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Aegon settles with EU Commission

Aegon has concluded its approval process with the European Commission after its €3bn bailout in October 2008.

The Dutch insurer has already handed the Dutch Ministry back €1bn and will repay €500m this month. It will repay the remaining balance by June 2011. The premium on the package has been set at 40 per cent.

Aegon has also revealed that it will not be pursuing further acquisitions except in the Spanish market.

Aegon chief executive Alex Wynaendts says: “We are pleased to have concluded this process with the European Commission, which is expected to approve the capital support.

“Going forward, we will continue to pursue our actions to ensure continued financial strength, greater cost and operationalefficiencies and an improved risk profile.”

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