Authorization

Aegon to divest stake in partnership with Sony Life in Japan

"With the evolving market conditions, we mutually agreed that the future
of the variable annuity business in Japan is best served as a
wholly-owned part of our longstanding partner Sony Lifea??, said Alex
Wynaendts, CEO of Aegon. "I am confident that this change is in the best
interest of all stakeholders. This divestment allows AEGON to fully
focus on its most promising businesses in Asia serving the fastest
growing customer segments and offering the most significant
opportunities.a??


The divestment is consistent with the companya??s strategy to focus on
driving profitable sales growth and sustainably growing capital
generation. The divestment will not have a material impact on Aegona??s
capital position and is expected to lead to an IFRS gain of
approximately EUR 50 million, to be reported in "Other incomea?? at time
of closing. Upon completion of the transaction, the cash proceeds will
be upstreamed to the group.


The details of the divestment are currently being finalized and will be
subject to normal regulatory approvals for transactions of this nature.
This is likely to be completed by the end of 2019. To facilitate the
transition, Aegon will continue to support the operations with certain
hedging, consulting and administrative activities during a transition
period. An update will be provided once the full transaction agreements
are signed.


Aegon will remain focused and committed to the fast-growing customer
segments in Asia. Core products in the region include universal life
insurance and protection products. Universal life insurance products are
primarily offered through the High Net Worth segment via Transamerica
Life Bermuda, which continues to expand geographically. Protection
products are sold via direct-to-consumer channels and digital
distribution platforms in the joint ventures, such as in China, where
Aegon is committed to a protection led strategy focused on critical
illness and whole life products enabling the joint venture to grow sales
in the last five years. Aegon also invests in digital distribution
platforms in other Asian markets to expand distribution capabilities.
Furthermore, the successful Chinese asset manager joint venture, Aegon
Industrial Fund Management Company, is a cornerstone of the growth
strategy of Aegon Asset Management.
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