Skip to main content
Home
  • About us
    • Who we are
      • Our history
      • Our customers
      • Our brand
      • Art at Aegon
    • What we do
      • Our businesses
      • Our strategy
      • Integrated Annual Report
    • Governance
      • Executive Board
      • Management Board
      • Supervisory Board
      • Compliance
      • Governance documents
  • Investors
    • General
      • Analyst consensus
      • Annual reports
      • Financial calendar
      • Financial results
      • Aegon and IFRS 17
      • Aegon NL and a.s.r.
      • Presentations archive
    • Capital & liquidity
      • About debt programs
      • Debt program Aegon N.V.
      • Debt program Aegon Bank N.V.
      • Dividend
      • Ratings
      • Share buyback program
    • Shareholders & AGM
      • Annual General Meeting
      • Extraordinary General Meeting
      • Retail shareholders
      • Share price tool
      • Contact investor relations
  • Newsroom
    • News
      • News Updates
      • Press releases Aegon N.V.
      • Press releases Aegon Bank N.V.
    • Media relations
      • Contact media relations
      • Media kit
  • Sustainability
    • Focus themes
      • Climate change
      • Inclusion & diversity
    • Our approach
      • Ambition & governance
      • Commitments, ratings & recognition
      • Reports & policies library
    • Stakeholder value
      • Responsible investment
      • Responsible tax
      • Community investments
      • Government & policy affairs
      • Human rights
      • Responsible procurement
      • Customer experience
      • Engaged workforce
  • Careers
  • Aegon country websites

    Select another Aegon website from the list of links below.
    • country flag
      Aegon Poland
    • country flag
      Aegon Life (India)
    • country flag
      Transamerica (USA)
    • country flag
      Aegon Spain
    • country flag
      Mongeral Aegon (Brazil)
    • country flag
      Aegon Asset Management
    • country flag
      Aegon THTF (China)
    • country flag
      Aegon Romania
    • country flag
      Aegon United Kingdom
    • country flag
      Aegon The Netherlands
  • Filters
    Article Type

Aegon to sell Taiwanese life insurance activities

April 22, 2009, 2:00 CEST
3 minutes

Breadcrumb

  1. Press releases Aegon N.V.

Aegon has agreed to sell its Taiwanese life insurance business based on a valuation of approximately EUR 65 million, as per the end of 2008, to Zhongwei Company*.

[node:field_featured_media:entity:field_media_image]

“Our decision to divest our Taiwanese life business is a result of Aegon’s strategic priorities to optimize capital allocation and returns, announced last June,” said Aegon CEO Alex Wynaendts. “Aegon continues to view Asia as an important growth market. We will focus our attention on further developing Aegon’s Asian platform which we believe offers significant growth and return prospects in the coming years. We are grateful to the management and staff of Aegon Taiwan who have worked very hard in recent years to improve our operations while providing our customers in Taiwan with quality products and services.”

The sale will result in a total negative earnings impact of approximately EUR 400 million in the second quarter of 2009, resulting in a charge of approximately EUR 300 million to shareholders’ equity. Aegon expects the sale of its life insurance activities in Taiwan to positively impact future earnings. In 2008, Aegon Taiwan recorded a net loss of EUR 103 million. At the end of 2008, Aegon Taiwan’s embedded value was approximately EUR 70 million.

The sale has no impact on Aegon’s excess capital position and only a limited impact on Aegon’s IGD ratio. At the same time, the scheduled capital contributions to Aegon Taiwan will no longer be required after completion of the transaction. As a result, the transaction will have an immediate positive effect on Group cash flows. In addition, the sale will result in a significant decrease of the long-term interest rate exposure for Aegon, which, in turn, substantially lowers required economic capital.

As of December 31, 2008, Aegon’s Taiwanese life business had a risk based capital ratio of above 300% under local solvency requirements. As part of the transaction, Aegon and the consortium have agreed that, until closing, they will ensure that the business continues to have adequate capital to meet the Taiwan solvency requirements.

Aegon’s sales agreement with the consortium is subject to regulatory approval and is expected to close by the end of the third quarter of 2009.

Aegon began operations in Taiwan in 1993 and provides variable universal and traditional life insurance products as well as accident and health cover. Aegon employs approximately 500 people in Taiwan, as well as approximately 750 agents.

 

* Zhongwei Company Ltd. is a holding company established and funded by a consortium led by the Chairman of Meifu Development and the President of Taiwan Glass Industry. Meifu Development is one of Taiwan's leading property, construction and real estate management companies. Taiwan Glass Industry, listed in Taiwan, is one of the world's largest manufacturers of glass.

 

About Aegon

As an international life insurance, pension and investment company based in The Hague, Aegon has businesses in over twenty markets in the Americas, Europe and Asia. Aegon companies employ approximately 31,500 people and have over 40 million customers across the globe. 

Key figures 2008 2007
Underlying earnings before tax     EUR 1.57 billion EUR 2.64 billion
New life sale EUR 2.63 billion EUR 3.27 billion
Gross deposits EUR 40.75 billion EUR 44.53 billion
Revenue generating investments
(At December 31)
EUR 332 billion EUR 370 billion

Related Links

Print version (English)
PDF 37.55 KB
Print versie (Dutch)
PDF 37.94 KB
  • Global
  • Dutch

Contact

  • Media relations
  • Investor relations
  • About us
    • Who we are
    • What we do
    • Governance
    • Contact Aegon
  • Investors
    • General
    • Capital & liquidity
    • Shareholders & AGM
  • Newsroom
    • News
    • Media relations
  • Sustainability
    • Our focus themes
    • Our approach
    • Stakeholder value
  • Careers
    • Vacancy search
    • Working at Aegon
Site logo
  • Privacy statement
  • Cookie statement
  • Accessibility
  • Disclaimer
  • General terms and conditions
Aegon ©2023