Aegon previously estimated cost at around E140 million before tax
Aegon has reached a final agreement with Stichting Verliespolis and Stichting Woekerpolis Claim, to reduce charges for customers of its unit-linked insurance policies in the Netherlands. The agreement is part of industry-wide efforts in the Netherlands to address concerns over charges related to unit-linked insurance products.
Aegon previously estimated cost at around E140 million before tax. Under the final agreement, Aegon will commit an additional maximum amount of E110 million before tax to improve terms and conditions of its unit-linked policies. It includes a maximum of E80 million before tax, to assist those customers experiencing adverse financial circumstances.
As per the agreement, the cost of improvements will be reflected in Aegon’s earnings over the remainder of the lifespan of affected policies.
The final agreement is the result of several months of negotiations between Aegon and organizations in the Netherlands representing the interests of customers. These organizations will be involved in supervising the implementation of the agreement.
Before this agreement, Aegon had made improvements by reducing costs and premiums for its unit-linked insurance products in the Netherlands. These previous improvements are valued at approximately E380 million before tax.