sale of Canadian activities and model updates
    • Net loss of EUR 524 million
    • Return on equity of 6.8%, or 8.1% excluding assumption changes

    • Fee-based deposit businesses continue sales growth  
    • Sustained deposit growth in US retirement plan, asset management and Dutch retail savings;
      27% increase in gross deposits to EUR 19.4 billion and 20% higher net deposits of EUR 4.3 billion
    • New life insurance sales amount to EUR 435 million mainly due to lower pension sales in NL and UK
    • Accident & health and general insurance sales amount to EUR 230 million
    • Market consistent value of new business of EUR 125 million impacted by low interest rates

    • Solid capital position and cash flows 
    • Operational free cash flows excluding market impacts and one-time items of EUR 350 million
    • Holding excess capital increases to EUR 1.8 billion; gross leverage ratio of 28.8%
    • Solvency I ratio increases to 225% as a result of divestments and one-time adjustments

    Statement of Alex Wynaendts, CEO 

    "During the third quarter of the year, Aegon's earnings were impacted by assumption changes, our ongoing model refinement program, and the anticipated book loss on the sale of our low-return business in Canada. At the same time, sales for the quarter remained strong, particularly in our fast-growing US retirement plan and asset management businesses.

    "We are pleased to have strengthened our position in one of our key growth areas, becoming a top ten provider in the US retirement sector through the acquisition of Mercer's defined contribution record-keeping business. This strategic development demonstrates our determination to grow and diversify our customer base and expand our offering of attractive fee-based retirement solutions.

    "The progress we have recently made in preparing for Solvency II gives us confidence that we are well-positioned to operate successfully in this new regulatory framework. We remain committed to delivering value to customers and shareholders alike, and look forward to sharing our plans in this respect at our upcoming Analyst & Investor Conference in January."

    
       
        Key performance indicators
    
                                                                              YTD     YTD
        amounts in
         EUR millions   b)       Notes Q3 2015 Q2 2015     % Q3 2014     %    2015    2014     %
    
        Underlying earnings
        before tax                  1     436     549  (21)     291     *   1,453   1,303     *
    
        Net income / (loss)              (524)    350     -      52     -     142     787  (82)
    
        Sales                       2   2,604   2,442     7   2,333    12   7,796   6,485    20
    
        Market consistent
        value of new business       3     125     183  (31)     192  (35)     448     636  (30)
    
        Return on equity            4    6.8%    8.2%  (18)    4.9%     *    7.3%    7.3%     *
    

    STRATEGIC HIGHLIGHTS

    • Acquisition of Mercer's US defined contribution record-keeping business 
    • Highest-ever score obtained in the Dow Jones Sustainability Indices 
    • UK launches new Retiready Stability fund 
    • Aegon number one insurer in 2015 Best Employer's list in the Netherlands 

    Aegon's ambition
    Aegon's aim to be a leader in all of its chosen markets is supported by four strategic objectives embedded in all Aegon businesses: Optimize portfolio, Deliver operational excellence, Enhance customer loyalty, and Empower employees. These provide the strategic framework for the company's ambition to become the most-recommended life insurance and pension provider by customers and business partners, as well as the most-preferred employer in the sector.

    Optimize portfolio 

    On September 25, Aegon announced the acquisition of Mercer's US defined contribution record-keeping business. Mercer is widely recognized for its best-in-class solutions in the large corporate benefits administration market. The transaction complements Transamerica's current service offering, which has experienced success and growth in the large markets with a primary focus on the not-for-profit segment. The number of retirement plan participants serviced by Transamerica will increase by 917,000 to approximately 5 million, and assets under administration will increase by USD 71 billion to approximately USD 216 billion[1]. In addition, Transamerica will also become the preferred defined contribution record-keeping provider for Mercer's total benefit outsourcing and total retirement outsourcing clients. The transaction is anticipated to be closed in the fourth quarter of 2015.

    On September 2, Aegon completed the sale of Clark Consulting Group - its Bank-Owned Life Insurance (BOLI) distribution and servicing unit in the United States - to Greenspoint Capital and the Newport Group, following regulatory approval. The agreement to sell Clark Consulting for USD 177.5 million (EUR 160 million) was announced on July 10, 2015. Clark Consulting was a distinct entity within the BOLI/COLI insurance business that is currently in run-off.

