|By PR Newswire||
|August 14, 2014 01:30 AM EDT||
THE HAGUE, The Netherlands, August 14, 2014 /PRNewswire/ --
Revenue-generating investments exceed EUR 500 billion for the first time
- Solid business growth driving higher underlying earnings before tax
- Underlying earnings up 7% to EUR 514 million, driven by growth, improved operational performance and higher equity markets; partly offset by unfavorable mortality experience and exchange rate movements
- Fair value items loss of EUR 263 million, mainly due to hedging programs and model updates
- Net income up 43% to EUR 343 million, resulting mainly from higher realized gains
- Return on equity increases to 8.8%, or 9.6% excluding capital allocated to run-off businesses
- Profitable sales growth generated by expanding distribution and product innovation
- Gross deposits up 3% to EUR 13.0 billion, driven by pensions and variable annuities in US; record net deposits of EUR 6.1 billion
- Life sales down 2% to EUR 511 million; growth in Asia, US and Spain offset by UK and Netherlands
- Accident and health and general insurance sales 36% higher to EUR 252 million, driven by US
- Higher margins drive 9% increase of market consistent value of new business to EUR 221 million
- Continued strong capital position and cash flows supporting dividend
- Holding excess capital and solvency ratio both stable at EUR 1.7 billion and 211% respectively
- Operational free cash flows of EUR 370 million, including market impacts and one-time items of
EUR 51 million
- Interim dividend of EUR 0.11 per share
Statement of Alex Wynaendts, CEO
"We are pleased with the strong results that Aegon has delivered, as we build on the positive momentum achieved in previous quarters.
"We are continuing to offer innovative new products to our customers and expand our distribution - indeed we will soon be extending our successful partnership in Spain with Banco Santander to Portugal. Ever more customers are choosing Aegon, and placing their trust in our products and services to secure their financial future. As a result, our revenue-generating investments now exceed EUR 500 billion for the first time in the company's history.
"Our strong financial base is underlined by our healthy cash flows and capital position, and we are therefore pleased to announce an interim dividend of 11 eurocents per share."
Key performance indicators Q2 Q1 Q2 YTD YTD amounts in EUR millions b) Notes 2014 2014 % 2013 % 2014 2013 % Underlying earnings before tax 1 514 498 3 481 7 1,012 945 7 Net income 343 392 (12) 240 43 735 464 58 Sales 2 2,066 2,086 (1) 1,975 5 4,152 3,713 12 Market consistent value of new business 3 221 223 (1) 202 9 444 434 2 Return on equity 4 8.8% 8.4% 5 8.0% 10 8.6% 7.6% 13
- Successful strategic partnership with Banco Santander in Spain extended to Portugal
- Individual Savings & Retirement and Employer Solutions & Pensions divisions in the United States to be combined into a new division, Investments & Retirement
- Third annual global Aegon Retirement Readiness Survey raised awareness of the need to prepare for retirement and promoted the Aegon brand
Aegon continues to pursue its strategic aim to be a leader in all of its chosen markets, supported by four strategic objectives embedded in all Aegon businesses: Optimize portfolio; Deliver operational excellence; Enhance customer loyalty; and Empower employees. These provide the strategic framework for the company's ambition to become the most-recommended life insurance and pension provider by customers and business partners, as well as the most-preferred employer in the sector.
In July, Aegon signed a 25-year agreement to distribute both protection and general insurance products through Banco Santander's network of branches in Portugal. Banco Santander Totta is one of Portugal's leading banks with more than 600 branches and over 2 million customers, and this new agreement builds on the successful start of Aegon's partnership with Banco Santander in Spain in 2013. Under the terms of the agreement, Aegon will acquire a 51% stake in Banco Santander Totta's insurance activities.
In the Netherlands, Aegon has acquired the remaining 50% stake in the online car insurance broker Onna-Onna, which has over 30,000 customers. The company focuses on female drivers, and in recent years has established a reputation for exceptional customer service. Full ownership of Onna-Onna demonstrates Aegon's commitment to utilizing innovative technology to improve the customer experience.
