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Aegon to slash costs by €150m next year

Aegon has announced it will reduce its operating costs globally by €150m in 2009, in an effort to weather current market conditions.

CEO Alex Wynaendts told delegates at a one-day investor conference in London today that its priorities will include reducing risk, further releasing capital and cutting operating costs.

Aegon The Netherlands CEO Marco Keim also detailed new plans to improve profitability and increase returns at Aegon’s Dutch businesses.

Keim said the aim is to increase overall return on capital by at least 100 basis points by 2012 by lowering expenses and focusing more on markets that offer strong growth and return prospects.

Aegon spokeswoman Lesley McPherson says the announcement won’t have a significant impact in the UK.

She says: “The €150m is a global figure applied across all businesses. So it’s basically business as usual for us in the UK.”

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