Aegon sells Dutch funeral insurance business

Aegon announces the sale of its funeral insurance business in the Netherlands to Dutch investment firm Egeria for an amount of EUR 212 million.

The sale is the result of Aegon’s ongoing portfolio review of its businesses, as announced in June 2008. The sale of its subsidiary Aegon NabestaandenZorg will have a positive effect on Aegon’s excess capital position.

The purpose of the sale is in line with Aegon’s strategy to ensure greater focus to its portfolio of products in the Netherlands. “We continue to look at our businesses to ensure that they are a good fit with our strategy,” said Marco Keim, the member of Aegon’s Management Board responsible for the Netherlands. “Our objective is to have an effective range of products so that we can meet our customers’ needs in the best way possible. Above all, we want to focus on what our customers want in the key areas life and non-life insurance, pensions, savings and investments. Furthermore, we are pleased that the employees of Aegon NabestaandenZorg will be in good hands.”

Under the agreement, the nineteen employees affected by the sale will retain their jobs, as well as maintain similar employment conditions. The company will continue its operations under the name ‘AXENT’. Aegon’s sale of its funeral insurance business will not in any way affect the company’s current policyholders.

Given Aegon NabestaandenZorg’s excellent team, we have every confidence that we can build on the solid foundation they have established,” said Hans Croes, General Manager of AXENT. “We are convinced of the opportunities to further develop AXENT as a leading market player. AXENT is an independent, decisive and flexible organization, and we will continue to create value for our policyholders, employees and intermediaries. Simplicity and transparency remain our focus and preoccupation.”

In 2009, Aegon’s funeral insurance business generated approximately EUR 70 million*) in gross written premiums.

The sale agreement is subject to the consultation of Aegon’s Central Works Council, in addition to the approvals of the relevant regulatory authorities.