AEGON Strengthens Position in Hungary With Pension Fund Merger
June 27 2008 - 12:30PM
PR Newswire (US)
AEGON Hungary Pension Fund to Merge With UNIQA and Public Service
Pension Fund THE HAGUE, The Netherlands, June 27
/PRNewswire-FirstCall/ -- AEGON Hungary Pension Fund will merge
with UNIQA and Public Service Pension Fund. This step will further
strengthen AEGON's position in the rapidly developing pension
market throughout Central & Eastern Europe. Members of the two
funds approved the merger at separate meetings in Budapest earlier
today. The merged fund will operate under the AEGON brand name.
Over the past several years, AEGON has been steadily expanding its
presence in Central & Eastern Europe. The Group now has
businesses in six countries in the region - the Czech Republic,
Hungary, Poland, Romania, Slovakia and Turkey. This latest step is
part of a broader strategy outlined earlier this month by AEGON's
new CEO Alex Wynaendts to expand AEGON's presence into regions and
business lines with higher growth, higher return prospects. In
Central & Eastern Europe, reform and strong economic growth are
leading to increased demand for pensions, life insurance and other
long-term savings and investment products. With the merger, AEGON
pension funds in Central & Eastern Europe will number 1.5
million members, an increase of 140,000 or 10%. AEGON is aiming to
raise that figure to a total of 2.3 million pension fund members in
Central & Eastern Europe by 2010. The merger will significantly
strengthen AEGON's position in Hungary, almost doubling the Group's
share of the voluntary pension fund market and raising its share of
the mandatory pension fund market to just over 20%. Once the merger
is completed, AEGON Hungary's pension fund will have a total of
810,000 members and approximately EUR 2 billion in assets under
management. The merger still requires approval from Hungary's
regulatory authorities. In a separate transaction earlier this
year, AEGON bought UNIQA Asset Management Company and Heller-Saldo
2000 Pension Fund Management Company, which provide asset
management and administration services respectively to UNIQA and
Public Service Pension Fund. These entities will be integrated in
AEGON's own operations. AEGON AEGON is one of the world's largest
life insurance and pension groups, and a strong provider of
investment products. AEGON empowers local business units to
identify and provide products and services that meet the evolving
needs of customers, using distribution channels best suited to
local markets. AEGON takes pride in balancing a local approach with
the power of an expanding global operation. With headquarters in
The Hague, the Netherlands, AEGON companies employ approximately
30,000 people worldwide. AEGON's businesses serve millions of
customers in over twenty markets throughout the Americas, Europe,
and Asia. Respect, quality, transparency and trust constitute
AEGON's core values as the company continually strives to meet the
expectations of customers, shareholders, employees and business
partners. AEGON is driven to deliver new thinking with the ambition
to be the best in the industry. Group Corporate Communications
& Investor Relations Media relations Phone: +31(0)70-344-8344
E-mail: Investor relations Phone: +31(0)70-344-8305 or
+1-877-548-9668 - toll free USA only E-mail: Website
http://www.aegon.com/ DATASOURCE: AEGON N.V. CONTACT: Group
Corporate Communications & Investor Relations: Media relations,
Phone: +31(0)70-344-8344, E-mail: ; Investor relations, Phone:
+31(0)70-344-8305 or +1-877-548-9668 - toll free USA only, E-mail:
Copyright