Report of Foreign Issuer (6-k)
July 30 2020 - 5:59AM
Edgar (US Regulatory)
Securities and Exchange Commission
Washington, D.C. 20549
Form 6-K
Report of
Foreign Issuer
Pursuant to Rule 13a-16 or 15d/16
of the Securities Exchange Act of 1934
July, 2020
Aegon N.V.
Aegonplein 50
2591 TV
THE HAGUE
The Netherlands
Aegons press release, dated July 30, 2020, is included as appendix and incorporated herein by
reference.
SIGNATURE
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Aegon N.V.
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(Registrant)
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Date: July 30, 2020
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By
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/s/ J.O. van Klinken
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J.O. van Klinken
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Executive Vice President and
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General Counsel
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The Hague July 30, 2020
Aegon and Santander complete expansion of partnership in Spain
On July 3, 2018, Aegon and Banco Santander agreed to expand their life and non-life insurance partnership,
following Banco Santanders acquisition of Banco Popular. Today, Aegon announces that this expansion has been completed.
Aegons insurance
joint ventures with Banco Santander in Spain completed the acquisition of the in-force term life policies previously sold through Banco Popular branches as well as the right to write new term life and selected
lines of non-life policies through the former Banco Popular branches now owned by Banco Santander.
The
transaction was closed following satisfaction of all closing conditions, including the termination of existing alliances of Banco Popular. The total consideration for Aegons 51% stake in the joint venture with Banco Santander consists of an
upfront amount of EUR 187 million somewhat lower than the EUR 215 million communicated in July 2018 mainly due to the results of the in-force portfolio which accrued to Santander
till closing plus the previously agreed contingent payment of up to EUR 75 million in 2024 which is subject to the performance of the partnership. The transaction will have a negative impact of 3 percentage points on the Group
Solvency II ratio.
About Aegon
Aegons roots go back 175 years
to the first half of the nineteenth century. Since then, Aegon has grown into an international company, with businesses in more than 20 countries in the Americas, Europe and Asia. Today, Aegon is one of the worlds leading financial services
organizations, providing life insurance, pensions and asset management. Aegons purpose is to help people achieve a lifetime of financial security. More information on aegon.com.
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Contacts
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Media relations
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Investor relations
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Dick Schiethart
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Jan Willem Weidema
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+31(0) 70 344 8821
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+31(0) 70 344 8028
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dick.schiethart@aegon.com
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janwillem.weidema@aegon.com
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The Hague July 30, 2020
Forward-looking statements
The statements contained in
this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target,
intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, could, is confident, will, and similar expressions as they relate to Aegon. These statements are not guarantees of future
performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these
forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties.
Such risks and uncertainties include but are not limited to the following:
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Changes in general economic and/or governmental conditions, particularly in the United States, the Netherlands
and the United Kingdom;
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Changes in the performance of financial markets, including emerging markets, such as with regard to:
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The frequency and severity of defaults by issuers in Aegons fixed income investment portfolios;
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The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting
decline in the value of equity and debt securities Aegon holds; and
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The effects of declining creditworthiness of certain public sector securities and the resulting decline in the
value of government exposure that Aegon holds;
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Changes in the performance of Aegons investment portfolio and decline in ratings of Aegons
counterparties;
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Lowering of one or more of Aegons debt ratings issued by recognized rating organizations and the adverse
impact such action may have on Aegons ability to raise capital and on its liquidity and financial condition;
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Lowering of one or more of insurer financial strength ratings of Aegons insurance subsidiaries and the
adverse impact such action may have on the written premium, policy retention, profitability and liquidity of its insurance subsidiaries;
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The effect of the European Unions Solvency II requirements and other regulations in other jurisdictions
affecting the capital Aegon is required to maintain;
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Changes affecting interest rate levels and continuing low or rapidly changing interest rate levels;
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Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;
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Changes in the availability of, and costs associated with, liquidity sources such as bank and capital markets
funding, as well as conditions in the credit markets in general such as changes in borrower and counterparty creditworthiness;
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Increasing levels of competition in the United States, the Netherlands, the United Kingdom and emerging
markets;
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Catastrophic events, either manmade or by nature, including by way of example acts of God, acts of terrorism,
acts of war and pandemics, could result in material losses and significantly interrupt Aegons business;
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The frequency and severity of insured loss events;
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Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the
profitability of Aegons insurance products;
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Aegons projected results are highly sensitive to complex mathematical models of financial markets,
mortality, longevity, and other dynamic systems subject to shocks and unpredictable volatility. Should assumptions to these models later prove incorrect, or should errors in those models escape the controls in place to detect them, future
performance will vary from projected results;
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Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations;
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Changes in customer behavior and public opinion in general related to, among other things, the type of products
Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations;
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Customer responsiveness to both new products and distribution channels;
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As Aegons operations support complex transactions and are highly dependent on the proper functioning of
information technology, operational risks such as system disruptions or failures, security or data privacy breaches, cyberattacks, human error, failure to safeguard personally identifiable information, changes in operational practices or inadequate
controls including with respect to third parties with which we do business may disrupt Aegons business, damage its reputation and adversely affect its results of operations, financial condition and cash flows;
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The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items,
including Aegons ability to integrate acquisitions and to obtain the anticipated results and synergies from acquisitions;
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Aegons failure to achieve anticipated levels of earnings or operational efficiencies as well as other
cost saving and excess cash and leverage ratio management initiatives;
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Changes in the policies of central banks and/or governments;
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Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon
does business;
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Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of or demand
for Aegons products;
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Consequences of an actual or potential break-up of the European
monetary union in whole or in part, or the exit of the United Kingdom from the European Union and potential consequences if other European Union countries leave the European Union;
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Changes in laws and regulations, particularly those affecting Aegons operations ability to hire and
retain key personnel, taxation of Aegon companies, the products Aegon sells, and the attractiveness of certain products to its consumers;
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Regulatory changes relating to the pensions, investment, and insurance industries in the jurisdictions in which
Aegon operates;
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Standard setting initiatives of supranational standard setting bodies such as the Financial Stability Board and
the International Association of Insurance Supervisors or changes to such standards that may have an impact on regional (such as EU), national or US federal or state level financial regulation or the application thereof to Aegon, including the
designation of Aegon by the Financial Stability Board as a Global Systemically Important Insurer (G-SII); and
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Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies,
voluntarily or otherwise, which may affect Aegons reported results, shareholders equity or regulatory capital adequacy levels.
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Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and
the US Securities and Exchange Commission, including the Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegons expectations with regard thereto or any change in events, conditions or circumstances on which any such
statement is based.
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