As part of the ongoing portfolio review of its businesses as announced in June of this year, Aegon has completed the assessment of its strategic options in the Canadian market. Aegon has concluded that continuing to operate in Canada will maximize shareholder value. Toward this end, the business model in Canada will be reshaped in order to meet Aegon’s profitable growth objectives. Key objectives will include improving efficiency of operations and reducing Aegon’s capital allocation to the Canadian market. Aegon has appointed Douglas W. Brooks as President and CEO to carry out these objectives. His appointment will be effective as of September 24, 2008. He succeeds Paul Reaburn who has led Transamerica Life Canada since 2005. Mr. Reaburn will now work to develop Aegon's businesses in the fast developing Asian-Pacific market.
The strategic assessment concluded that Transamerica Life Canada represents a solid foundation for a successful presence in the Canadian marketplace. Transamerica Life Canada, Aegon’s main operating unit in the Canadian market with total assets of CAD 10.8 billion at year-end 2007, is a leader in the individual life insurance market with top-5 positions in both universal life and term life insurance, and holds a top-10 position in the segregated funds market.
Douglas Brooks has held a variety of executive positions in the Canadian life industry including Chief Financial Officer of Equitable Life of Canada. His mandate will be to improve profitability, and grow in profitable segments of the Canadian market in order to maximize value for Aegon shareholders. Mr. Brooks will prepare a more detailed business plan in the coming months.