Deliver operational excellence
Aegon's focus on operational excellence is about identifying the most efficient and effective way to use the group's resources. This often results in cost savings that can either lead to an absolute reduction of expenses or be invested back into the business to improve the customer experience and fuel growth. On other occasions, the result is a new structure that improves cooperation and innovation.
In the United States, Aegon will combine its Individual Savings & Retirement division and its Employer Solutions & Pensions division into one group called Transamerica Investments & Retirement. The new structure will improve the coordination of distribution efforts, and supports Aegon's strategy to provide products that address customers' needs at every stage of their financial journey - from buying a house and starting a family, to retirement and elderly care.
Transamerica Retirement Solutions was recently recognized as a "Best in Class" retirement plan provider by plan sponsors in Chatham Partners' 2013 Client Satisfaction Analysis. Transamerica was ranked as a top retirement plan provider for participant services, participant statements, participant website, voice response system, and helping to fulfill fiduciary responsibilities. Overall, Transamerica Retirement Solutions received 165 "Best in Class" designations.
Enhance customer loyalty
An essential element of Aegon's strategy is getting closer to its customers by increasing innovation at all levels of the organization. Creating an ever more customer-centric culture will enable Aegon to continue growing by better anticipating and responding to changing markets and customer behaviors.
Aegon released the results of its third annual global Retirement Readiness Survey. This annual survey is based on responses from over 16,000 people in 15 countries - from China and Brazil, to the United Kingdom and United States - about how they view retirement and how they are preparing for it. The results from the 2014 survey not only underlined the clear concerns people have about their retirement, but also that many are not taking the right steps to prepare for the future. The survey attracted considerable media attention across the world helping to raise awareness, and supporting Aegon's purpose of helping people take responsibility for their financial future.
Transamerica launched the Your Client is Now a Family program, a 'digital toolkit' that includes videos, fast facts and eGuides to help financial advisors provide higher-quality advice and stay relevant in the age of instant information and online advice. The site was developed as a means to help advisors develop stronger relationships with customers by understanding the unique needs of each generation of a customer's family.
Aegon's ambition is to become the most-preferred employer in its sector. For this reason, Aegon is implementing a range of processes and programs that enable employees to better understand how they are contributing to the company's strategy and to recognize individual and team efforts that directly support its four strategic objectives.
It is important that Aegon reflects the societies in which it operates, both in terms of understanding customers and attracting and retaining the highest-caliber employees. Aegon has joined Workplace Pride, an international non-profit organization that promotes Lesbian, Gay, Bisexual and Transgender (LGBT) inclusion. The decision has proven popular with employees, and follows the creation of 'Aegon Proud', Aegon's online community that supports LGBT employees.
