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«Aegon Nederland N.V. Aegon Nederland N.V. Aegonplein 50 2591 TV The Hague Annual report 2015 Aegon Nederland N.V. Page 2 of 186 Annual report 2015 ...»

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Annual report 2015

Aegon Nederland N.V.

Aegon Nederland N.V.

Aegonplein 50

2591 TV The Hague

Annual report 2015

Aegon Nederland N.V.

Page 2 of 186

Annual report 2015

Aegon Nederland N.V.

Contents

Annual report 2015 6 

Report of the Executive Board 7 

Report of the Supervisory Board 31 

Consolidated financial statements 2015 of Aegon Nederland N.V. 34  Consolidated statement of financial position 35  Consolidated income statement 36  Consolidated statement of comprehensive income 37  Consolidated statement of changes in equity 38  Consolidated cash flow statement 39  Notes to the consolidated financial statements 41  Financial statements 2015 of Aegon Nederland N.V. 171  Statement of financial position 172  Income statement 173  Notes to the financial statements 174  Other information 185  Independent auditor’s report 186  Page 4 of 186 Annual report 2015 Aegon Nederland N.V.

Pagina 5 van 186 Annual report 2015 Aegon Nederland N.V.

Annual report 2015 Page 6 of 186 Annual report 2015 Aegon Nederland N.V.

Report of the Executive Board General Aegon Nederland N.V., incorporated and domiciled in the Netherlands, is a public limited liability company organized under Dutch law. Aegon Nederland N.V. (‘Aegon Nederland’) is a wholly-owned subsidiary of Aegon N.V., The Hague. Aegon Nederland and its subsidiaries offer life insurance, pensions, savings and investment products, mortgages, accident and health insurance, non-life insurance, banking, asset management, pension administration and intermediary activities.

Purpose, strategy, objectives Purpose and strategy Aegon Nederland’s purpose has customers at its core. Our aim is to “help people take responsibility for their financial future” (“wij stellen mensen in staat zelf, bewust keuzes te maken voor hun financiële toekomst”). To fulfil this mission, we focus on domains that matter most for the financial future of our customers, i.e. Income (Inkomen) and Housing (Wonen). Within these domains, Aegon Nederland aims to offer comprehensive value propositions that will meet our customers’ needs at every stage of their life. They combine products and services across the different business lines. Data and digital technology thereby play a fundamental role to ensure we meet customer needs in the most relevant and appropriate way, with the right products and services at the right time. Our strategy is aligned across four objectives, i.e. to create loyal customers, achieve operational excellence, realize an optimized portfolio and have empowered employees.

Strategic objectives

Loyal customers:

Roll-out one brand positioning and service approach.

As interaction with consumers (including participants in pension schemes) is becoming more important, Aegon Nederland is building a more recognizable and distinctive Aegon Nederland brand across all touch points, with a clearer brand promise that is in line with our purpose and will continue to be the basis for all customer interactions. To ensure a better and more aligned customer service experience, we developed a joint cross-channel service approach. In our ever-changing world, customers expect a more digital approach from us and a service that is appropriate and relevant to their individual circumstances and needs. Increasing use of data insights ensures more appropriate and relevant propositions across products, services and channels.

Implementing a cross-channel distribution strategy.

Customers choose the channel through which they want to do business with Aegon.

Common distribution principles have been established, all of them with one clear ambition regarding our channel mix, the coordination of joint initiatives, the development of cross-channel customer journeys, improved channel reporting and lead management. In addition to this, we have been implementing our pricing strategy across channels, based on a more individual/dynamic pricing and also based on our distribution principle of providing the same product at the same price in every channel.

Page 7 of 186Annual report 2015Aegon Nederland N.V.

Reorganized customer interaction departments.

In order to streamline customer interaction, the departments of marketing, product management, strategy and online services were combined so as to create one department that works across business lines. Within this department, our customer strategy, data insights and digital interaction play a pivotal role. Our customer intelligence team has been upgraded with more analysis capacity to ensure that the right data is utilized better. A separate ‘Customer Focus’ department, in their capacity as an independent challenge institution, will see to it that Aegon translates customer needs in everything it does.

Operational excellence:

Maximize simplification through product and portfolio rationalization.

Maximizing simplification is crucial to be able to serve customers in an efficient and transparent way. Rationalizing our product portfolios, administrative processes, product terms and communication is essential for ultimately improving our performance. As such, a fundamental rationalization is key to being able to offer customers the value and quality they require.





Reduce expenses through sourcing and digitization across the business.

By increasing the speed of digitization, we aim to reduce expenses in our existing book by 50 mln (2018) across operations, IT, support and commerce. In addition to reducing cost levels, this will also help us to improve our service levels.

Implementation CRM system (Salesforce).

All relevant information about individual customers is now available in the CRM system ‘Salesforce’. Salesforce provides us with a more elaborate view of our customer and will improve efficiency and effectiveness in customer-facing teams. Salesforce is now available to all customer-facing employees.

Optimized portfolio:

Leverage current business models.

Across businesses we aim to seize market opportunities that provide value to our customers and to Aegon. For instance, sales in ‘Defined Contribution’ (DC) pensions are going up, fuelled by PPI ‘Premie Pensioen Instelling’ and the cooperation with ‘TKP’. Fee business in our bank and mortgage businesses is growing. We are launching our new APF (general pension fund) ‘STAP’. And at the same time, we are reshaping our portfolio around the concepts of Income and Living. Hence we will divest our commercial non-life business.

Innovate new business models.

