Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact firstname.lastname@example.org.
SOURCE Aegon N.V.
THE HAGUE, The Netherlands, January 22, 2014 /PRNewswire/ --
Aegon today announces that it will call for the redemption of junior perpetual capital securities with a coupon of 6.875% issued in 2006 (ISIN code: NL0000686368). The redemption will be effective March 15, 2014, when the principal amount of USD 550 million will be repaid with accrued interest.
Aegon's decision to call the perpetual capital securities supports the company's target to lower its gross financial leverage ratio to within a range of 26 to 30%. The redemption will improve Aegon's gross financial leverage ratio by 1.2 percentage points and reduce future interest costs, improving the company's fixed charge coverage by approximately 0.6 times.
The securities are currently listed on the New York Stock Exchange with symbol AEV. This listing will be terminated following the redemption of the securities.
Currently, junior perpetual capital securities are included as capital in Aegon's group IGD solvency ratio. The redemption of these securities will negatively impact Aegon's group IGD ratio by approximately six percentage points. On September 30, 2013, the pro forma group IGD solvency ratio including the repayment of the securities would have been approximately 202%. Aegon's continued strong solvency ratio demonstrates the company's long-term commitment to maintaining a solid capital position.
Aegon will host a conference call today, January 22, 2014, at 09:00 CET which can be followed through aegon.com.
News releases, a financial calendar and other corporate publications are available through Aegon's investor & media app.
As an international life insurance, pensions and asset management company based in The Hague, Aegon has businesses in over twenty markets in the Americas, Europe and Asia. Aegon companies employ over 23,000 people and have millions of customers across the globe. Further information: aegon.com.
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:
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.
Willem van den Berg
©2012 PR Newswire. All Rights Reserved.
1720 Valley View Drive