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Aegon UK extends partnership with Atos for administration servicesAegon today announces that its subsidiary in the United Kingdom has strengthened its existing partnership with Atos, signing a 15-year contract to service and administer its Existing Business (non-platform customers). This will further improve customer service for around 1.4 million customers with a multitude of different policy types. "As the financial services market evolves, it's important that we continue to provide customers with an excellent service and stability, and help them achieve a lifetime of financial security", said Adrian Grace, CEO of Aegon UK. "Building on our established and already successful relationship with Atos will give continued momentum to our Existing Business. This is an important step in executing our strategy, and is in the best interest of all our customers, employees and shareholders alike." The agreement is initially expected to lead to annual run-rate expense savings for Aegon of approximately GBP 10 million, growing to approximately GBP 30 million over time. Total transition and conversion charges are estimated to amount to approximately GBP 130 million, and are expected to be recorded over the first three years of the agreement. Since 2016, Atos has successfully serviced and administered Aegon's 500,000 protection customers in the UK, and has an excellent understanding of Aegon's business, culture and ways of working. Aegon will continue to be the product provider and will carry out the regulatory responsibility for its Existing Business products, many of which stretch back over 40 years. The partnership is expected to be effective as of mid-2019. The same teams currently supporting Aegon's Existing Business will remain in Edinburgh, thereby providing continuity of service. These teams will also benefit from Atos's ambition to win similar contracts from other providers and develop an Edinburgh-based center of excellence in the administration of life and pensions business. "We are delighted to deepen our partnership with Aegon with this agreement", said Adrian Gregory, CEO of Atos UK&I. "We look forward to working with the Aegon team to deliver operational and end-to-end customer service excellence, by blending the existing talent with tailored innovative technologies. This agreement also highlights the increasing footprint and ambition of Atos in providing business transformation expertise to the life and pensions market and the broader financial services sector." Aegon will continue the administration and servicing of all platform policies and schemes across Aegon Retirement Choices (ARC), Aegon Platform (previously Cofunds and Investor Portfolio Service), TargetPlan (previously BlackRock), Aegon One Retirement, Retiready and its Institutional platform. These services are on platform and unaffected by this announcement. About Aegon Aegon's roots go back almost 200 years - to the first half of the nineteenth century. Since then, Aegon has grown into an international company, with businesses in more than 20 countries in the Americas, Europe and Asia. Today, Aegon is one of the world's leading financial services organizations, providing life insurance, pensions and asset management. Aegon's purpose is to help people achieve a lifetime of financial security. More information on aegon.com/about. About Atos Atos is a global leader in digital transformation with 120,000 employees in 73 countries and annual revenue of EUR 13 billion. European number one in Cloud, Cybersecurity and High-Performance Computing, the Group provides end-to-end Orchestrated Hybrid Cloud, Big Data, Business Applications and Digital Workplace solutions through its Digital Transformation Factory, as well as transactional services through Worldline, the European leader in the payment industry. In the UK & Ireland around 10,000 employees deliver business technology solutions for some of the country's largest public and private sector organisations. With its cutting-edge technologies and industry knowledge, Atos supports the digital transformation of its clients across all business sectors. The Group is the Worldwide Information Technology Partner for the Olympic & Paralympic Games and operates under the brands Atos, Atos Syntel, Unify (News - Alert) and Worldline. Atos is listed on the CAC40 Paris stock index. For the Editor
Disclaimer Forward-looking statements The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, could, is confident, will, and similar expressions as they relate to Aegon. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:
This press release contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (596/2014). Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. View source version on businesswire.com: https://www.businesswire.com/news/home/20181120005236/en/ |