AEGON
Encyclopedia
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
and pension groups, and a strong provider of investment products. Aegon's head office is in The Hague
The Hague
The Hague is the capital city of the province of South Holland in the Netherlands. With a population of 500,000 inhabitants , it is the third largest city of the Netherlands, after Amsterdam and Rotterdam...
, Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
. At the end of 2010, Aegon companies employed about 27,500 people worldwide, serving approximately 40 million customers.
History
Aegon was founded in 1983 from the merger of AGO Holding N.V. (itself created by the merger of three companies in 1968) and Ennia N.V. (itself formed by the merger of three companies in 1969). Its U.S. headquarters are in Cedar Rapids, IowaCedar Rapids, Iowa
Cedar Rapids is the second largest city in Iowa and is the county seat of Linn County. The city lies on both banks of the Cedar River, north of Iowa City and east of Des Moines, the state's capital and largest city...
. It acquired Scottish Equitable
Scottish Equitable
Scottish Equitable plc is a pensions and life assurance company with its head office in Edinburgh, Scotland. It rebranded to AEGON in 2010.-History:* 1831 - Scottish Equitable Life Assurance Society began in Edinburgh...
in 1994.
In 1998 it formed Stonebridge International Insurance Ltd
Stonebridge International Insurance Ltd
Stonebridge International Insurance Ltd., has been a general insurer for over 10 years with the European head office in the United Kingdom...
to create and market a range of personal insurance products, providing accident, health and unemployment cover to its own customers and via business partners.
In 1999 it acquired the life assurance business of Guardian Royal Exchange
Guardian Royal Exchange Assurance
Guardian Royal Exchange Assurance plc was a large British insurance company. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index.-History:...
. That year it also bought Transamerica Corporation
Transamerica Corporation
Transamerica Corporation is a holding company for various life insurance companies and investment firms doing business primarily in the United States. It was acquired by the Dutch financial services conglomerate AEGON in 1999.-History:...
.
On August 13, 2007, Aegon and Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
announced a strategic business partnership in the areas of life insurance and investment products. As part of the relationship, Aegon acquired two of Merrill Lynch's life insurance companies for US$1.3 billion.
On April 23, 2008, Alex Wynaendts succeeded the retiring Donald J. Shepard as Chairman of the Executive Board and CEO of Aegon N.V. following the Group's Annual General Meeting of Shareholders: Donald Shepard announced his retirement in November 2007, after six years as Chairman.
On October 28, 2008, the Dutch government and De Nederlandsche Bank
De Nederlandsche Bank
De Nederlandsche Bank is the central bank of the Netherlands. It is part of the European System of Central Banks .-History:...
agreed to give Aegon a €3 billion capital injection to create a capital buffer in exchange for convertible bonds to ease the group through the financial crisis.
Operations
Aegon's businesses focus on life insurance and pensions, savings and asset management products. The group is also active in accident and supplemental health insurance and general insurance, and has limited banking activities. Aegon has major operations in the United States (where it is heavily represented through World Financial GroupWorld Financial Group
World Financial Group is a financial services marketing organization based in Johns Creek, Georgia that markets investment, insurance, and various other financial products through a network of associates in the United States and Canada. It is a wholly owned subsidiary of AEGON...
and Transamerica
Transamerica
Transamerica or Transamerican may refer to:*Transamerica Corporation**The Transamerica Pyramid in San Francisco*TransAmerica , a railroad boardgame*Transamerica , a 2005 film**Transamerica...
), the Netherlands and the United Kingdom. In addition, the group is present in a number of other countries including Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
, Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
, Hungary
Hungary
Hungary , officially the Republic of Hungary , is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The...
, Poland
Poland
Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north...
, Romania
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
, Slovakia
Slovakia
The Slovak Republic is a landlocked state in Central Europe. It has a population of over five million and an area of about . Slovakia is bordered by the Czech Republic and Austria to the west, Poland to the north, Ukraine to the east and Hungary to the south...
, Czech Republic
Czech Republic
The Czech Republic is a landlocked country in Central Europe. The country is bordered by Poland to the northeast, Slovakia to the east, Austria to the south, and Germany to the west and northwest....
, Turkey
Turkey
Turkey , known officially as the Republic of Turkey , is a Eurasian country located in Western Asia and in East Thrace in Southeastern Europe...
, Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
, China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
, Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
and India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
.