Financial overview c) EUR millions Notes Q2 2014 Q1 2014 % Q2 2013 % YTD 2014 YTD 2013 % Underlying earnings before tax Americas 331 302 10 341 (3) 633 648 (2) The Netherlands 131 129 2 102 29 259 216 20 United Kingdom 32 27 17 24 33 58 45 32 New Markets 62 61 2 49 27 123 109 13 Holding and other (41) (21) (97) (35) (19) (62) (73) 14 Underlying earnings before tax 514 498 3 481 7 1,012 945 7 Fair value items (263) (116) (126) (286) 8 (379) (565) 33 Realized gains / (losses) on investments 198 110 79 81 142 308 193 59 Net impairments (3) (8) 59 (57) 95 (11) (75) 86 Other income / (charges) (14) (6) (132) 27 - (20) 23 - Run-off businesses (1) 14 - 15 - 13 5 188 Income before tax 432 492 (12) 261 66 924 526 76 Income tax (88) (100) 12 (21) - (189) (62) - Net income 343 392 (12) 240 43 735 464 58 Net income / (loss) attributable to: Equity holders of Aegon N.V. 343 392 (12) 239 43 735 463 59 Non-controlling interests - - - 1 - - 1 - Net underlying earnings 382 370 3 367 4 752 705 7 Commissions and expenses 1,471 1,427 3 1,528 (4) 2,898 2,951 (2) of which operating expenses 9 810 779 4 829 (2) 1,589 1,619 (2) New life sales Life single premiums 1,247 1,062 17 1,652 (25) 2,309 3,143 (27) Life recurring premiums annualized 386 353 9 355 9 739 705 5 Total recurring plus 1/10 single 511 459 11 520 (2) 970 1,019 (5) New life sales Americas 10 125 116 8 124 1 241 234 3 The Netherlands 37 32 16 48 (23) 69 88 (21) United Kingdom 278 249 11 292 (5) 527 578 (9) New markets 10 71 62 14 56 26 133 119 11 Total recurring plus 1/10 single 511 459 11 520 (2) 970 1,019 (5) New premium production accident and health insurance 235 261 (10) 173 36 497 398 25 New premium production general insurance 17 17 (2) 14 20 35 28 24 Gross deposits (on and off balance) Americas 10 8,524 8,507 - 6,417 33 17,032 13,405 27 The Netherlands 591 486 22 327 81 1,077 731 47 United Kingdom 70 53 32 71 1 124 120 4 New markets 10 3,844 4,428 (13) 5,855 (34) 8,272 8,418 (2) Total gross deposits 13,029 13,475 (3) 12,670 3 26,504 22,674 17 Net deposits (on and off balance) Americas 10 3,237 1,978 64 1,185 173 5,215 2,798 86 The Netherlands 271 38 - 85 - 309 (49) - United Kingdom 38 28 37 53 (29) 66 93 (30) New markets 10 2,687 (2,927) - 2,233 20 (240) 2,378 - Total net deposits excluding run-off businesses 6,233 (883) - 3,556 75 5,350 5,220 2 Run-off businesses (163) (619) 74 (644) 75 (782) (1,717) 54 Total net deposits / (outflows) 6,070 (1,502) - 2,912 108 4,568 3,503 30 Revenue-generating investments Jun. Mar. Dec. 30, 31, 31, 2014 2014 % 2013 % Revenue-generating investments (total) 503,413 481,624 5 475,285 6 Investments general account 142,278 138,567 3 135,409 5 Investments for account of policyholders 174,590 167,903 4 165,032 6 Off balance sheet investments third parties 186,545 175,154 7 174,843 7
Underlying earnings before tax
Aegon's underlying earnings before tax in the second quarter of 2014 increased 7% compared to the second quarter of 2013 to EUR 514 million. The main drivers of the increase were strong net deposits in previous periods and higher equity markets in the Americas (EUR 24 million), higher margins and investment income in the Netherlands (EUR 31 million) and improved persistency in the United Kingdom (EUR 12 million). These more than offset unfavorable mortality in the Americas
(EUR 15 million) and the impact of unfavorable currency exchange rates (EUR 15 million).
Underlying earnings from the Americas declined 3% compared to the second quarter of 2013 to EUR 331 million. In US dollar, underlying earnings increased 2%. Higher earnings from growth in variable annuity, mutual fund and pension balances, resulting from both financial markets and net inflows, more than offset unfavorable mortality and lower earnings from fixed annuities. Compared to the previous year, the unfavorable mortality result in the second quarter was largely attributable to lower reinsurance recoveries. Aegon expects to update its mortality assumptions in the United States as part of the annual assumption review during the third quarter. This includes supplementing the company's own emerging mortality experience with the results of recent old-age industry studies, which is expected to result in more conservative mortality assumptions.
In the Netherlands, underlying earnings increased 29% to EUR 131 million. This was mainly driven by improved earnings from Non-life, higher investment income and improved margins on savings.