    On November 3, an agreement was reached to sell certain assets of Transamerica Financial Advisors, Inc. to Signator, a John Hancock affiliate. Transamerica Financial Advisors is a full-service, independent broker-dealer and registered investment advisor with around 1,100 advisors and 90 employees. John Hancock is an independent broker-dealer and unit of Manulife Financial Corporation. It is anticipated that the transaction will close in the second quarter of 2016, subject to regulatory approvals. Terms of the transaction were not disclosed.


    Deliver operational excellence  

    Aegon received its highest-ever score in the Dow Jones Sustainability Indices, underlining the progress made in becoming a more sustainable company. Aegon scored 83 points in the 2015 Indices, compared with an average of 48 for the insurance industry as a whole. In addition to being Aegon's highest-ever score, the company also outperformed 94% of its peers in the sector.

    In the UK, Aegon enhanced its digital life insurance solution, Simply Life, making it even more accessible and attractive to a wider number of clients. The process, which already has a very high immediate acceptance rate of over 80%, will introduce manual underwriting if an online decision is unavailable. Simply Life is a life only protection product that covers up to GBP 500,000 for customers aged between 18 and 49 with healthy lifestyles. Simply Life offers both customers and advisors a quick and easy-to-use product to meet protection needs.

    Enhance customer loyalty
    In support of Aegon's purpose to help people take responsibility for their financial future, Aegon teamed up with the National Financial Educators Council to launch the Transamerica Financial Educators Academy. With the goal to promote greater personal financial knowledge in the United States by teaching the basics of successful money management, the Academy offers an effective process for individuals to become certified to teach others in their communities. This enables them to help others improve their financial outlook and become more confident about their financial future.

    In the UK, Aegon launched 'Retiready Stability', a new fund for pension customers on its platform that broadens the range of available investments. This gives investors the choice of five funds, ranging from low to higher risk. The new option is a very low risk fund, and is designed for investors seeking to preserve their pension savings, typically before taking retirement income.

    In Spain, Aegon launched a new independent broker service, Aegon Activos. The new brokerage will provide customers with access to over 30 carefully selected mutual funds and pension plans, offered by 20 national and international fund managers, life insurance and savings companies. The launch of Aegon Activos reflects Aegon's commitment to provide personalized advice in planning and financial protection, with high added value in terms of funds. In addition, it enables Aegon to expand its product offering in line with the company's multichannel strategy, which provides customers with a portfolio of diversified services tailored to their individual savings and investment needs.

    Aegon Bank in the Netherlands entered into a partnership with Germany's leading online peer-to-peer loan marketplace, auxmoney. The partnership between auxmoney and Aegon Bank grew out of Aegon's December 2014 venture investment in the company. In addition to the equity stake Aegon already owns in the company, Aegon Bank has committed to provide EUR 150 million funding for loans on the auxmoney platform. Its platform provides a unique solution to connect and facilitate retail-focused loans directly between borrowers and lenders. Aegon's investment on auxmoney's lending platform is a strategic move, as crowd lending marketplaces are becoming increasingly popular with investors.

    Empower employees 

    In the Netherlands, Aegon was named 1st among insurance companies and 25th overall in the list for companies with over 1,000 employees in the 2015 Best Employer List, conducted by Effectory and Intermediair. The research for Best Employer in the Netherlands is the biggest and best-known of its kind. Over 200,000 employees judge more than 300 employers based in the Netherlands. These high rankings underline the progress Aegon has made in becoming a preferred employer.  

    Global Systemically Important Insurer 

    The Financial Stability Board announced on November 3, 2015, that it has designated Aegon as one of a group of nine global systemically important insurers (G-SII). Aegon will continue to engage with supervisors in the upcoming consultations on both the methodology applied to determine the systemic level of insurance companies and on the definition of non-traditional insurance and non-insurance activities. In the meantime, Aegon will work closely with the regulatory authorities to comply with the G-SII framework once it is finalized.

