Aegon Completes Consolidation with a.s.r., Becomes Second-Largest Insurance Company in the Netherlands

Aegon Completes Consolidation with a.s.r., Becomes Second-Largest Insurance Company in the Netherlands

(IN BRIEF) Aegon has announced the successful completion of its consolidation with a.s.r., combining its Dutch pension, life and non-life insurance, banking, and mortgage origination activities. In exchange for the consolidation, Aegon received EUR 2.2 billion in cash and a 29.99% stake in a.s.r. This transaction positions Aegon as the second-largest insurance company in the Netherlands, providing substantial scale across various sectors. The CEO of Aegon, Lard Friese, expressed gratitude to Aegon employees transitioning to a.s.r. and emphasized the creation of leaders in investments, protection, and retirement solutions. A slight amendment has been made to the relationship agreement, requiring unanimous approval for CEO succession and significant capital management decisions. Aegon anticipates initiating a EUR 1.5 billion share buyback program shortly, resulting in a notable increase in its Cash Capital at the Holding.

(PRESS RELEASE) THE HAGUE, 5-Jul-2023 — /EuropaWire/ — Aegon announces the completion of the combination of its Dutch pension, life and non-life insurance, banking, and mortgage origination activities with a.s.r., and the beginning of its asset management partnership with a.s.r. As part of the transaction, Aegon received EUR 2.2 billion cash proceeds and a 29.99% stake in a.s.r.

“The completion of this transaction marks a major milestone in Aegon’s history and in our long-term ambition to create leaders in investments, protection, and retirement solutions”, said Lard Friese, CEO of Aegon. “The combination creates the number two insurance company in the Netherlands, with significant scale across different segments, benefiting all our stakeholders. I want to take this opportunity to thank all of the Aegon employees who will now move to a.s.r. for their significant contribution over the years. I wish them all every success for the future.”

The relationship agreement has been slightly amended so that two matters now require unanimous approval of a.s.r.’s Supervisory Board. These relate to CEO succession in case the current CEO of a.s.r. steps down before the end of his current term, and material decisions on capital management which would lead to a change in the risk profile. The rest of the relationship agreement, including affirmative votes on significant changes to a.s.r.’s dividend policy, certain dilutive transactions, and certain M&A transactions, remains unchanged.

The completion of the transaction will result in a significant increase of Aegon’s Cash Capital at the Holding. As previously indicated, Aegon expects to initiate a EUR 1.5 billion share buyback program over a 12-month period shortly.

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SOURCE: Aegon