Underlying earnings from Aegon's operations in the United Kingdom were up 33% to EUR 32 million in the second quarter of 2014, which was mainly the result of improved persistency. Aegon expects technology expenses to increase in the second half of 2014, compared to the first half, as most of the key projects that are being undertaken reach implementation stage.
Underlying earnings from New Markets increased 27% to EUR 62 million, primarily driven by higher earnings from Central & Eastern Europe and Asia.
Total holding costs increased 19% to EUR 41 million. This was primarily the result of higher net interest costs following a debt issuance and the reclassification of a perpetual security to short-term debt from the date the call became irrevocable to the actual call date on June 15, 2014.
Net income increased to EUR 343 million due to growth of underlying earnings, higher realized gains on investments and lower impairments.
Fair value items
The results from fair value items amounted to a loss of EUR 263 million. The loss was mainly driven by the hedging programs in the United States, and model updates in the Netherlands. Aegon will implement further model updates in the third quarter of 2014.
Realized gains on investments
Realized gains on investments increased to EUR 198 million, and were primarily related to de-risking in the United Kingdom, gains on the sale of private equity investments in the Netherlands and the receipt of capital distributions on a previously impaired equity investment in the Americas.
Net impairment charges
Impairments improved to EUR 3 million and were mainly related to the foreign currency residential mortgage portfolio in Hungary due to legislation changes. The Hungarian government has indicated that it will introduce further legislation to reduce foreign currency mortgage debt, which could result in additional impairments. The improved level of impairments compared to last year was the result of the favorable credit environment in the United States, where impairments remained low and were more than offset by recoveries.
Other charges amounted to EUR 14 million and were primarily related to restructuring costs in the United Kingdom and a fine related to past sales practices of accident insurance products.
The results of run-off businesses amounted to a loss of EUR 1 million as earnings in the second quarter were impacted by higher reinsurance claims.
Income tax amounted to EUR 88 million in the second quarter. The effective tax rate on underlying earnings was 26%. The effective tax rate on income before tax was 20%, driven by tax exempt income in the United States and in the Netherlands.
Return on equity
Return on equity increased to 8.8% for the second quarter of 2014, driven by higher net underlying earnings and lower interest expenses resulting from deleveraging. Return on equity for Aegon's ongoing businesses, excluding equity allocated to Aegon's run-off businesses, amounted to 9.6% over the same period.
In the second quarter, operating expenses declined 2% to EUR 810 million, mainly as a result of lower restructuring expenses and favorable currency effects.
In the second quarter of 2014, Aegon's total sales were up 5% to EUR 2.1 billion. Gross deposits increased 3%, as higher gross deposits in the variable annuity and retirement business in the United States more than offset lower deposits at Aegon Asset Management. Net deposits, excluding run-off businesses, were up 75% to EUR 6.2 billion, mainly resulting from a particularly strong quarter for the retirement business in the United States.
New premium production for accident and health insurance increased 36% to EUR 235 million, mainly due to several portfolio acquisitions, which were the result of new distribution agreements in the United States.
New life sales declined 2%, as higher sales of universal life products in the United States were more than offset by adverse currency movements and lower pension production in both the Netherlands and the United Kingdom. For the latter the second quarter of 2013 was a particularly strong quarter due to the introduction of the Retail Distribution Review.
Market consistent value of new business
The market consistent value of new business amounted to EUR 221 million, 9% higher than in the second quarter of 2013. Strong sales growth and higher interest rates in the United States and the growth of Dutch mortgage production were partly offset by the effect of re-pricing of the variable annuity product offering.
Revenue-generating investments increased 5% during the second quarter of 2014 to EUR 503 billion, driven by net inflows and positive market movements, crossing the half trillion euro mark for the first time in the company's history.
