AEGON signs 775 Dutch levensloop contracts

NETHERLANDS – AEGON says it has signed 775 levensloop, or ‘lifecycle’, pension contracts with employers in the Netherlands.

“Leveraging its leading position in the group pension market, AEGON The Netherlands was successful in capturing several large pension contracts,” AEGON said.

“To date, AEGON has signed ‘levensloop’ agreements with 775 employers and industry organizations. These represent some 500,000 employees.”

It said levensloop “has proved successful as a worksite marketing opportunity”.

The initial number of accounts was encouraging while the average savings amounts of participating employees was “above expectations”.

Last month a report in Dutch magazine Assurantie claimed the implementation of the new arrangements was not living up to expectations.

AEGON said yesterday: “The improved organization in the Netherlands concluded several large pension contracts in 2005 and is uniquely positioned to capture further growth in the group pension business.”

It added that off-balance sheet product sales increased 10% to €864m – “reflecting growth in asset-only group pension contracts and good performance at TKP Pensions”.

It also said that its pension fund in Slovakia now has more than 70,000 currently enrolled, while life sales have begun in the Czech Republic.

Overall, AEGON’s net income was up 21% in 2005 to €2.73bn.

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