    
       
        Financial overview
    
        EUR millions     Notes Q3 2015   Q2 2015      %   Q3 2014     % YTD 2015 YTD 2014      %
    
        Underlying
        earnings before tax
        Americas                   243       358   (32)       134    81      891      767     16
        The Netherlands            135       136    (1)       127     6      402      386      4
        United Kingdom              27        34   (21)        28   (2)      100       86     16
        New Markets                 69        62     12        40    74      183      163     12
        Holding and other         (38)      (41)      8      (37)   (3)    (122)     (99)   (22)
        Underlying
        earnings before tax        436       549   (21)       291    50    1,453    1,303     12
    
        Fair value items         (103)     (293)     65     (296)    65    (554)    (675)     18
        Realized gains /
        (losses) on investments     36       134   (73)        85  (58)      288      392   (27)
        Net impairments           (12)         7      -         5     -     (15)      (6)  (158)
        Other income / (charges) (950)      (11)      -      (29)     -    (961)     (49)      -
        Run-off businesses          28         3      -      (31)     -       38     (18)      -
        Income before tax        (565)       389      -        23     -      249      947   (74)
        Income tax                  41      (39)      -        29    43    (107)    (160)     33
        Net income / (loss)      (524)       350      -        52     -      142      787   (82)
    
        Net income / (loss)
        attributable to:
        Equity holders
        of Aegon N.V.            (524)       350      -        52     -      141      787   (82)
        Non-controlling
        interests                    0         0   (45)         0  (33)        0        0      -
    
        Net underlying earnings    355       433   (18)       235    51    1,132      987     15
    
        Commissions and
        expenses                 1,510     1,761   (14)     1,398     8    4,984    4,296     16
        of which
        operating expenses    9    912       923    (1)       826    10    2,737    2,415     13
    
        New life sales
        Life single premiums     1,165     1,062     10     1,806  (35)    3,649    4,115   (11)
        Life recurring
        premiums annualized        319       411   (23)       372  (14)    1,139    1,111      3
        Total recurring
        plus 1/10 single           435       518   (16)       552  (21)    1,504    1,522    (1)
    
        New life sales
        Americas             10    148       158    (6)       141     5      447      382     17
        The Netherlands             24        25    (1)        99  (75)       87      169   (49)
        United Kingdom             194       263   (26)       250  (22)      726      777    (7)
        New Markets          10     68        72    (5)        61    11      245      194     26
        Total recurring
        plus 1/10 single           435       518   (16)       552  (21)    1,504    1,522    (1)
    
        New premium production
        accident and
        health insurance           212       228    (7)       241  (12)      747      737      1
        New premium production
        general insurance           18        20   (11)        16    10       59       51     18
    
        Gross deposits
        (on and off balance)
        Americas             10  7,868     9,069   (13)     7,053    12   28,488   24,085     18
        The Netherlands          1,000     1,116   (10)       716    40    3,679    1,793    105
        United Kingdom              71        88   (20)        90  (21)      239      214     12
        New Markets          10 10,455     6,496     61     7,382    42   22,449   15,655     43
        Total gross deposits    19,394    16,769     16    15,242    27   54,855   41,746     31
    
        Net deposits
        (on and off balance)
        Americas             10    711     1,913   (63)       457    55    7,028    5,672     24
        The Netherlands            230       355   (35)       338  (32)    1,381      647    113
        United Kingdom              39        54   (27)        57  (31)      135      123     11
        New Markets          10  3,564       975      -     2,945    21    6,814    2,706    152
        Total net deposits
        excluding run-off
        businesses               4,544     3,296     38     3,797    20   15,358    9,147     68
        Run-off businesses       (294)     (111)  (166)     (265)  (11)    (618)  (1,047)     41
        Total net deposits
        / (outflows)             4,250     3,185     33     3,532    20   14,741    8,100     82
    
        Revenue-generating investments
    
                                                        Sep. 30,  Jun. 30,         Dec. 31,
                                                           2015      2015      %      2014     %
        Revenue-generating investments (total)          635,458   645,017    (1)   558,328    14
        Investments general account                     160,830   158,956      1   153,653     5
        Investments for account of policyholders        193,562   205,903    (6)   191,467     1
        Off balance sheet investments third parties     281,066   280,158      -   213,208    32
    

    OPERATIONAL HIGHLIGHTS

    Assumption changes and model updates 

    Aegon reviews its assumptions in the Americas and Asia annually in the third quarter, which resulted in adjustment to its actuarial and economic assumptions. In addition, as part of an ongoing commitment to deliver operational excellence, the company reviews and enhances its models where necessary. These assumption changes and model updates on balance accounted for charges of EUR 204 million in the third quarter of 2015. The actuarial assumption changes reduced underlying earnings by
    EUR 96 million, the economic assumption changes positively impacted fair value items by
    EUR 101 million and charges for model updates amounted to EUR 209 million. As of this quarter, model updates are included in Other charges and are no longer included in underlying earnings.

