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Aegon received European Commission approval and repaid EUR 500 million in 2010

December 28, 2010

In 2010, Aegon received final approval from the European Commission for the capital support it received from the Dutch government in 2008. The company repaid EUR 500 million at favorable terms.

The Commission recognized the steps Aegon has taken during the past years to strengthen its financial position, reduce its exposure to risk in the financial markets, lower costs and optimize its core businesses – life insurance, pensions and asset management. 

Under the terms of the Commission’s approval, Aegon repaid an additional EUR 500 million at more favorable terms than were originally requested. Originally, Aegon was expected to pay a premium of 50% on the EUR 3 billion it received from the Dutch state. That premium was reduced to 40% for the last EUR 2 billion. In late 2009, before the Commission granted its final approval, Aegon had already made an initial payment of EUR 1 billion to the Dutch government.

Aegon intends to repay the remaining EUR 1.5 billion by the end of June 2011, market conditions permitting. 

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