Sponsorship
In 2008, Aegon became the official sponsor of the Dutch football team AFC Ajax, in a deal which will last for seven years. Ajax's uniform now features the Aegon logo across the chest. Aegon becomes the third sponsor of Ajax (TDKTDK
, formerly , is a Japanese company which manufactures electronic materials, electronic components, and recording and data-storage media, and markets them globally. Their motto is "Contribute to culture and industry through creativity"...
sponsored Ajax in the 1980s, and ABN AMRO
ABN AMRO
ABN AMRO Bank N.V. is a Dutch state-owned bank with headquarters in Amsterdam. It was re-established, in its current form, in 2009 following the acquisition and break up of ABN AMRO Group by a banking consortium consisting of Royal Bank of Scotland Group, Santander and Fortis...
sponsored the team from 1990 till 2008). As of late 2008, Aegon also sponsor the Lawn Tennis Association
Lawn Tennis Association
The Lawn Tennis Association is the national governing body of tennis in Great Britain, the Channel Islands and the Isle of Man.As the governing body, the LTA is responsible for the coaching and development of junior players, offering courses and qualifications on coaching, as well as the...
. A sponsorship package was agreed with the LTA and Aegon's name will appear on all four pillars of British Tennis, including many professional tournaments, one of which is the AEGON Championships, an ATP grasscourt professional tennis tournament in June in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, taking over from Stella Artois
Stella Artois
Stella Artois is a 5% ABV lager brewed in Leuven, Belgium since 1926. In the UK, Canada and New Zealand a 4% ABV version is also available.-Production:...
, who had sponsored the event since 1979. Aegon also sponsor professional golfer Zach Johnson
Zach Johnson
Zach Johnson is an American golfer, winner of the 2007 Masters Tournament.Zach Johnson may also refer to:* Zack "Jick" Johnson, one of the creators of Kingdom of Loathing* Zachary Johnson, former drummer for The Fray...
, who won the 2007 Masters Tournament
2007 Masters Tournament
The 2007 Masters Tournament was contested from April 5-8 at Augusta National Golf Club. It was the 71st Masters Tournament, and the first major contested in the 2007 season...
.
Primary subsidiaries
Americas- Aegon USA, LLC
- Transamerica CorporationTransamerica CorporationTransamerica Corporation is a holding company for various life insurance companies and investment firms doing business primarily in the United States. It was acquired by the Dutch financial services conglomerate AEGON in 1999.-History:...
- Transamerica Life Insurance Company
- Transamerica Advisors Life Insurance Company
- Investment Advisors International
- Monumental Life Insurance Company
- Stonebridge Casualty Insurance Company
- Stonebridge International Insurance LtdStonebridge International Insurance LtdStonebridge International Insurance Ltd., has been a general insurer for over 10 years with the European head office in the United Kingdom...
- Stonebridge Life Insurance Company
- Stonebridge Casualty Insurance Company
- Transamerica Financial Life Insurance Company
- Western Reserve Life Assurance Co. of Ohio
- World Financial GroupWorld Financial GroupWorld Financial Group is a financial services marketing organization based in Johns Creek, Georgia that markets investment, insurance, and various other financial products through a network of associates in the United States and Canada. It is a wholly owned subsidiary of AEGON...
- World Group SecuritiesWorld Group SecuritiesWorld Group Securities, Inc. is the exclusive broker-dealer affiliate of World Financial Group and is a member of the AEGON Group.- Registration :...
- Transamerica Life Canada
The Netherlands
- Aegon Leven
- Aegon Schade
- Aegon Bank
- OPTAS Pensioenen
United Kingdom
- Scottish EquitableScottish EquitableScottish Equitable plc is a pensions and life assurance company with its head office in Edinburgh, Scotland. It rebranded to AEGON in 2010.-History:* 1831 - Scottish Equitable Life Assurance Society began in Edinburgh...
plc (trading as Aegon UK) - Origen Financial Services
- Positive Solutions
New Markets
- Aegon España S.A.
- AEGON Magyarország Általános Biztositó Zrt. (HungaryHungaryHungary , officially the Republic of Hungary , is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The...
) - Aegon TU na Życie S.A. / Aegon Powszechne Towarzystwo Emerytalne S.A. (Poland)
- Aegon Asset Management Company (India)
New Markets - joint ventures
- Aegon-CNOOC Life Insurance Company (50% joint venture with CNOOC,), China
- Aegon Sony Life Insurance Cy (50% joint venture with Sony), Japan
- CAN Vida y Pensiones S.A. de Seguros (50% joint venture), Spain
- Caixa Terrassa (50% joint venture), Spain
- Mongeral (50% joint venture Brazilian Insurance Company)