Shareholders' equity increased EUR 1.2 billion compared to the end of the first quarter of 2014 to EUR 20.3 billion at June 30, 2014. This was mainly driven by the effect of lower interest rates, resulting in higher revaluation reserves. The revaluation reserves increased by EUR 1.1 billion to EUR 5.4 billion. Aegon's shareholders' equity, excluding revaluation reserves and defined benefit plan remeasurements, amounted to EUR 15.9 billion - or EUR 7.53 per common share at the end of the second quarter.
The gross leverage ratio further improved to 31.2% in the second quarter, driven by debt refinancing and higher shareholders' equity. Excess capital in the holding remained stable at EUR 1.7 billion, as dividends paid to the holding were offset by the payment of the final dividend for 2013, debt refinancing, which reduced outstanding debt by EUR 80 million, interest payments and operating expenses.
On June 30, 2014, Aegon's Insurance Group Directive (IGD) ratio amounted to 211%, stable compared to the end of the first quarter. Earnings generated in the quarter and the benefit from a new redundant reserves financing solution in the United States, were offset by the payment of the final dividend for 2013 and the impact of declining interest rates. The capital in excess of the S&P AA threshold in the United States remained stable at USD 0.8 billion, as dividends paid to the holding were offset by earnings generated in the second quarter of 2014 and a new redundant reserves financing solution. The IGD ratio in the Netherlands, excluding Aegon Bank, remained stable at ~240%, as earnings generated in the second quarter were offset by the negative impact of model updates. The Pillar I ratio in the United Kingdom, including the with-profit fund, declined from ~150% to ~145%, as the negative impact of de-risking and business transformation costs more than offset earnings generated during the quarter.
Effective as of June 15, 2014, Aegon redeemed perpetual capital securities with a coupon of 7.25% issued in 2007 and a principal amount of USD 1,050 million, equal to approximately EUR 780 million. This transaction was largely financed by the issuance of EUR 700 million subordinated notes with a coupon of 4% on April 25.
As a result of the call and the new issuance, Aegon's fixed charge cover is expected to increase approximately 0.7 times on an annualized basis, which supports reaching Aegon's fixed charge cover target of 6 to 8 times by the end of 2014. Although underlying earnings before tax will be negatively impacted by EUR 28 million on an annualized basis, total interest expenses will be approximately EUR 27 million lower as a result of these capital management transactions. The interest cost on the newly issued notes is accounted for in underlying earnings while the interest on the perpetual capital securities was recorded directly in equity.
Operational free cash flows
Operational free cash flows were EUR 370 million in the second quarter of 2014. Excluding one-time items of EUR 76 million and market impacts of EUR (25) million, operational free cash flows amounted to EUR 319 million. The one-time items were primarily related to the benefit from the new redundant reserves financing solution in the United States of approximately EUR 220 million, which more than offset model updates in the Netherlands and the impact of de-risking in the United Kingdom. The market impacts during the second quarter were mainly the result of lower interest rates, and were partly offset by the positive impact of narrowing credit spreads.
The 2014 interim dividend amounts to EUR 0.11 per common share. The interim dividend will be paid in cash or stock at the election of the shareholder. The value of the stock dividend will be approximately equal to the cash dividend. Aegon will neutralize the dilutive effect of the stock dividend on earnings per share.
Aegon's shares will be quoted ex-dividend on August 21, 2014. The record date is August 25, 2014. The election period for shareholders will run from August 27 up to and including September 12, 2014. The stock fraction will be based on the average share price on Euronext Amsterdam from September 8 through September 12, 2014. The stock dividend ratio will be announced on September 17, 2014 and the dividend will be payable as of September 19, 2014.
