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Aegon Announces Another Longevity Reinsurance Deal

Analyst Note

| Henry Heathfield, CFA |

On Dec. 15, 2021, Aegon announced it had entered into an agreement with Reinsurance Group of America to improve the longevity risk profile of its Netherlands Life business. The agreement provides protection against longevity risk for EUR 7 billion of Aegon's Dutch pension liabilities and will remain in place until the block reaches full run off. Together with the longevity transaction entered into in December 2019, the announcement takes Aegon's cover of longevity risk to about 40% of its Dutch pension liabilities. The transaction announced in December 2019 was placed with Canada Life Reinsurance and covered EUR 12 billion of Aegon's Dutch pension liabilities. We think these transactions largely relate to a combined EUR 52.6 billion in Dutch group and individual pension liabilities as at year-end 2020.

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Company Profile

Business Description

Aegon is a Netherlands-headquartered insurance company with core operations that stretch across the U.S., Netherlands, and United Kingdom. The business also holds peripheral ventures in Spain, Portugal, and China and life insurance in Bermuda. Aegon management recently announced the sale of its Central and Eastern European operations to Vienna Insurance in what we think is an approximate fairly priced transaction. However, we would like to see these divestments go further with the sale of Spain and Portugal as well as the U.K. under the company’s new leadership.

Aegonplein 50, PO Box 85
The Hague, 2501 CB, Netherlands
T +31 703445458
Sector Financial Services
Industry Insurance - Diversified
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 22,000