Aegon recategorizes financial reporting of Asian operations and Corporate Center expenses
As of the first quarter of 2012, Aegon will revise its financial reporting to reflect changes in its organization.[node:field_featured_media:entity:field_media_image]
Businesses in Asia, which were previously managed by Aegon Americas, will be included in the Asia line of business within the "New Markets" segment. This revision in financial reporting reflects changes in management of the organization, as Aegon's Asian operations are now managed from the company's regional head office in Hong Kong. Key figures are provided in the tables below. In 2011, the underlying earnings before tax generated by the Asian operations totaling EUR 37 million were reported under the "Americas" segment.
Additionally, as of the first quarter of 2012, part of the expenses attributed to Aegon's Corporate Center will be charged to Aegon's operating units going forward. This change reflects the various services and support provided by the Corporate Center to operating units. It is expected that approximately EUR 70 million will be charged to the operating units annually.
Aegon CFO Jan Nooitgedagt said: "As part of the change in the management structure of our Asian operations and the range of services provided to our businesses from the Corporate Center, we have evaluated our reporting with the aim of providing the most relevant measurements. We believe that this new approach is a better reflection of how we manage our operations and the progress of our business."
These revisions will not have any impact on consolidated total underlying earnings or net income reported by Aegon. The tables below reflect the recategorization of Asian operations only, as Corporate Center charges to operating units will be applied prospectively.
Please use this link for the tables.