“Not only has AEGON expanded across Europe, it has also spread Transamerica. The Dutch life insurance giant is using its expertise in acquisition (US rival Transamerica was its largest catch) and consolidation to build a transnational collection of financial services businesses. Its subsidiaries operate primarily in the US, the Netherlands, and the UK, offering personal and commercial life insurance, pensions and annuities, and accident and supplemental health insurance, as well as retirement and savings advice and management services. AEGON also has insurance operations in 20 other countries in the Americas, Europe, and Asia, as well as banking operations in the Netherlands.” [1]
Criticism
Business Ethics
- SEC Investigating ING, Aegon for Market Timing The SEC began a investigation in AEGON N.V. in 2004 regarding possible market timing violations. According to the a Reuters report, “Late trading involves illegal after-market trading at the current day’s price[…]Market timing, which is legal but widely discouraged by mutual-fund firms, is the rapid dashing in and out of portfolios to take advantage of pricing inefficiencies.” At the time of the announcement, AEGON indicated they were in full cooperation with the SEC’s investigation.
- Aegon in Missouri Provokes Regulators Finding Sales Deceptions Financial security regulators in states such as Utah and Missouri have accused World Financial, a firm AEGON bought and rebranded in 2001, of “misrepresenting investment returns and making unsuitable sales of variable annuities.” Customers have been reported as making similar claims during private arbitration.
Praise
Human Rights
- Nearly $3 million raised for Iowa disaster victims AEGON’s USA Chief Executive Pat Baird was among several big names which came together to raise disaster relief funds for the victims of the 2008 Iowa floods. Over 3 million dollars was raised by the 2008 Iowa Disaster Collaborative.
- AEGON and Right To Play Announce Global Partnership In July of 2008, AEGON N.V. and the international humanitarian organization Right To Play announced a three-year partnership to help expand Right to Play’s mission to aid children in deprived areas of Sudan, Uganda, Ghana and China. As part of the deal, AEGON N.V. has donated 1 million euro to the organization.
Brands and Subsidiaries
World Financial Group,
Transamerica Corporation,
Western Reserve Life Assurance Co. of Ohio,
Stonebridge Life Insurance Company,
Life Investors Insurance Company of America,
Monumental Life Insurance Company,
Guardian Financial Services,
Scottish Equitable of United Kingdom
[ custom writing]