Individual US holders may be required to report to the IRS certain information with respect to their beneficial ownership of certain foreign financial assets, such as the common shares, if the aggregate value of such assets exceeds USD 50,000 and the assets are not held through a US financial institution. US holders who fail to report required information could be subject to substantial penalties.
The following table presents the aggregate fees for services rendered by PwC in 2017, 2016 and 2015.
Audit fees consist of fees billed for the annual financial statement audit (including required quarterly reviews), subsidiary audits, equity investment audits and other procedures required to be performed by the independent auditor to be able to form an opinion on Aegon’s consolidated financial statements. These other procedures include information systems and procedural reviews and testing performed in order to understand and place reliance on the systems of internal control, and consultations relating to the audit or quarterly review. They also include fees billed for other audit services, which are those services that only the external auditor reasonably can provide, and include statutory audits or financial audits for subsidiaries or affiliates of the Company and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.
Committee. All other audit, audit-related, tax and other services must receive specific pre-approval from the Audit Committee.
For the period 2015 to 2017, all services provided to Aegon by its independent public accountant were pre-approved by the Audit
New premium production accident and health insurance 273 200 157 146 776 262 199 198 201 860
New premium production general insurance 27 30 23 29 109 24 27 20 23 94
Quarterly results – unaudited Quarterly results – unaudited Quarterly results – unaudited Quarterly results – unaudited
Alt-A mortgages relates to a type of US residential mortgage which are securitized home equity loans. Typical Alt-A borrower has a credit score high enough to obtain an: 'A'standing.
Asset-Backed Securities (ABS) are securities whose value and income payments are derived from and collateralized (or 'backed')
Company Action Level (CAL) is the regulatory intervention level at which a company has to submit a plan to its state regulators for the Aegon Americas segment. It is 200% of the Authorised
Commercial Mortgage-Backed Securities (CMBS) is a type of mortgage-backed security that is secured by the loan on a commercial property.
the interest income or expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or liability.
Fee-based earnings refers to the excess of fees earned over expenses. This is typically associated with pensions business, asset management business, distribution business, variable annuities and unit linked products.
Financial asset is any asset that is: �� Cash; �� An equity instrument of another entity; �� A contractual right to receive cash or another financial asset from another entity or to exchange financial instruments with another party under conditions that are potentially favorable; or �� A contract that will or may be settled in the entity's own equity instruments; and is
Foreign currency translation reserve (FCTR) is part of shareholders’equity, and is the reserve for the exchange differences recognized from the financial statements of the group entities. On the consolidation, the financial statements of group entities with a foreign functional currency are translated to euro, the currency in which the consolidated financial statements are presented. Assets and liabilities are translated at the closing rates on the reporting date. Income, expenses and capital transactions (such as dividends) are translated at average exchange rates or at the prevailing rates on the transaction date,
Fungibility & Transferrability is the ability to up-stream and transfer capital between jurisdictions. This ability differs between jurisdictions as it depends on the legal framework of each jurisdiction.
Guaranteed minimum withdrawal benefits are a type of option that annuitants can purchase for their retirement annuities.
(or the carrying amount of related deferred policy acquisition costs or related intangible assets decreased) based on a review of future cash flows.
Reinsurance assets are a cedant´s net contractual rights under a reinsurance contract.
insurer to compensate another insurer for losses on one or more contracts issued by the cedant.
Risk Based Capital Company Action Level is designed primarily for US regulators to identify poorly capitalized companies whose continued operations may be hazardous to policyholders. The insurer’s RBC solvency ratio is determined as its “total adjusted capital” divided by “authorized control level risk based capital.
(ACL)” However, it is industry and rating agency convention to complete and communicate the RBC solvency ratio relative to the “Company Action Level Risk Based Capital”, which is twice the authorized control level.
Solvency capital requirement is the level of capital an insurance company must hold in excess of its Technical Provisions under
Spread earnings is the difference between the interest earned on investments and the interest credited to policyholders. This is typically associated with traditional type business.
References 1. From 2018, Aegon is required to publish a non-financial statement as part of its Annual Report. This is in compliance with the Dutch Civil Code and EU directive 2014/95/EU.
The statement should address the Company’s non-financial performance, as well as its management of social and environmental issues. In addition, recent changes to the
Dutch Corporate Governance Code require companies also to explain their strategy and approach to value creation and corporate culture.
2. License to operate refers to the general acceptance or approval by stakeholders for a company to continue its business operations in their community or communities.
5. When restructuring, Aegon takes steps to keep redundancies to a minimum. In Europe and Asia, the Company works through trade unions. Where possible, staff are reassigned within the
Company. Those leaving Aegon are offered support, advice and training. As part of restructuring in the US, for example,
Consultancy Services. All employees affected will be offered position with TCS.
Chairman of the Supervisory Board, decided to step down, after 10 years of service, at the Annual General Meeting of Shareholders on May 18, 2018.
22. A Part VII transfer is a court-sanctioned legal transfer of some or all of the policies of one company to another governed by Part VII of the Financial Services and
Aegon’s results, financial condition and revenue generating investments presented in USD for the Americas and Asia, and in GBP for the United Kingdom, because those businesses operate and are managed primarily in those currencies. 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.
International Association of Insurance Supervisors or changes to such standards that may have an impact on regional (such as EU), national or US federal or state level financial regulation or the application thereof to Aegon, including the designation of Aegon by the Financial Stability Board as a
Global Systemically Important Insurer (G-SII); �� Changes in customer behavior and public opinion in general related to, among other things, the type of products 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; Disclaimer Disclaimer Disclaimer Disclaimer
Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange