Aegon Will Get $3.8 Billion Lifeline From the Dutch Government

Aegon Will Get $3.8 Billion Lifeline From the Dutch Government


Oct. 28 (Bloomberg) -- Aegon NV, the owner of U.S. insurer Transamerica Corp., got a 3 billion euro ($3.8 billion) lifeline from the Netherlands, making it the second Dutch financial company to draw on the government's bailout program.

Aegon will issue 750 million non-voting securities at 4 euros apiece to Vereniging Aegon, its largest shareholder, The Hague- based insurer said today in a statement distributed through PRNewswire. Vereniging Aegon will in turn be funded by the Dutch State, it said.

Aegon follows ING Groep NV in making use of the 20 billion euros that the Netherlands set aside for financial firms on Oct. 10. ING, the biggest Dutch financial-services firm, will receive half of the pool by selling non-voting preferred shares to the government after reporting a preliminary third-quarter net loss of about 500 million euros.

BLOOMBERG