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AEGON Releases $650m For US Operations

The term of the transaction between AEGON and JPMorgan Chase Bank is ten years

AEGON has completed a capital management transaction that will make available approximately $650m of additional regulatory capital to its US operations.

The transaction, which has an initial size of $900m, serves to realise the value of a portion of future profits associated with an existing book of traditional life business. The term of the transaction between AEGON and JPMorgan Chase Bank is ten years.

Jan Nooitgedagt, CFO of AEGON, said: Improving returns of AEGON’s businesses continues to be one of our key priorities. This latest transaction, which is part of our capital preservation program, will further strengthen our overall capital position and enable us to manage our capital more effectively.

Between the third quarter of 2008 and the second quarter of 2009, AEGON released E3.3b of capital from its businesses.

The Hague-based AEGON is a life insurance, pension and investment company, with operations in over 20 markets in the Americas, Europe and Asia.