    Underlying earnings before tax
    Aegon's underlying earnings before tax in the third quarter of 2015 were EUR 436 million, including charges for actuarial assumption changes of EUR 96 million. Excluding assumption changes and model updates, earnings increased 4%. Favorable currency movements and positive mortality experience in the United States more than offset the reduction in recurring earnings resulting from the assumption changes and model updates implemented in the United States and Asia, lower earnings from fixed annuities and the impact of divestments.

    Underlying earnings from the Americas were EUR 243 million and included charges for actuarial assumption changes of EUR 96 million. Lower charges for assumption changes, the absence of model updates and the stronger US dollar more than offset the recurring impact of the actuarial assumption changes implemented this quarter, lower fixed annuity earnings and the divestment of Canada.

    In the Netherlands, underlying earnings increased 6% to EUR 135 million, driven by higher investment income and lower funding costs.

    Underlying earnings from Aegon's operations in the United Kingdom were stable in the third quarter of 2015 at EUR 27 million, as favorable currency movements were offset by adverse market movements and lower fees.

    Underlying earnings from New Markets were up 74% to EUR 69 million. This increase was driven by higher asset management and performance fees, favorable one-time items, mainly related to higher than anticipated investment yields, and the absence of assumption changes and model updates.

    Total holding costs remained stable at EUR 38 million.

    Net income
    The net loss amounted to EUR 524 million, primarily caused by the EUR 751 million book loss from the sale of the Canadian business.


    Fair value items
    The loss from fair value items amounted to EUR 103 million. This loss was mainly driven by hedging programs in the United States, primarily the result of ineffectiveness of the macro equity hedge program. This more than offset the positive impact of EUR 101 million from assumption changes, which were related to adjustments to the discount rate of variable annuity liabilities.

    Realized gains on investments
    Realized gains on investments declined to EUR 36 million and were driven by normal trading activity in the Netherlands.

    Impairment charges
    Gross impairments remained low as a result of the favorable credit environment and amounted to
    EUR 12 million in the third quarter of 2015.


    Other charges
    Other charges amounted to EUR 950 million. These were primarily due to the book loss on the divestment of the Canadian insurance business of EUR 751 million. In addition, the ongoing model review resulted in charges of EUR 209 million, mainly related to the universal life business in the United States.

    Run-off businesses
    Earnings from run-off businesses increased to EUR 28 million, due to favorable mortality and lapse experience.

    Income tax
    Income tax amounted to a positive EUR 41 million in the third quarter, driven by tax credits in especially the United States. The effective tax rate on underlying earnings was 19%.

    Return on equity
    Return on equity was 6.8% in the third quarter of 2015. Return on equity excluding the charges for actuarial assumption updates in the United Stated and Asia amounted to 8.1% over the same period.


    Operating expenses
    In the third quarter, operating expenses increased by 10% to EUR 912 million. This was driven by a stronger US dollar and higher defined benefit expenses, which was the result of lower interest rates. At constant currencies, the increase was 1%.


    Sales
    Aegon's total sales increased 12% to EUR 2.6 billion in the third quarter of 2015, the result of a stronger US dollar, higher asset management deposits and increased indexed universal life sales. Gross deposits increased 27%, driven by higher deposits in Aegon Asset Management and strong growth in bank deposits in the Netherlands. Net deposits, excluding run-off businesses, increased to
    EUR 4.5 billion due to higher net inflows in Aegon Asset Management. New life sales were down 21% to EUR 435 million, as higher indexed universal life sales in the United States and favorable currency movements were more than offset by the impact of the withdrawal of the universal life secondary guarantee product in the United States and lower pension sales in the Netherlands and United Kingdom. New premium production for accident & health and general insurance declined to
    EUR 230 million, as the effect of a stronger US dollar was more than offset by fewer portfolio acquisitions in the United States.

    Market consistent value of new business
    The market consistent value of new business amounted to EUR 125 million. The positive effect of the stronger US dollar and product adjustments in the United States were more than offset by the negative impact of lower life sales and interest rates.

    Revenue-generating investments
    Revenue-generating investments declined by 1% during the third quarter of 2015 to EUR 635 billion. This was due to unfavorable market movements resulting from lower equity markets, which more than offset net inflows.

    Capital management
    Shareholders' equity declined by EUR 1.0 billion during the third quarter and amounted to
    EUR 24.1 billion on September 30, 2015. Revaluation reserves increased slightly by EUR 0.1 billion to EUR 7.4 billion. Aegon's shareholders' equity, excluding revaluation reserves and defined benefit plan remeasurements, declined to EUR 18.2 billion - or EUR 8.57 per common share - at the end of the third quarter. This was caused by the loss generated in the quarter and the payment of the 2015 interim dividend.

