Employers’ merger of a.s.r. and Aegon Nederland completed
On 1 October 2023, the legal merger of ASR Nederland N.V. (a.s.r.) and Aegon Nederland N.V. (Aegon Nederland) was completed. This means that as a business and an employer, Aegon Nederland has been merged with a.s.r. The legal merger, also known as the employers’ merger, creates one of the largest insurers in the Netherlands, with some 9,600 employees.
‘Today marks an important moment’, says Jos Baeten, CEO of a.s.r. ‘The share transaction on 4 July this year did give us the “keys to the Aegon Nederland door”, so to speak, but after this legal merger we can now actually make a start on the integration of two wonderful companies. To stick with the analogy, we are now beginning the renovation and furnishing of the house for colleagues, customers and financial advisers.’
While the head office of the combination is in Utrecht, for the time being all Aegon locations will remain open. The location in The Hague will in any event remain open until the end of 2024 and that in Leeuwarden at least until the end of 2025. The locations in Amsterdam (Knab) and Groningen (TKP) will remain open. This was announced previously.
About the new combination
a.s.r. and Aegon N.V. announced the merger of Aegon Nederland and a.s.r. in October last year. After the Netherlands Authority for Consumers and Markets (ACM), De Nederlandsche Bank (DNB) and the European Central Bank gave the go-ahead, the transaction was realised on 4 July 2023. This transaction covered all insurance activities of Aegon Nederland, including all activities in the fields of insurance, pensions, mortgages, the distribution and service businesses, and the banking activities.
The integration of activities will take place in phases and is expected to be completed in 2026 at the latest.
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30 Nov 2023a.s.r. raises overall target for run-rate cost synergies from the transaction with Aegon Nederland to € 215 millionToday, ASR Nederland N.V. (a.s.r.) is hosting an institutional Investor Update. Jos Baeten, CEO at a.s.r., and other members of the Management Board will provide an update on the integration progress of the Aegon Nederland businesses. The primary focus will be on the operational aspects of the integration and a.s.r. will outline an adjusted overall run-rate cost synergy target. The program also includes an update on unit-linked life insurance.
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29 Nov 2023a.s.r. closes unit-linked life insurance filea.s.r. has reached a final settlement for unit-linked life insurance customers of Aegon and a.s.r. affiliated to the interest groups Consumentenclaim, Woekerpolis.nl, Woekerpolisproces, Wakkerpolis and Consumentenbond. All collective proceedings of the interest groups against Aegon and a.s.r. will be terminated. The settlement involves approximately 250 million euros.
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29 Nov 2023Parties to the CBA choose Loyalis as insurer for hospital employeesParties to the CBA in the hospital sector have selected Loyalis, part of a.s.r., as the exclusive provider of group supplementary disability insurance (WGA shortfall insurance) for 220,000 employees working in general hospitals in the Netherlands. This master agreement is for five years and stems from the CBA agreement to limit income loss in case of long-term incapacity for work of employees.