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8 months ago
BRIEF-Aegon accelerates execution of strategy and increases expense savings
December 8, 2016 / 12:19 PM / 8 months ago

BRIEF-Aegon accelerates execution of strategy and increases expense savings

2 Min Read

Dec 8 (Reuters) - Aegon NV :

* Aegon accelerates execution of strategy and increases expense savings

* Reaffirms 2018 group financial targets

* Return on equity of 10 percent through organic growth, expense savings and capital return

* 2.1 billion euros ($2.26 billion) capital return to shareholders in 2016-2018

* Expense reduction program significantly increased to 350 million euros

* Aegon is on track to reach its financial targets for 2018

* Company now aims to reduce its annual operating expenses by 350 million euros by year-end 2018, up from its original target of 200 million euros

* Restructuring charges associated with expense savings target are expected to amount to 20 million euros in Q4 of 2016

* Announces actions to accelerate restructuring in US

* Original USD 150 million expense savings plan will be completed in 2017, one year ahead of schedule, and the expense savings target to be achieved by year-end 2018 has now been doubled to $300 million

* Further net reduction of over 500 positions

* First phase of location strategy implemented - closing 3 offices

* Strategic decision to exit Affinity, Direct TV and Direct Mail channels

* Invest in capabilities to create a differentiated digital offering Source text for Eikon: Further company coverage: ($1 = 0.9273 euros) (Gdynia Newsroom)

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