Aegon is committed to helping our customers achieve a healthy and financially secure future.
This commitment requires a sustainable, long-term-oriented business that can fulfil our purpose and considers our obligations to individuals, society and the environment.
Increasingly, the business community understands the urgent need to address critical environmental and social issues such as climate change, as well as the potential for sustainability, in particular, to be a key value driver.
At Aegon, we recognize this long-term shift and the implications for our customers and other stakeholders. We have a robust environmental, social, and governance (ESG) foundation in place that underpins our commitment to doing business in a responsible manner and to facilitate the transition to a climate-neutral economy.
How we operate responsibly
We believe that doing business in a responsible way will create sustainable positive financial, social and environmental results for all our stakeholders.
For us, ESG and responsible business are two sides of the same coin. As we continue to strengthen our ESG approach, we seek to do business in a responsible way, taking into account the needs of all our stakeholder groups and catering to individuals, society, and the environment.
This approach covers the impact of our direct business activities, as well as the impact of our investments and those of our vendors and business partners. Good corporate citizenship provides us with a license to operate through meeting our stakeholders’ additional expectations of a responsible business
The way we do business is underpinned by a comprehensive responsible business approach, including ESG commitments that provide for our license to operate:
- Financial security and well-being
We know how important it is to learn about people's needs around financial security and well-being. We do this by engaging with our stakeholders through face-to-face meetings, polls and surveys, conferences, perception studies and workshops so that we can learn about their lives, aspirations and unmet needs. These engagements, alongside panels with our customers and employees, help us to develop and improve our products and services, and to reach untapped or underserved customer needs around the world.
- Smarter solutions
In many countries, we know people can no longer rely on state or company pensions and benefits. As individuals have needed to take more responsibility for their financial well-being, Aegon has expanded its pension offerings with additional options for voluntary savings, additional life coverages, and personal or automated advice. We are connecting where possible with individual retirement and pension plan participants through digital workplace platforms so that we can provide them with transparency, convenience and enhanced service in order to help them achieve financial security.
Aegon seeks to serve a wide array of customers, which includes the traditional middle- and upper-class clients worldwide, while working to bring financial services and products to under-served lower-income customers.
Aegon offers specific financial solutions for vulnerable groups:
- Products for low income
We sell products for customers on low incomes in several countries. For instance, Transamerica offers Final Expense Whole Life Insurance in the United States to meet the needs of individuals on limited incomes whose families may not be able to afford the expenses associated with death and funeral services.
- Chronic illness support
We are working to extend insurance coverage to people who have previously been considered uninsurable. One example is our WinSocial program, which is run by our joint venture MAG Aegon in Brazil to offer insurance to people with diabetes.
- Financial education
We support financial education programs for individuals, such as partnering with the 'From Debt to Opportunities' program in the Netherlands and working closely with the National Foundation for Credit Counseling in the US.
- Retirement research
Healthy aging and financial security are at the heart of our business, as longer lifespans are transforming societies around the world. Aegon serves society by engaging in practical research on financial planning, retirement, health and insurance issues so that society at large can effectively plan for longer and more active retirement.
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- Policy advocacy
Supported by findings from our research, we advocate worldwide for people to have access to insurance and financial services. This includes awareness of opportunities for flexible employment in old age and for governments to plan and provide for their citizens in an age of increasing longevity.
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Aegon also encourages financial literacy around the world and engages with individuals, non-profit organizations, and policymakers in charge.
Aegon's responsibility includes playing our part in caring for the environment. Back in 2015, Aegon signed the Paris Pledge for Action which affirms our commitment to taking actions supportive of keeping global warming well below 2 degrees Celsius. We are a supporter of the Taskforce on Climate-related Financial Disclosures (TCFD). Our Dutch subsidiaries have also supported local climate-related initiatives like the Dutch National Climate Agreement and Spitsbergen Ambition. In January 2021, in response to the threat of climate change, Aegon UK announced its intention to achieve netzero carbon emissions across its default pension fund ranges by 2050. Before then, the business aims to halve carbon emissions associated with its default funds by 2030.
- Own operations
We acknowledge that Aegon itself and the business it carries out can have a direct and indirect impact upon the environment. We therefore seek ways to minimize negative impacts on the environment, whilst maximizing opportunities for improvement in our environmental performance. Aegon's operations in the Netherlands, the UK and the US have been carbon neutral since 2016. We do this through a combination of reductions in facility-level emissions and the supporting of offset projects. We extended the scope of our carbon offsetting to cover all our wholly-owned operations in 2019.
- Our approach to responsible business includes a comprehensive set of environmental, social and governance (ESG) commitments that provide for our license to operate. These span across inclusion & diversity, human rights, tax, procurement, charitable donations and volunteering to name a few.