Sharpened focus on core activities and capturing efficiencies in US
Integration of Asian businesses under leadership of new CEO Aegon Asia, Douglas Henck
Aegon CEO Alex Wynaendts will today outline the actions being taken in the United States and Asia to sharpen its focus and capture additional operational and cost efficiencies to strengthen the company’s position in its core businesses: life insurance, pensions and asset management. Mr. Wynaendts and other senior management are hosting Aegon’s annual Analyst & Investor Conference today and tomorrow in New York City.
A main focus of the conference will be the actions underway in the US to increase market share in the Life and Protection segment; implement a business shift to more fee-based products in the Individual Savings and Retirement markets; and pursue the growth opportunities in the Employee Solutions and Pensions segments. Mark Mullin, a member of the Management Board and CEO of Aegon Americas, will also cover recent actions to wind-down the company’s activities in the executive non-qualified benefit plan and related Bank-Owned and Corporate-Owned Life Insurance markets in the United States, as well as consolidate operations to improve efficiencies across the organization.
Aegon also announces a new organizational structure for its operations in Asia under the leadership of a newly-established CEO position for Asia. Douglas Henck, who has held a number of senior management positions in the insurance sector over the past twenty-five years, mostly in Asia, has been appointed as Aegon’s CEO of Aegon Asia. Whereas a number of Aegon’s businesses in Asia have been managed from the US, under the new structure all Asian based insurance businesses will be managed as one regional division headquartered in Hong Kong. The aim is to leverage product and distribution expertise, capture efficiencies, and pursue organic growth of Aegon’s franchise in Asia. The integration, which will be carried out during 2011, is in line with Aegon’s strategy to achieve a greater geographical balance in favor of those regions and markets that offer higher growth and returns in the longer-term.
“We are making solid progress towards our ambition of securing a leadership position for Aegon in all of our chosen markets in the coming five years,” said CEO Alex Wynaendts. “The steps we are taking are aimed at sharpening our focus on the clear opportunities for our core business, implementing significant cost efficiencies in the United States, Europe and in Asia for the benefit of our customers, business partners and shareholders. This is a unique time for our business given the trends in almost every market which make clear the increasing need for individuals to take responsibility for their long-term financial security. We are determined to make the most of the significant opportunities from a position of strength, operational excellence and recognized expertise.”
The company will provide further details later today during Aegon’s Analyst & Investor Conference in New York City, webcast live at 5 pm EST and accessible at www.aegon.com.
Biography: Douglas Henck
CEO Aegon Asia
Appointed: January 1, 2011
Nationality: US citizen
Douglas Henck has spent over 25 years in international insurance, with a specific focus on Asia. Educated in the US, he began his career at Aetna, Inc. in 1974. His last position at Aetna was Senior Vice President, Aetna International, Inc. responsible for the operations in Asia. Mr. Henck moved to AIG as Senior Vice President of the AIG Life Division based in Hong Kong in 1997, where he had numerous responsibilities in Asia and globally. Continuing in Hong Kong, Mr. Henck was named President of Sun Life Financial Asia in 2000, where he remained until 2005. From 2005 to 2009, Mr. Henck was based in Haifa, Israel, where he served as Chief Financial Officer at the Bahá’í World Center, the global administrative headquarters of the Bahá’í Faith. Douglas Henck currently serves as Vice Chairman of the Asian Corporate Governance Association, a position he has held since 2001.
Rensselaer Polytechnic Institute of New York, B.S. Mathematics (1974) Fellow of the Society of Actuaries (1978)