Aegon and Banco Santander Complete Exclusive 25-Year Partnership in Spain - Seite 2

- Changes in general economic conditions, particularly in the United States, the Netherlands and the United Kingdom; - Changes in the performance of financial markets, including emerging markets, such as with regard to: - The frequency and severity of defaults by issuers in Aegon's fixed income investment portfolios; - 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 - The effects of declining creditworthiness of certain private sector securities and the resulting decline in the value of sovereign exposure that Aegon holds; - Changes in the performance of Aegon's investment portfolio and decline in ratings of Aegon's counterparties; - Consequences of a potential (partial) break-up of the euro; - The frequency and severity of insured loss events; - Changes affecting mortality, morbidity, persistence and other factors that may impact the profitability of Aegon's insurance products; - Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations; - Changes affecting interest rate levels and continuing low or rapidly changing interest rate levels; - Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates; - 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; - Increasing levels of competition in the United States, the Netherlands, the United Kingdom and emerging markets; - Changes in laws and regulations, particularly those affecting Aegon's operations, ability to hire and retain key personnel, the products Aegon sells, and the attractiveness of certain products to its consumers; - Regulatory changes relating to the insurance industry in the jurisdictions in which Aegon operates; - Changes in customer behavior and public opinion in general related to, among other things, the type of products also Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations; - Acts of God, acts of terrorism, acts of war and pandemics; - Changes in the policies of central banks and/or governments; - Lowering of one or more of Aegon's debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegon's ability to raise capital and on its liquidity and financial condition; - Lowering of one or more of insurer financial strength ratings of Aegon's insurance subsidiaries and the adverse impact such action may have on the premium writings, policy retention, profitability and liquidity of its insurance subsidiaries; - The effect of the European Union's Solvency II requirements and other regulations in other jurisdictions affecting the capital Aegon is required to maintain; - Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does business; - As Aegon's operations support complex transactions and are highly dependent on the proper functioning of information technology, a computer system failure or security breach may disrupt Aegon's business, damage its reputation and adversely affect its results of operations, financial condition and cash flows; - Customer responsiveness to both new products and distribution channels; - Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of or demand for Aegon's products; - Changes in accounting regulations and policies may affect Aegon's reported results and shareholders' equity; - The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including Aegon's ability to integrate acquisitions and to obtain the anticipated results and synergies from acquisitions; - Catastrophic events, either manmade or by nature, could result in material losses and significantly interrupt Aegon's business; and - Aegon's failure to achieve anticipated levels of earnings or operational efficiencies as well as other cost saving initiatives.