We take an active part in (‘fintech’) startups and/or develop new businesses ourselves in order to speed up innovation. We are a key partner in startups such as ‘Onna Onna’ (digital interaction with women around insurance), ‘eyeOpen’ (digital mortgage advice) and ‘Newest Industry’ (software platform development). We are also founder of Kroodle (data-driven insurance) and ‘Knab’. Knab was launched mid 2012 as an online bank that puts customers first in everything it does. Knab enables us to learn more about financial tooling, segmented marketing and retail financial services. Knab has been growing at a fast pace, evolving into a customer base of 80,000 at the end of 2015.

Empowered employees:

Attract and retain talent.

In today’s world, hiring and keeping digital, data, commercial and operational talent is key to improving customer interaction and operational excellence. We continue to invest in talent programs and in enhancing our employer brand as an innovative,

–  –  –

customer centric company. This leads to growing recruitment of talent also from outside our industry, bringing in new perspectives and capabilities.

Focused learning & development.

We have set up and have implemented a talent review framework and a better aligned performance review process. We are improving our way of working by using the management drives methodology, internal branding and by establishing a culture around our three core values, i.e. working together, providing clarity and exceeding expectations.

Course of events during the financial year

Changes in the legal structure On January 9, 2015, Aegon Nederland N.V. set up and incorporated Aegon Advies B.V.

as a 100% subsidiary;

On June 29, 2015, Aegon Nederland N.V. sold all its shares (2500) in Meetingpoint B.V.

to the remaining shareholders;

On December 16, 2015, Aegon Bank N.V. set up and incorporated Orange Loans B.V.

as a 100% subsidiary;

On November 9, 2015, TKP Management B.V. ended its business activities and is currently ‘in liquidation’ status whilst waiting for all activities to cease.

Management of Aegon Nederland

Customers are at the core of the Aegon Nederland strategy. The Aegon Nederland organization is currently in a phase of transition. Although Aegon Nederland was traditionally organized through Business Lines, a growing number of activities have been and are being developed independent of the Business Lines. To accelerate this process it was decided to structure Aegon Nederland in a different manner, with fewer (organizational) layers. The new structure will help Aegon Nederland and its subsidiaries to move forward.

In 2015, the Executive Board (‘Directie Nederland’) was transformed into a Management Team comprising the executive boards of Aegon Nederland N.V., Aegon Levensverzekering N.V., Optas Pensioenen N.V., AEGON Hypotheken B.V., AEGON Schadeverzekering N.V. and AEGON Spaarkas N.V. The CEO of Aegon Bank N.V. and Aegon PPI B.V., the directors of Risk Management & Compliance, Business Information Services, Marketing & Business Development and Human Resources were added to the Management Team. In addition, the position of Chief Investment Officer was introduced as a new function and open chairs were made available to the ultimately responsible managers of the units Customer Focus, Legal and Security, and Communications.

Management of the several Non-Life business units (‘Business Line Schade’) was split into two, i.e. “retail clients” and “commercial line clients”.

The chosen legal structure, which includes the legal entities of Aegon Nederland N.V., Aegon Levensverzekering N.V., Optas Pensioenen N.V., AEGON Hypotheken B.V., AEGON Schadeverzekering N.V. and AEGON Spaarkas N.V, will remain in place, as will their executive boards consisting of Mr. Keim, Mr. Zomer, Mr. Van der Tol and Mr.

Edixhoven. Decisions to be made within the new Management Team are ultimately taken by the Executive Board.

Gender diversity (article 2:166 Dutch Civil Code) The Executive Board of Aegon Nederland consists of a limited number of members. As a result, a balanced gender diversity is not easy to achieve and in fact was not realized in

2015. What is more, the selection and appointment of members of the Executive Board

–  –  –

is based on expertise, skills and relevant experience. Aegon N.V. and Aegon Nederland do consider gender diversity in view of the aim of balanced Executive Board composition.

Collective Labour Agreement The process of drawing up a new Collective Labour Agreement and a new redundancy plan involving trade unions and the Works Council was completed in July 2015. Both agreements run from July 1, 2015 to July 1, 2018. There have not been any new developments since.

Aegon Levensverzekering N.V.

Pensions In 2015, the Pension business continued to attract political and legislative attention.

New legislation for pension communication with participants requires a lot of effort from the pension sector. A totally new digital communication tool (‘Pensioen 123’) has to be built. In the summer of 2015, in anticipation of new Defined Contribution legislation in 2016, a law on the so-called ‘pension-cut’ (‘Pensioen knip’) offering a split-annuity option was (re)introduced. Aegon Levensverzekering N.V. quickly responded to this trend with an appropriate product. For 2016, a totally new DC-product with variable annuities will be developed.

In addition to the above and within the context of the national pension debate, the Ministry of Social Affairs and Employment published a ‘Framework letter’ (‘Hoofdlijnennota’). The main conclusion in the Letter is that people need a better understanding of their own personal pension situation, based on solidarity, collective risk sharing and clear agreements about that. Be that as it may, and whatever the surrounding circumstances, the outcome of the national pension debate is as yet uncertain. What is clear, however, is that the Dutch pension landscape will change and will be radically different in 2020, both in terms of pension systems and in the design of the playing field for pension administrators, insurers and pension funds. Aegon Nederland is well positioned to seize opportunities in the pension market because of its sheer scale and a good track record in pension administration and asset management.

In 2015, Aegon Nederland worked hard towards preparing for the introduction of a general pension fund (APF), a new type of pension fund. We intend to be fully operational when the law on APF comes into effect. Important steps were taken towards improving data quality and optimizing operational processes and furthering the rationalization of products and portfolios.

Due to the low market interest rate and the low coverage ratio of pension funds, there were no substantial opportunities for value transfers of pension rights (‘buy-out’ deals).



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