Financial overview, Q2 2014 geographically c) Holding, other The United New activities & EUR millions Americas Netherlands Kingdom Markets eliminations Total Underlying earnings before tax by line of business Life 128 78 26 19 - 251 Individual savings and retirement products 134 - - - - 135 Pensions 67 45 5 3 - 120 Non-life - 3 - 9 - 12 Distribution - 3 - - - 3 Asset Management - - - 25 - 25 Other - - - - (41) (41) Share in underlying earnings before tax of associates 1 1 1 6 - 9 Underlying earnings before tax 331 131 32 62 (41) 514 Fair value items (118) (132) (13) 1 - (263) Realized gains / (losses) on investments 51 47 97 2 - 198 Net impairments 15 (3) - (15) - (3) Other income / (charges) (11) (5) 2 1 (1) (14) Run-off businesses (1) - - - - (1) Income before tax 268 39 117 51 (43) 432 Income tax (51) (7) (27) (16) 13 (88) Net income 216 32 90 35 (29) 343 Net underlying earnings 232 101 33 44 (28) 382 Employee numbers Jun. 30, Dec. 31, 2014 2013 Employees 27,730 26,891 of which agents 5,244 4,753 of which Aegon's share of employees in joint ventures and associates 1,482 1,462
Full version press release
Use this link for the full version of the press release: http://www.aegon.com/en/Home/Investors/News-presentations/Press-Releases/2014/Earnings-Q2-2014/
The Hague - August 14, 2014
The conference call presentation is available on aegon.com as of 7.30 a.m. CET.
Aegon's Q2 2014 Financial Supplement and Condensed Consolidated Interim Financial Statements
are available on aegon.com.
Conference call including Q&A
9:00 a.m. CET
Audio webcast on aegon.com
United States: +1-212-444-0481
United Kingdom: +44-203-427-1900
The Netherlands: +31-20-716-8296
Two hours after the conference call, a replay will be available on aegon.com
Aegon's roots go back more than 150 years - to the first half of the nineteenth century. Since then, Aegon has grown into an international company, with businesses in more than 25 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 take responsibility for their financial future. More information: aegon.com.
Cautionary note regarding non-IFRS measures
This document includes the following non-IFRS financial measures: underlying earnings before tax, income tax, income before tax and market consistent value of new business. These non-IFRS measures are calculated by consolidating on a proportionate basis Aegon's joint ventures and associated companies. The reconciliation of these measures, except for market consistent value of new business, to the most comparable IFRS measure is provided in note 3 'Segment information' of Aegon's Condensed Consolidated Interim Financial Statements. Market consistent value of new business is not based on IFRS, which are used to report Aegon's primary financial statements and should not be viewed as a substitute for IFRS financial measures. Aegon may define and calculate market consistent value of new business differently than other companies. Aegon believes that its non-IFRS measures, together with the IFRS information, provide meaningful information about the underlying operating results of Aegon's business including insight into the financial measures that senior management uses in managing the business.
Local currencies and constant currency exchange rates
This document contains certain information about Aegon's results, financial condition and revenue generating investments presented in USD for the Americas and GBP for the United Kingdom, because those businesses operate and are managed primarily in those currencies. Certain comparative information presented on a constant currency basis eliminates the effects of changes in currency exchange rates. None of this information is a substitute for or superior to financial information about Aegon presented in EUR, which is the currency of Aegon's primary financial 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, 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:
- 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 or the potential independence of Scotland from the United Kingdom;
- The frequency and severity of insured loss events;
- Changes affecting longevity, 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 or a change by Aegon in applying such regulations and policies, voluntarily or otherwise, 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 and excess capital and leverage ratio management initiatives.
Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
SOURCE Aegon N.V.
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“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 23, 2017 11:45 AM EST Reads: 11,678
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abilit...
Jan. 23, 2017 09:00 AM EST Reads: 5,518
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
Jan. 23, 2017 08:00 AM EST Reads: 1,384
"Plutora provides release and testing environment capabilities to the enterprise," explained Dalibor Siroky, Director and Co-founder of Plutora, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
Jan. 23, 2017 07:30 AM EST Reads: 3,717
"We provide DevOps solutions. We also partner with some key players in the DevOps space and we use the technology that we partner with to engineer custom solutions for different organizations," stated Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 23, 2017 07:00 AM EST Reads: 4,845
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Jan. 23, 2017 07:00 AM EST Reads: 6,973