Optimized portfolioOur strategic objectives

Ensuring that we always meet our long-term commitments to our stakeholders by delivering sustainable financial results and maintaining a strong and stable balance sheet.

Demonstrated by:

  • Aegon bought Cofunds and BlackRock’s UK defined contribution business. It also sold its UK annuity portfolio to Legal & General and Rothesay Life.
  • Aegon the Netherlands sold its commercial line non-life business, including its proxy and co-insurance run-off portfolios, to Allianz Benelux.
  • Banco Santander and Aegon agreed to extend the scope of their bancassurance partnership in Spain and Portugal.
  • Aegon was the first company to receive approval from the Dutch Central Bank (DNB) to launch a General Pension Fund in the Netherlands. ‘Stap’ has already won three mandates totaling €2 billion in assets.
  • Aegon Life, Aegon’s joint venture in India, restructured its activities to focus on the digital direct-to-consumer market, where it has a leading position.

What material issues do they link to?

  • Low interest rates
  • Economic and financial uncertainty

What performance indicators do we use?

  • 16% of our sales are direct to customer
  • 42% of our underlying earnings are from fees

How did we perform?

  • Percentage of earnings from fees: 42% (43%)
  • Percentage of sales made direct to consumer: 16% (15%)

* For comparison, figures in brackets represent 2015 figures.

Building a leading platform

We are now fully integrating the sales and client relations teams to bring the best of Aegon to our corporate clients and their advisors.

 

CASE STUDY: INTEGRATING TO DELIVER EFFICIENCIES

During 2016, Aegon UK considerably picked up the pace of its transformation towards becoming the leading platform in the country, with the disposal of its annuity business, the purchase of BlackRock’s defined contribution business, and the acquisition of Cofunds from Legal & General, which was finalized in January 2017.

The UK platform growth is driven by a combination of new business and a core strategy of upgrading customers from its older platforms.

Paul Bucksey, Managing Director, Workplace Solutions, was one of 30 BlackRock employees to join Aegon’s 50+ team in London’s iconic Leadenhall Building in August, 2016. “We are now fully integrating the sales and client relations teams to bring the best of Aegon to our corporate clients and their advisors. We have amazing views of the Shard, the Millennium Wheel and St. Paul’s, but we don’t spend a lot of time looking at them. We’re far too busy combining the expertise of the BlackRock team in trustee and investment-only pensions with Aegon’s existing specialisms, particularly in the SME workplace market.”