    The gross financial leverage ratio increased to 28.8% in the third quarter, driven by the book loss on the divestment of Canada. Aegon has earmarked the CAD 600 million proceeds of this divestment to redeem the USD 500 million 4.625% senior bond, due in December 2015. Excess capital in the holding increased to EUR 1.8 billion. Dividends of EUR 0.5 billion paid to the holding by the United States, resulting from the divestments of Canada and Clark Consulting, were partly offset by the payment of the 2015 interim dividend, interest payments and operating expenses.

    Aegon's Insurance Group Directive (IGD) solvency ratio increased to 225% in the third quarter as a result of divestments, earnings generated in the quarter and one-time adjustments. The capital in excess of the S&P AA threshold in the United States declined to USD 0.6 billion, due to negative market impacts on hedges and one-time items resulting from the assumption changes and model updates. In the Netherlands, the IGD ratio, excluding Aegon Bank, moved up significantly to ~250%, driven mainly by a higher valuation of mortgages in the general account. The Pillar I ratio in the United Kingdom, including the with-profit fund, increased to ~140%, due to earnings generated in the quarter and positive market impacts.


    Cash flows
    Operational free cash flows excluding market impacts and one-time items amounted to
    EUR 350 million in the third quarter of 2015. The charges from one-time items of EUR 243 million were primarily related to the assumption changes and model updates. Positive market impacts amounted to EUR 131 million as a higher valuation of mortgages in the general account in the Netherlands more than offset hedging losses on variable annuities in the United States. Operational free cash flows including market impacts and one-time items amounted to EUR 238 million for the quarter.

    
       
        Financial overview, Q3 2015 geographically                         
                                                                                  Holding,
                                                                                    other
                                                        The   United     New activities &
        EUR millions                   Americas Netherlands  Kingdom Markets eliminations  Total
    
        Underlying earnings before
        tax by line of business
        Life                                 90          81       14      27            -    211
        Individual savings and
        retirement products                  70           -        -     (3)            -     67
        Pensions                             83          47       13       3            -    145
        Non-life                              -           1        -       3            -      4
        Asset Management                      -           -        -      40            -     40
        Other                                 -           6        -       -         (38)   (32)
        Underlying earnings before tax      243         135       27      69         (38)    436
    
        Fair value items                  (146)         (1)       34       7            3  (103)
        Realized gains / (losses)
        on investments                        2          32        1       1            -     36
        Net impairments                     (5)         (6)        -     (1)            -   (12)
        Other income / (charges)          (909)           -        3    (43)            -  (950)
        Run-off businesses                   28           -        -       -            -     28
        Income before tax                 (789)         160       65      34         (35)  (565)
        Income tax                           73        (34)      (4)     (8)           13     41
        Net income / (loss)               (716)         126       62      26         (22)  (524)
    
        Net underlying earnings             205         104       24      46         (25)    355
    
        Employee numbers
    
                                                              Sep. 30,    Jun. 30, Dec. 31,
                                                                  2015        2015     2014
        Employees                                               28,675      28,241   28,602
        of which agents                                          5,642       5,207    5,713
        of which Aegon's share of employees in
        joint ventures and associates                            1,694       1,694    1,614
    

    Full version press release
    Use this link for the full version of the press release.

    ADDITIONAL INFORMATION

    The Hague - November 12, 2015 

    Presentation 

    The conference call presentation is available on aegon.com as of 7.30 a.m. CET.

    Supplements 

    Aegon's Q3 2015 Financial Supplement and Condensed Consolidated Interim Financial Statements
    are available on aegon.com.

    Conference call including Q&A 

    9:00 a.m. CET

    Audio webcast on aegon.com

    Dial-in numbers 

    United States: +1 646 254 3362
    United Kingdom: +44 203 427 1919
    The Netherlands: +31 20 716 8256

    Passcode: 7116860

    Two hours after the conference call, a replay will be available on aegon.com.

