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| Type | Public (Euronext: AGN, NYSE: AEG) |
|---|---|
| Founded | 1983 |
| Headquarters | The Hague, the Netherlands |
| Key people | Alex Wynaendts (CEO), Dudley Eustace (Chairman of the supervisory board) |
| Industry | Insurance |
| Products | Life insurance, investments, pensions |
| Revenue | €7.526 billion (2008)[1] |
| Operating income | ▼ (€46 million) (2008)[1] |
| Profit | ▼ (€1.082 billion) (2008)[1] |
| Total assets | €287.3 billion (2008)[1] |
| Total equity | €13.75 billion (2008)[1] |
| Employees | 31,425 (2008)[1] |
| Website | www.aegon.com |
AEGON N.V. (Euronext: AGN, NYSE: AEG) is one of the world’s largest life insurance and pension groups, and a strong provider of investment products. AEGON's head office is in The Hague, the Netherlands. Mid 2008, AEGON companies employed about 35,500 people worldwide.
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History
AEGON was founded in 1983 from the merger of AGO Holding N.V. (itself created by the merger of three companies in 1968) and Ennia N.V. (itself formed by the merger of three companies in 1969). Its U.S. headquarters are in Cedar Rapids, Iowa.[2] It acquired Scottish Equitable in 1994.[3]
In 1999 it acquired the life assurance business of Guardian Royal Exchange.[3] That year it also bought Transamerica Corporation.[4]
On August 13 2007, AEGON and Merrill Lynch announced a strategic business partnership in the areas of life insurance and investment products. As part of the relationship, AEGON acquired two of Merrill Lynch's life insurance companies for US$1.3 billion.[5]
On April 23 2008, Alex Wynaendts succeeded the retiring Donald J. Shepard as Chairman of the Executive Board and CEO of AEGON N.V. following the Group's Annual General Meeting of Shareholders: Donald Shepard announced his retirement in November 2007, after six years as Chairman.[6]
On October 28 2008, the Dutch government and De Nederlandsche Bank agreed to give AEGON a €3 billion capital injection to create a capital buffer in exchange for convertible bonds to ease the group through the financial crisis.[7]
Operations
AEGON's businesses focus on life insurance and pensions, savings and investment products. The group is also active in accident and supplemental health insurance and general insurance, and has limited banking activities. AEGON has major operations in the United States (where it is heavily represented through World Financial Group and Transamerica), the Netherlands and the United Kingdom. In addition, the group is present in a number of other countries including Canada, Hungary, Romania, Slovakia, Spain, China, Taiwan and India.
Sponsorship
In 2008, AEGON became the official sponsor of the Dutch football team Ajax Amsterdam, in a deal which will last for seven years.[8] Ajax's uniform now features the AEGON logo across the chest. AEGON becomes the third sponsor of Ajax (TDK sponsored Ajax in the 1980s, and ABN AMRO sponsored the team from 1990 till 2008). As of late 2008, Aegon also sponsor the Lawn Tennis Association. A sponsorship package was agreed with the LTA and AEGON's name will appear on all four pillars of British Tennis, including many professional tournaments, one of which is the Queen's Club Championships, an ATP grasscourt professional tennis tournament in June in London, taking over from Stella Artois, who had sponsored the event since 1979. AEGON also sponsor professional golfer Zach Johnson, who won the 2007 Masters Tournament.
Primary subsidiaries
- Transamerica Corporation
- Diversified Investment Advisors
- World Financial Group
- Western Reserve Life Assurance Co. of Ohio
- Stonebridge Life Insurance Company
- Life Investors Insurance Company of America
- Monumental Life Insurance Company
- Peoples Benefit Life Insurance Company
- Guardian Financial Services (formally known as The Guardian Royal Exchange Group)
- Scottish Equitable of United Kingdom
- AEGON TU na Życie S.A. / Aegon Powszechne Towarzystwo Emerytalne S.A.
- Banamex (Biggest Bank in Mexico)
- Merrill Lynch Insurances
- Mongeral (Joint Venture 50% Brazilian Insurance Company)
References
- ^ a b c d e f "Annual Report 2008". Aegon. http://www.aegon.com/Documents/AEGON/Annual%20reports/2008%20Annual%20report_English.pdf. Retrieved 2009-05-27.
- ^ Moody's analysis
- ^ a b Aegon plans further deals after GRE buy Independent, 13 August 1999
- ^ Transamerica Corporation: History
- ^ Aegon buys Merrill Lynch insurance companies for $1.3bn Marketwatch, 13 August 2007
- ^ Alex Wynaendts to succeed Donald Shepard as Chairman of Aegon PR Newswire, 8 November 2008
- ^ Government reinforces AEGON’s capital position by EUR 3 billion De Nederlandische Bank, 28 October 2008
- ^ AEGON new head sponsor AFC Ajax AEGON new head sponsor AFC Ajax Ajax, 17 October 2007
External links
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