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Aegon-CNOOC opens Shandong branch in Jinan

The Hague, September 21, 2006

“The entry of Aegon-CNOOC into the fast-developing Shandong market continues our strategy of growing our presence steadily in China where there is an increasing need for the products and services we provide,” said Don Shepard, Chairman of the Executive Board of Aegon N.V.

Aegon-CNOOC Life Insurance Company Ltd., the 50/50 joint venture of Aegon N.V. with the Chinese National Offshore Oil Corporation (CNOOC), today officially opened its Shandong branch in Jinan. Leveraging the global resources of the partners, the Aegon-CNOOC Shandong branch will provide an extensive range of life insurance products and services to local customers who reside in this highly developed coastal province. The opening of the branch in Shandong’s capital, Jinan, follows the 2005 launch of Aegon-CNOOC’s Beijing and Jiangsu branch offices. 

Since the start of its operations in Shanghai in 2003, Aegon-CNOOC’s multi-channel distribution strategy has enabled the company to respond competitively to the opportunities of the Chinese market and to the evolving needs of its customers. The opening of the Shandong branch is a further indication of Aegon-CNOOC’s long-term commitment to the Chinese market. Three different distribution channels – bancassurance, direct marketing and brokerage – will be launched simultaneously. This unique approach in the Shandong insurance market is a reflection of Aegon-CNOOC’s distribution strength. 

“The entry of Aegon-CNOOC into the fast-developing Shandong market continues our strategy of growing our presence steadily in China where there is an increasing need for the products and services we provide,” said Don Shepard, Chairman of the Executive Board of Aegon N.V. “We will continue to rely on a multi-channel distribution network as the best way to deliver innovative and reliable solutions to our expanding base of Chinese customers”.