    DISCLAIMERS 

    Cautionary note regarding non-IFRS measures 

    This document includes the following non-IFRS financial measures: underlying earnings before tax, income tax, income before tax and market consistent value of new business. These non-IFRS measures are calculated by consolidating on a proportionate basis Aegon's joint ventures and associated companies. The reconciliation of these measures, except for market consistent value of new business, to the most comparable IFRS measure is provided in note 3 'Segment information' of Aegon's Condensed Consolidated Interim Financial Statements. Market consistent value of new business is not based on IFRS, which are used to report Aegon's primary financial statements and should not be viewed as a substitute for IFRS financial measures. Aegon may define and calculate market consistent value of new business differently than other companies. Aegon believes that these non-IFRS measures, together with the IFRS information, provide meaningful information about the underlying operating results of Aegon's business including insight into the financial measures that senior management uses in managing the business. In addition, return on equity is a ratio using a non-GAAP measure and is calculated by dividing the net underlying earnings after cost of leverage by the average shareholders' equity excluding the preferred shares, the revaluation reserve and the reserves related to defined benefit plans.

    Local currencies and constant currency exchange rates 

    This document contains certain information about Aegon's results, financial condition and revenue generating investments presented in USD for the Americas and GBP for the United Kingdom, because those businesses operate and are managed primarily in those currencies. Certain comparative information presented on a constant currency basis eliminates the effects of changes in currency exchange rates. None of this information is a substitute for or superior to financial information about Aegon presented in EUR, which is the currency of Aegon's primary financial statements.

    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:

    • Changes in general economic conditions, particularly in the United States, the Netherlands and the United Kingdom;
    • Changes in the performance of financial markets, including emerging markets, such as with regard to:
    • 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 private sector securities and the resulting decline in the value of sovereign exposure that Aegon holds;
    • Changes in the performance of Aegon's investment portfolio and decline in ratings of Aegon's counterparties;
    • Consequences of a potential (partial) break-up of the euro;
    • The frequency and severity of insured loss events;
    • Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of Aegon's insurance products;
    • Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations;
    • Changes affecting interest rate levels and continuing low or rapidly changing interest rate levels;
    • Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;
    • Changes in the availability of, and costs associated with, liquidity sources such as bank and capital markets funding, as well as conditions in the credit markets in general such as changes in borrower and counterparty creditworthiness;
    • Increasing levels of competition in the United States, the Netherlands, the United Kingdom and emerging markets;
    • Changes in laws and regulations, particularly those affecting Aegon's operations, ability to hire and retain key personnel, the products Aegon sells, and the attractiveness of certain products to its consumers;
    • Regulatory changes relating to the insurance industry in the jurisdictions in which Aegon operates;
    • Changes in customer behavior and public opinion in general related to, among other things, the type of products also Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations;
    • Acts of God, acts of terrorism, acts of war and pandemics;
    • Changes in the policies of central banks and/or governments;
    • Lowering of one or more of Aegon's debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegon's ability to raise capital and on its liquidity and financial condition;
    • Lowering of one or more of insurer financial strength ratings of Aegon's insurance subsidiaries and the adverse impact such action may have on the premium writings, policy retention, profitability and liquidity of its insurance subsidiaries;
    • The effect of the European Union's Solvency II requirements and other regulations in other jurisdictions affecting the capital Aegon is required to maintain;
    • Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does business;
    • As Aegon's operations support complex transactions and are highly dependent on the proper functioning of information technology, a computer system failure or security breach may disrupt Aegon's business, damage its reputation and adversely affect its results of operations, financial condition and cash flows;
    • Customer responsiveness to both new products and distribution channels;
    • Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of or demand for Aegon's products;
    • Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies, voluntarily or otherwise, may affect Aegon's reported results and shareholders' equity;
    • The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including Aegon's ability to integrate acquisitions and to obtain the anticipated results and synergies from acquisitions;
    • Catastrophic events, either manmade or by nature, could result in material losses and significantly interrupt Aegon's business; and
    • Aegon's failure to achieve anticipated levels of earnings or operational efficiencies as well as other cost saving and excess capital and leverage ratio management initiatives.

    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.

     

    --------------------------------------------------

    [1] Pro forma data as of August 31, 2015 and as communicated at time of announcement


        
    Media relations
    Debora de Laaf
    +31(0)70-344-8730
    gcc@aegon.com

    Investor relations
    Willem van den Berg
    +31(0)70-344-8305
    ir@aegon.com

        PRN NLD



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    Verfasst von PR Newswire (engl.)
    Aegon Reports Third Quarter 2015 Results THE HAGUE, The Netherlands, November 12, 2015 /PRNewswire/ -   Underlying earnings impacted by changes to actuarial assumptions  Underlying earnings amount to EUR 436 million, impacted by actuarial assumption changes Other charges of EUR 950 …