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Aegon axes final dividend payment on common shares for 2008

Aegon has appointed Jan Nooitgedagthas as chief financial officer and to its executive board, and announced it will make no final dividend payment on its common shares for 2008.

At the group’s annual general meeting today in The Hague, Nooitgedagt succeeded Joseph Streppelas, who announced his intention to retire last January.

Nooitgedagt says: “I am pleased and honored to be joining Aegon as chief financial officer and a member of the executive board. While these are indeed challenging times for the global insurance industry and financial sector in general, I look forward to working closely with Alex Wynaendts to position Aegon for the opportunities that lie ahead, building on the solid foundation which has been established in recent years.”

Aegon says as part of broader measures to preserve capital in light of the global financial crisis, it has decided to make no final dividend payment on its common shares.

In September 2008, Aegon paid an interim dividend of 0.27p a share.

Aegon executive board chairman Alex Wynaendts has reassured investors that the group retains a strong position in the market.

He says: “During 2008, we took decisive steps to strengthen Aegon’s position in the financial crisis which continues to threaten market and consumer confidence. We are confident that our actions to enhance Aegon’s capital position, reduce costs, and put into place sufficient contingencies to withstand further market distress are the right ones to deal with the adverse effects we have experienced.

“There can be no question about Aegon’s ability to fulfill its long-term obligations to its customers. Moreover, we are committed to returning to an era of growth and value creation for our shareholders as market conditions normalise.”

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