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Aegon secures £2.4bn from Dutch Government

Aegon UK

The Dutch Government has pumped £2.4bn into Aegon to shore up its capital position.

 

Under the Dutch programme unveiled earlier this month to protect the Dutch banking system, Aegon has secured £2.4bn of the £16bn available to institutions to boost their balance sheets.

 

The Dutch Government will not become a shareholder in Aegon but it will appoint two representatives to the company’s Supervisory Board.

 

A statement from Aegon says: “It is prudent at this time to reinforce its capital buffer to a level substantially in excess of its AA rating requirements. This additional core capital complements Aegon’s previously announced acceleration of its risk reduction and capital release strategy.”

 

Chief executive Alex Wynaendts says: “There can be no doubt whatsoever about Aegon’s ability to fulfil its long-term obligations."

 

In the UK, Aegon trades as Aegon Scottish Equitable.

  

Life insurance: News update: October 2008

 

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