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     196  0 Kommentare Aegon and Santander complete expansion of partnership in Spain

    Regulatory News:

    On July 3, 2018, Aegon and Banco Santander agreed to expand their life and non‑life insurance partnership, following Banco Santander’s acquisition of Banco Popular. Today, Aegon announces that this expansion has been completed.

    Aegon’s 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 Aegon’s 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

    Aegon’s 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 world’s leading financial services organizations, providing life insurance, pensions and asset management. Aegon’s purpose is to help people achieve a lifetime of financial security. More information on aegon.com.

    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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    Aegon and Santander complete expansion of partnership in Spain Regulatory News: On July 3, 2018, Aegon and Banco Santander agreed to expand their life and non‑life insurance partnership, following Banco Santander’s acquisition of Banco Popular. Today, Aegon announces that this expansion has been completed. …